Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building after his arrest in Nassau, Bahamas, on Dec 13.NEW YORK – FTX founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission on Tuesday with defrauding investors in what regulators called "a house of cards", hours before he was set to appear before a magistrate in the Bahamas.
Separate charges would be announced by the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission later on Tuesday, the SEC said.The SEC said it would seek a director and officer bar and a penalty against Bankman-Fried. It would also seek to prevent him from participating in future securities purchases, offers and sales except for his personal account.
Mr Damian Williams, the US Attorney for the Southern District of New York, said in a statement on Monday evening that the arrest came at the request of the US government, and an indictment against Bankman-Fried would be unsealed on Tuesday. The charges come just hours before Bankman-Fried was previously scheduled to testify before Congress about the collapse of the exchange.
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