The authorities arrested Bankman-Fried on Monday night.
the first of multiple sets of charges he’ll face. Those were quickly followed by another civil lawsuit filed by the Commodity Futures Trading Commission and, finally, criminal charges filed by the US attorney’s office for the Southern District of New York.were filed last Friday and unsealed today. They include eight counts that cover allegations of wire fraud against customers and those who lent money to his firms, securities fraud, and money laundering.
The SEC claims Bankman-Fried’s “years-long” fraud diverted billions in customer funds to grow his crypto empire The allegations against SBF also focus on his statements to investors that FTX was a safe place to invest because of an automated “risk engine” that would sell off a customer’s assets to make sure their collateral stayed at the required levels.
SEC Chair Gary Gensler is quoted in the statement saying, “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”
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