SEC charges Bankman-Fried with defrauding investors in FTX
The Securities and Exchange Commission said Tuesday it has charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd, the crypto trading platform he co-founded and headed until it collapsed spectacularly in recent weeks. The SEC said Bahamas-based FTX raised more than $1.8 billion from investors, including about $1.1 billion from about 90 U.S.
In reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX's investors the undisclosed diversion of FTX customers' funds to Alameda Research LLC, his privately-held crypto hedge fund; the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited"line of credit" funded by the platform's customers and exempting Alameda from certain key FTX risk mitigation measures; and undisclosed risk...
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