Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case – The former CEO of FTX was first indicted 72 days ago by a federal grand jury in Manhattan, and prosecutors charged the crypto exchange co-founder with eight different offenses. Charges include conspiracy to commit securities fraud, money laundering, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.
On February 22, 2023, the court unsealed a new indictment that added four new charges to SBF’s case. Operating an unlicensed money transmitter and conspiring to conduct bank fraud are among the charges. “Exploiting the trust that FTX customers placed in him and his exchange, Bankman-Fried stole FTX customer deposits and used billions of dollars in stolen funds for a variety of purposes,” the new indictment reads.
The newly revised indictment did not name any other defendants, and it alleges that SBF “corrupted the operations of the cryptocurrency companies he founded and controlled—including FTX.com and Alameda Research.” The revised indictment further adds that SBF “perpetrated this multibillion-dollar fraud through a series of systems and schemes that allowed him, through Alameda, to access and steal FTX customer deposits without detection.”
SBF is accused of defrauding clients in connection with the acquisition and selling of derivatives, in addition to running an unauthorized money transfer business and bank fraud. SBF is also charged with defrauding the Federal Election Commission and making illegal political contributions.
Bahamian Government Officials Allegedly Asked SBF to Mint Millions of Dollars in New Tokens Amid the FTX Collapse
FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings
New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange