Sam Bankman-Fried indicted and charged with fraud

U.S. courts have filed eight separate charges against SBF according to an unsealed indictment.Author:BtcCaseyPublish date:Dec 13, 2022U.S. According to an unsealed document, eight separate charges have been filed against SBF by U.S. courts. The unsealed document contains eight charges from the United States Southern District Court of New York. These include: Conspiracy for wire fraud on customersWire Fraud on lendersWire fraud against lendersConspiracy for commodities fraudConspiracy of committing securities fraudConspiracy of committing money launderingAnd conspiracy defrauding the United States. The U.S. Securities and Exchange Commission also charged SBF with defrauding investors. He was accused of diverting customer funds from FTX and Bankman-Fried’s Alameda Research fund, while simultaneously raising $1.8 million with investors. The SEC and N.Y. Southern District Court filed charges against SBF, Alameda Research, and FTX for “fraud” and material misrepresentations related to the sale of digital commodities. “The collapse at FTX resulted in billions of dollars in customer funds that were not recovered. There is no guarantee that this will happen. Both FTX as well as Alameda Research are currently in bankruptcy proceedings. The Department of Justice seeks any profits Bankman-Fried may have received from these ventures, according to today’s unsealed Indictment. The House Financial Services Committee began its investigation into the collapse and testimony of the current CEO. Bankman-Fried testified before Chief Magistrate Joyann Ferguson–Pratt in Nassau. He stated that he hadn’t yet had the opportunity to speak with his lawyer. Tagsterms:Sam Bankman-FriedCFTCDOJSECFTX

 

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