The federal prosecutors have charged Sam Bankman-Fried with conspiracy and wire fraud for mismanagement of customers’ funds.
Update Dec. 14, 2022, 02:53 UTC: Bahamas chief magistrate deemed Bankman-Fried to be a flight risk and remanded him in custody. Bankman-Fried will be sent to the Bahamas Department of Corrections until Feb. 8, and he has been denied bail at the time of this update.
The disgraced founder of the FTX exchange is facing the much-awaited prosecution by Federal prosecutors in the Southern District of New York. According to a Bloomberg report, he is charged with eight criminal counts for misusing customers’ funds worth billions of dollars.
He was arrested this morning by the Bahamian Authorities following receipt of formal charges from the United States.
Sam Bankman-Fried Drowned With Charges by Authorities
The Federal court unsealed an indictment with eight charges as follows:
- Conspiracy to commit wire fraud on customers
- Wire fraud on customers
- Conspiracy to commit wire fraud on lenders
- Wire fraud on lenders
- Conspiracy to commit commodity fraud
- Conspiracy to commit securities fraud
- Conspiracy to commit money laundering
- Conspiracy to defraud the United States and violate Campaign Finance Laws.
Apart from charges from this unsealed indictment, the US Securities and Exchange Commission (SEC) has also filed charges against Sam Bankman-Fried for orchestrating a scheme to defraud equity investors in FTX Trading Ltd.
The US Commodities Future Trading Commission (CFTC) wants a jury trial for Sam Bankman-Fried for violating the Commodity Exchange Act.
According to the press release, the CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations.
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