FTX founder part of “one of the biggest financial frauds” in U.S. history

Published

2 years ago

December 14, 2022

Brittany Coles

FTX founder Sam Bankman-Fried is accused of eight offences including wire fraud and violation of campaign finance laws

The US Securities and Exchange Commission has charged Bankman-Fried with “orchestrating a scheme to defraud investors”

It’s believed the U.S. will now extradite the fallen crypto founder.

The SEC chair said Bankman-Fried built a “house of cards on a foundation of deception”

Meanwhile, The U.S. Attorney who filed the charges, called it “one of the biggest financial frauds” in U.S. history

Attorney Williams accused the former crypto king of illegally using money in politics

'Bankman-Fried and his co-conspirators stole billions of dollars from FTX customers. He used that money for his personal benefit.' — U.S. Attorney for the Southern District of NY Damian Williams explained the charges FTX's founder is facing pic.twitter.com/ygXplbqSi4
— NowThis (@nowthisnews) December 13, 2022

The 30-year-old went from billionaire to broke overnight in November, stunning the crypto community.

According to bankruptcy filings, FTX now owes top investors over USD$3 billion.

Bankman-Fried denies the fraud and also faces civil action from two U.S. financial watchdogs.

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