Federal prosecutors charge FTX founder Bankman-Fried with 8 counts of conspiracy, fraud | Fox Business

Federal prosecutors in the Southern District New York have charged Samuel Bankman-Fried, former CEO and co-founder of cryptocurrency trading platform FTX, with eight counts of conspiracy and fraud, according to an indictment that was unsealed Tuesday morning.

The charges include conspiracy to commit wire fraud on customers, wire fraud on customer, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.

The indictment is not heavy on specifics, but it does make out several allegations, including that Bankman-Fried carried out a scheme to defraud FTX customers by using their deposited funds "to pay expenses and debts of Alameda Research," Bankman-Fried's crypto hedge fund, and defrauded Alameda's lenders by providing "false and misleading information" to them about Alameda's financial condition.

FTX Crypto Exchange logo by Mariia Shalabaieva is licensed under Unsplash unsplash.com
© 2024 GovernmentExclusive.com, Privacy Policy