Texas Orders Sam Bankman-Fried To Appear In Court On February 2023
Sam Bankman-Fried, the founder and former CEO of FTX, has been formally summoned by Texas regulators to appear at a hearing. The Texas State Securities Board (TSSB) has called the millionaire to testify regarding his role in the platform’s collapse.
Bankman-Fried and FTX are being accused of specific securities violations by the Texas State Securities Board. Particularly, A videoconference hearing is going to be held to decide whether to make a proposal for a decision for the entry of a “CEASE AND DESIST ORDER”, an order “ASSESSING AN ADMINISTRATIVE FINE” and an order for “PAYING REFUNDS” against Sam BankmanFried.
When Sam Bankman-Fried is called to the witness stand for a crucial hearing in December this year, he is now being given a formal summons by Texas Regulators to appear at an inquiry into the platform’s collapse.
The official date of the hearing notice was on November 22. While directing FTX to cease and desist, it claimed that “Texans were able to buy and sell publicly traded stock through the firm.” The notice also required the platform to return money to investors whose investments were impacted by its bankruptcy.
It appears Texas Regulators were now compelled to start that final resort as the contagion and scandal surrounding FTX. In addition, the hearing is scheduled for February 2nd, though Sam Bankman-Fried has not yet made any comments.
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