Sam Bankman-Fried Accused 8 Counts Of Financial And Elections Fraud

Following his arrest Monday in the Bahamas weeks after his crypto exchange crashed, US authorities released eight criminal charges against Sam Bankman-Fried (SBF) on Tuesday, accusing him of wire fraud, money laundering, and other criminal activities.

On December 13, the indictment against Sam Bankman-Fried was unsealed. The 14-page indictment was issued by the U.S. Attorney for the Southern District of New York, Damian Williams.

In the indictment, Bankman-Fried is charged with conspiracy to commit wire fraud on customers, conspiracy to commit 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 campaign finance laws.

According to the indictment, Bankman-Fried agreed with others to defraud FTX.com clients by misappropriating those customers’ deposits and using those deposits to cover the costs and debts of Alameda Research, a crypto trading company he formed.

Bankman-Fried supplied Alameda with a practically limitless line of credit paid by FTX customers, according to Gurbir Grewal, the SEC’s chief of enforcement, at a news conference on Tuesday.

Prosecutors said that some of Bankman-Fried’s recent political payments were made unlawfully in the names of other persons, pointing to the misappropriation of FTX customer monies.

SBF is obligated to surrender any and all property, real and personal, that comprises or is derived from revenues traceable to the commission of said offenses as a result of the first four and seventh charges. If that is not practicable, the US will sue forfeiture of the defendant’s additional property up to the amount of the aforementioned forfeitable property.

The indictment names just SBF, although it also alludes to individuals known and unknown.

FTX’s fall from grace was quick, with FTX declaring bankruptcy last month amid worries about FTX and Alameda’s interconnected and perhaps unlawful business operations, including accusations that FTX leased client monies to Alameda.

A copy of SBF’s planned testimony before the House Financial Services Committee has been leaked online. The counts in the indictment are significant, but SBF is anticipated to face charges from various sources. SBF has also been charged by the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC), and he may face prosecution in other places and the United States.

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