News: FTX's Sam Bankman-Fried charged with criminal fraud, conspiracy

Technology

FTX's Sam Bankman-Fried charged with criminal fraud, conspiracy

Bankman-Fried is charged with eight counts of fraud in an indictment unsealed Tuesday by the U.S. attorney's office.
FTX's Sam Bankman-Fried charged with criminal fraud, conspiracy

A top federal prosecutor said the entrepreneur oversaw one of the biggest financial frauds in US history.

Damian Williams said the ex-owner of the now-defunct cryptocurrency exchange FTX stole billions of dollars from his customers while misleading investors and lenders.

On Tuesday, Bankman-Fried was found guilty of eight counts of fraud in an indictment by the US attorney's office for the Southern District. 

According to prosecutors, the entrepreneur took FTX.com customers’ money to pay the expenses and debts of Alameda Research, an affiliated trading firm. 

They held Bankman-Fried guilty of conspiring to defraud the US and violate campaign finance rules by pumping illegal money to politicians of his choice. 

Williams authorised the charges against Bankman-Fried last Wednesday and a grand jury voted on the indictment Friday.

According to him, the investigation is gaining momentum. “While this is our first public announcement, it will not be our last, " He told media.

Meanwhile, J. Ray III, the new CEO of FTX, said on Tuesday that the firm incurred losses worth over $7 billion. 

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Topics: Technology, Leadership

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