Sam Bankman-Fried Faces More Charges
Key Takeaways
- Division of Justice Attorneys filed extra prison costs in opposition to Sam Bankman-Fried, co-founder and former CEO of collapsed crypto alternate FTX.
- Federal prosecutors added 4 counts to the eight beforehand made in opposition to Bankman-Fried.
- Bankman-Fried already pleaded not responsible to the unique costs, with a trial scheduled to start on Oct. 2.
Federal prosecutors filed extra prison costs in opposition to Sam Bankman-Fried, who’s already accused of stealing billions from buyers and clients of the collapsed FTX cryptocurrency alternate, which he co-founded and the place he served as CEO till its chapter final November.
In a superseding indictment filed with the U.S. District Courtroom in Manhattan, Division of Justice attorneys added 4 counts to the eight beforehand made in opposition to Bankman-Fried for fraud, cash laundering, and marketing campaign finance violations. The brand new costs embody working an unlicensed cash transmitting enterprise, financial institution fraud, securities fraud, and fraud involving derivatives.
Officers stated Bankman-Fried, often known as SBF, took funds from FTX to complement himself and assist prop up FTX and its related crypto funding agency, Alameda Analysis. The alleged scheme was uncovered when a rush of withdrawals from FTX created a liquidity disaster, resulting in the agency’s chapter and Bankman-Fried’s removing as CEO. His substitute known as what occurred at FTX “old school embezzlement.”
October Trial Date
Bankman-Fried has pleaded not responsible to the unique costs and is at present free on $250 million bond. His trial is ready to start on Oct. 2. He’ll be arraigned on what’s been added within the new indictment at a future date.
FTX’s different co-founder, Gary Wang, and Caroline Ellison, who was co-CEO of Alameda, each pleaded responsible to associated fraud costs and agreed to testify in opposition to Bankman-Fried.
