FTX founder 'orchestrated years-long fraud,' SEC says | CNN Business

The SEC said Bankman-Fried, “orchestrated a years-long fraud” to conceal from FTX investors the diversion of customer funds to Alameda Research, his crypto trading firm. “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” SEC Chair Gary Gensler said in a statement. Regulators signaled this may be just the first of multiple charges to come.

The SEC alleges that Bankman-Fried, 30, duped those investors who backed FTX by promoting it as a “safe, responsible” crypto trading firm that used “sophisticated, automated” risk measures to protect customer funds. In reality, the complaint alleges, Bankman-Fried secretly diverted FTX customer funds to effectively provide an “unlimited ‘line of credit’” to Alameda.

Can lawyers please post there contact info?

His name is a synonym for ‘burning American bankers’

ah the fan boy of leftist woke corrupt media catching up with his fate.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House TestimonyFTX US “was not independent” of its parent company, new FTX CEO John Ray III plans to say in his testimony before the House Financial Services Committee on Tuesday. nikhileshde reports
Source: CoinDesk - 🏆 291. / 63 Read more »

Canadian Securities Regulators to Strengthen Crypto Oversight After FTX CollapseCanadian securities regulator will strengthen its approach to crypto oversight and will consider enforcement action if crypto companies do not comply. By camomileshumba camomileshumba Canada is bountiful 💗 did Canadian government still blocking truck drivers bank accounts 🔥🔥🔥🔥🔥🔥🔥🔥🔥
Source: CoinDesk - 🏆 291. / 63 Read more »