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.
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Source: CoinDesk - 🏆 291. / 63 Read more »