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.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »