Cryptocurrency Exec Sam Bankman-Fried Facing New Charges
11.3.2023 | 02:30
• Federal prosecutors have announced a new indictment of Sam Bankman-Fried with four additional criminal charges.
• These charges follow his arrest in December in the Bahamas, after the incredibly large failure of the FTX exchange empire.
• The document alleging these new charges details how SBF utilized others to contribute to political movements that he did not want himself or his business entities to be tied to.
New Charges Against Sam Bankman-Fried
Federal Prosecutors have announced a new indictment of Sam Bankman-Fried with four additional criminal charges. The document alleges that SBF is guilty of conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter, in addition to the original counts that SBF is facing. Previously, SBF was charged with counts including conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit commodities fraud, and more.
Arrest Following FTX Empire Failure
These charges followed his arrest in December in the Bahamas, after the incredibly large failure of the FTX exchange empire. The industry is still reeling from both the business impact as well as the regulatory scrutiny that has followed since. “Contrary to Bankman-Fried’s promises to FTX customers that the exchange would protect their interests and segregate their assets,” claims were made against him for tapping into customer assets for personal gain as well as operating independently from Alameda’s cryptocurrency trading and investments which exposed customers to risk without disclosure.
Illegal Donations Alleged
In addition to these functional issues with FTX, alleged illegal donations are now being further detailed, with the indictment examining how SBF utilized others to contribute to political movements that he did not want himself or his business entities associated with publicly. It was claimed by prosecutors that “Bankman-Fried caused substantial contributions” but wanted no public association for himself or companies under his control with either major political party or any leaning across the political spectrum.
Criminal Charges Facing SBF
The original criminal counts facing Sam Bankman- Fried include: Conspiracy To Commit Wire Fraud On Customers; Wire Fraud On Customers; Conspiracy To Commit Wire Fraud On Lenders; Wire Fraud On Lenders; Conspiracy To Commit Commodities Fraud; Conspiracy To Commit Securities Fraud; Conspiracy To Commit Money Laundering; And Conspiracy To Defraud The United States And Violate The Campaign Finance Laws.
Sam Bankman- Fried faces a number of serious allegations ranging from financial crimes such as wire fraud and money laundering all the way up through corruption and campaign finance violations. The consequences could be severe if convicted on any count so it will be interesting what develops over time as this case continues through its court proceedings
Comments are closed