February 4, 2023
Prosecutors File Multiple Count Of Fraud Charges On Former FTX CEO
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Prosecutors File Multiple Count Of Fraud Charges On Former FTX CEO

Prosecutors file multiple count of fraud charges on former FTX CEO

United States federal prosecutors yesterday said that founder and former CEO of cryptocurrency trading company, FTX Sam Bankman-Fried faces charges of fraud and violation of campaign finance laws. 

Bankman-Fried arrived at a heavily guarded Bahamas court yesterday for his first in-person public appearance since the cryptocurrency exchange’s collapse. He could be extradited to the United States. 

 In the indictment, prosecutors said Bankman-Fried had engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his cryptocurrency hedge fund, Alameda Research LLC. 

 He also accused of defrauding lenders to Alameda by providing them with false and misleading information about the hedge fund’s condition, and sought to disguise the money he had earned from committing wire fraud, prosecutors said. 

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