The federal prosecutors have charged Sam Bankman-Fried with conspiracy and wire fraud for mismanagement of customers’ funds.
The disgraced founder of the FTX exchange is facing the much-awaited prosecution by Federal prosecutors in the Southern District of New York. According to a Bloomberg report, he is charged with eight criminal counts for misusing customers’ funds worth billions of dollars.
He was arrested this morning by the Bahamian Authorities following receipt of formal charges from the United States.
Sam Bankman-Fried Drowned With Charges by Authorities
The US Securities and Exchange Commission (SEC) has also filed charges against Sam Bankman-Fried for orchestrating a scheme to defraud equity investors in FTX Trading Ltd.
The US Commodities Future Trading Commission (CFTC) wants a jury trial for Sam Bankman-Fried for violating the Commodity Exchange Act.
This is a developing story. Stay tuned with BeInCrypto for further updates.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.