Former FTX CEO Sam Bankman-Fried charged with securities fraud by the SEC
The SEC complaint accuses Bankman-Fried of executing a “years-long fraud” while diverting customers’ funds from FTX to his crypto trading firm, Alameda Research, then spending some of the funds on investments, real estate, and political donations. These charges specifically cite the more than $1.8 billion FTX received from equity investors since 2019, which includes $1.1 billion from investors in the US.
The complaint alleges that, in reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX’s investors the undisclosed diversion of FTX customers’ funds to Alameda Research LLC, his privately-held crypto hedge fund; the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited “line of credit” funded by the platform’s customers and exempting Alameda from certain key FTX risk mitigation measures; and undisclosed...
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