December 13, 2022, New York (SDNY) The Attorney General’s Office and SDNY Attorney Damian Williams have revealed that FTX co-founder Sam Bankman-Fried has been charged with “fraud, money laundering and campaign finance offenses.” SDNY Attorney Williams said the case was not one of “mismanagement or lack of supervision” but of “deliberate fraud, plain and simple.” SDNY Prosecutor’s Office and Williams Attorneys Indict SBF With Eight Financial Crimes
Federal Grand Jury in Manhattan Released Indictment Tied to Disgraceful Ex-FTX CEO Dec. 13, 2022 Sam Bankman-Fried (SBF) and the SDNY Department of Justice (DOJ) Press release stated that the SBF had “conspired to commit wire fraud, wire fraud, commodity fraud, securities fraud, money laundering conspiracy, federal elections.” A conspiracy to defraud the Trustees and commit campaign finance violations.” Since 2019, investigators say, “Bankman-Fried and his co-conspirators carried out a scheme to defraud FTX customers.” By embezzling billions of dollars of those clients’ funds.
The DOJ further stated that the SBF “uses billions of dollars of FTX customer funds for personal use, makes investments, and provides millions to federal political candidates and committees.” He made political donations worth $1,000.” The news coming out of his Manhattan team at the DOJ follows charges brought against him by the US Securities and Exchange Commission and lawsuits filed by the Commodity Futures Trading Commission (CFTC).
Both the SEC and CFTC indictments detail the alleged fraud committed by SBF and his FTX executives from day one. SDNY attorney Damien Williams said in a statement Tuesday that he believes the fraud was entirely intentional. “A month ago, FTX went bankrupt, costing customers, lenders and investors billions of dollars,” said U.S. Attorney Williams in a Department of Justice press release. Williams added:
Now, a federal grand jury in New York is indicting the former founder and CEO of FTX, accusing the former crypto exchange of staggering indicted for crimes related to the collapse. This includes fraud against customers, investors, lenders and campaign finance systems. As is evident from today’s indictment, this was not a case of mismanagement or poor oversight, but a case of plain and simple intentional fraud.
Interestingly, in the SEC, CFTC, and his SDNY DOJ indictments, Sam Bankman-Fried was the only person other than his company to be indicted, a former Alameda executive. ‘s Caroline Ellison is not named. Additionally, there arerumors and theories that Ellison may have snitched on SBF. According to reports, Bankman-Fried’s attorneys claimed SBF “has suffered from depression, insomnia, and his ADD for over a decade,” and his legal team of SBF wants to bail.
In an SDNY DOJ press statement on Tuesday, Michael J. Driscoll, assistant director of the FBI’s New York Field Office, said other financial operations have been accused of “defrauding and defrauding customers.” Reuters furtheron Tuesday said the Bahamas, who are in charge of his case despite the SBF’s alleged mental illness, said the A magistrate has denied bail for the FTX co-founder. “Bankman-Fried will be sent to the Bahamas Department of Corrections by Feb. 8, [says the judge],” Reuters revealed.
What do you think of his SDNY Attorney General’s office press statement regarding the indictment against SBF?What do you think about the Bahamian judge’s refusal of SBF bail?Comment below Please let us know your thoughts on this matter in the section.
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