Sam Bankman-Fried accused of fraud by SEC following FTX crash

The SEC has officially launched an indictment accusing former FTX CEO Sam Bankman-Fried of defrauding customers following the collapse of FTX.

Former CEO of FTX exchange Sam Bankman-Fried (SBF) continued to be in the spotlight of the total crypto local community when on the evening of December 13, 2022 (Vietnam time), the SEC officially filed a deed of charge towards SBF.

BREAKING: Sam Bankman-Fried accused of fraud above FTX collapsehttps://t.co/2ADj52Ic8k

— The Block (@TheBlock__) December 13, 2022

According to the model accuseSBF allegedly orchestrated a multi-yr scam, transferring billions of bucks in FTX consumer money for personalized obtain and for its personal crypto empire.

Specifically, in May 2022, some Alameda Research lenders asked the enterprise to repay the loan. But considering the fact that Alameda did not have ample assets to cover it, SBF ordered Alameda to withdraw the “credit” from FTX.

According to the SEC, SBF directed investment selections, was in frequent get in touch with with Alameda staff members and had complete accessibility to the company’s database. This is in stark contrast to Sam’s declare that he is not “connected” with Alameda.

And in the most recent advancement, Bahamian authorities arrested SBF this morning.

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