Sam Bankman-Fried Charged With Defrauding FTX Investors: SEC

Dec 13 2022 by The Daily Beast

 
FTX/Reuters

Sam Bankman-Fried has been charged with defrauding investors in his FTX cryptocurrency exchange, the Securities and Exchange Commission announced Tuesday.

The SEC’s complaint accuses the 30-year-old former billionaire of presenting his company, based in the Bahamas, to investors as a “safe, responsible crypto asset trading platform.” In reality, it’s alleged that Bankman-Fried ran a years-long fraud to divert FTX customers’ funds to a sister investment company, Alameda...

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