U.S. prosecutors charged Sam Bankman\u002DFried with a host of financial crimes and campaign finance violations.
The indictment says that, beginning in 2019, Bankman-Fried intentionally devised “a scheme and artifice to defraud” FTX’s customers and investors, diverting their money to pay expenses and debts at his crypto hedge fund, Alameda Research, and to make lavish real estate purchases and large political donations.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.
U.S. authorities will also seek to have Bankman-Fried forfeit all financial gains he might have received as part of the scheme. They are expected to request his extradition to the U.S., although the timing of that request is unclear.tap here to see other videos from our teamA lawyer for Bankman-Fried, Mark S. Cohen, said Tuesday he is “reviewing the charges with his legal team and considering all of his legal options.
Bankman-Fried was one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave money to Republicans. FTX grew to become the second-largest cryptocurrency exchange in the world.
Instead, the complaint says, Bankman-Fried diverted customers’ funds to Alameda Research without telling them.
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