04 Mar, 2024
2 mins read

US attorney says ‘we are not done’ charging individuals for FTX collapse

Multiple US government agencies held a press conference Tuesday afternoon regarding the indictment of FTX’s former CEO, Sam Bankman-Fried.

When asked whether the entities will bring charges against other individuals allegedly involved in the FTX collapsedDamian Williams, the US attorney for the Southern District of New York, said during the event, “I can only say this: Clearly, we are not done.”

The meeting convened hours after the US attorney’s office, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) all filed charges against Bankman-Fried” class=”link “filed charges against Bankman-Fried earlier in the day.

This transpired after Bankman-Fried was bankman-fried-has-been-arrested-in-the-bahamas/” data-ylk=”slk:arrested” class=”link “arrested in the Bahamas on Monday night. The SEC charged Bankman-Fried for an alleged “years-long scheme to defraud investors of FTX,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said during the conference. Bankman-Fried is being investigated for other securities violations. The US attorney’s office and the CFTC filed charges against him in “parallel actions.”

Williams declined to comment on which FTX-related individuals have cooperated in the investigations to date but reiterated the importance for those who haven’t to “do so and do so quickly.”

“As alleged in our complaint, starting in 2019 continuing through November 2022, Bankman-Fried raised more than $1.8 billion from equity investors on the basis of lies,” Grewal said. “FTX operated behind a veneer of legitimacy that Bankman-Fried created among other things … but as we allege in our complaint, that veneer wasn’t just thin, it was also fraudulent.”

Grewal said since FTX’s inception in 2019, Bankman-Fried had been secretly diverting customer funds to his crypto hedge fund, Alameda Research. “As alleged in our complaint, he then misused those funds to make undisclosed venture investments, lavish real estate purchases and large political donations.”

When asked during

Read the rest
2 mins read

US attorney says ‘we are not done’ charging individuals for FTX collapse

Multiple US government agencies held a press conference Tuesday afternoon regarding the indictment of FTX’s former CEO, Sam Bankman-Fried.

When asked whether the entities will bring charges against other individuals allegedly involved in the FTX collapsedDamian Williams, the US attorney for the Southern District of New York, said during the event, “I can only say this: Clearly, we are not done.”

The meeting convened hours after the US attorney’s office, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) all bankman-fried-with-defrauding-investors/” data-ylk=”slk:filed charges against Bankman-Fried” class=”link “filed charges against Bankman-Fried earlier in the day.

This transpired after Bankman-Fried was arrested in the Bahamas on Monday night. The SEC charged Bankman-Fried for an alleged “years-long scheme to defraud investors of FTX,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said during the conference. Bankman-Fried is being investigated for other securities violations. The US attorney’s office and the CFTC filed charges against him in “parallel actions.”

Williams declined to comment on which FTX-related individuals have cooperated in the investigations to date but reiterated the importance for those who haven’t to “do so and do so quickly.”

“As alleged in our complaint, starting in 2019 continuing through November 2022, Bankman-Fried raised more than $1.8 billion from equity investors on the basis of lies,” Grewal said. “FTX operated behind a veneer of legitimacy that Bankman-Fried created among other things … but as we allege in our complaint, that veneer wasn’t just thin, it was also fraudulent.”

Grewal said since FTX’s inception in 2019, Bankman-Fried had been secretly diverting customer funds to his crypto hedge fund, Alameda Research. “As alleged in our complaint, he then misused those funds to make undisclosed venture investments, lavish real estate purchases and large political donations.”

When asked during the conference

Read the rest