• Sam Bankman-Fried, the former CEO of FTX, has been indicted and now faces four more charges in a multi-billion dollar fraud case.
• The new charges include operating an unlicensed money transfer business and conspiring to commit bank fraud.
• SBF is also accused of defrauding customers in connection with the purchase and sale of derivatives, making unlawful political contributions, and defrauding the Federal Election Commission.
Sam Bankman-Fried Indicted
Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, was originally indicted 72 days ago by a federal grand jury in Manhattan for eight different offenses. These included conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.
New Charges Filed
A new indictment was unsealed Wednesday adding four new charges against SBF. These charges include operating an unlicensed money transmitter and conspiracy to commit bank fraud. According to prosecutors, SBF exploited customer trust in order to „steal FTX customer deposits“ and use the stolen funds for his own gain. He is also accused of corrupting cryptocurrency companies he founded or controlled such as FTX.com and Alameda Research through a series of systems and schemes which allowed him access to customers‘ deposits without detection.
Accusations Against SBF
In addition to operating an unlicensed money transfer business and bank fraud accusations against SBF include defrauding customers related to derivatives purchases/sales as well as making unlawful political contributions and defrauding the Federal Election Commission (FEC). No other defendants have been named at this time in relation to this revised indictment.
Impact on Case?
The newly revised indictment will likely have a significant impact on SBF’s case moving forward as these additional charges further complicate matters for him legally speaking. It remains unclear what potential punishments he may face should he be found guilty on any or all of these new allegations but they certainly do not bode well for his case overall nonetheless.
Overall it appears that Sam Bankman-Fried’s legal troubles are mounting after revealing yet another set of indictments aimed at him personally with regards to his involvement with several fraudulent activities related to FTX exchange operations which were uncovered during the investigation into his activities earlier this year.. We can only wait until more information is released regarding this situation as it develops further over time before we can make any definite conclusions about how things might play out for SBF going forward from here on out