Former FTX CEO Sam Bankman-Fried Faces New Costs in Multi-Billion Greenback Fraud Case

Sam Bankman-Fried, the previous CEO and co-founder of cryptocurrency alternate FTX, has been hit with 4 new expenses in connection to a multi-billion greenback fraud case. The brand new indictment was unsealed on Wednesday, 72 days after Bankman-Fried was initially indicted by a federal grand jury in Manhattan.

The fees introduced in opposition to Bankman-Fried now whole twelve, and embody conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit cash laundering, working an unlicensed cash transmitter, conspiracy to commit financial institution fraud, defrauding clients in connection to the acquisition and sale of derivatives, making illegal political contributions, and defrauding the Federal Election Fee.

The newly revised indictment alleges that Bankman-Fried “exploited the belief that FTX clients positioned in him and his alternate” and “used billions of {dollars} in stolen funds for a wide range of functions.” It additionally accuses him of corrupting the operations of FTX and Alameda Analysis, one other cryptocurrency firm he based and managed.

Based on the indictment, Bankman-Fried “perpetrated this multibillion-dollar fraud by way of a collection of programs and schemes that allowed him, by way of Alameda, to entry and steal FTX buyer deposits with out detection.” The alleged fraud additionally concerned defrauding clients in connection to the acquisition and sale of derivatives, and making illegal political contributions.

The fees of working an unlicensed cash switch enterprise and conspiracy to commit financial institution fraud are the most recent additions to Bankman-Fried’s case. It’s unclear right now whether or not or not he’ll face further expenses.

Bankman-Fried, who stepped down as CEO of FTX shortly after his preliminary indictment, has denied all allegations in opposition to him. His legal professionals have argued that he’s being unfairly focused by prosecutors, and that the costs in opposition to him are politically motivated.

The case in opposition to Bankman-Fried has drawn widespread consideration from the cryptocurrency neighborhood, with many expressing concern in regards to the potential affect it may have on the trade as an entire. Some have even recommended that the case may result in elevated regulation of cryptocurrencies and their exchanges.

The trial is anticipated to start within the coming months, and will final for a number of years. Bankman-Fried, who’s at present out on bail, may resist 20 years in jail if convicted on all expenses.