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Title: FTX co-founder Sam Bankman-Fried faces four new criminal charges Post by: HCK on February 24, 2023, 04:05:03 pm FTX co-founder Sam Bankman-Fried faces four new criminal charges
<p>FTX co-creator Sam Bankman-Fried (aka SBF) is now dealing with four new charges over the <a data-i13n="cpos:1;pos:1" href="https://www.engadget.com/ftx-founder-sam-bankman-fried-pleads-not-guilty-195137532.html">collapse of his crypto exchange[/url]. A newly unsealed <a data-i13n="cpos:2;pos:1" href="https://www.cnbc.com/2023/02/23/ftx-founder-sam-bankman-fried-hit-with-new-criminal-charges.html?utm_term=Autofeed&utm_medium=Social&utm_content=Main&utm_source=Twitter#Echobox=1677165199">indictment[/url] in a New York federal court accuses SBF of fraudulent activity through both FTX and the linked Alameda Research hedge fund. The co-founder also allegedly violated federal campaign finance laws by making secret donations to a congressional super PAC using the names of two executives.</p><p>The expanded charges now include 12 counts. A source speaking to CNBC claims the additional allegations could lead to an additional 40 years in prison if SBF is convicted.</p><span id="end-legacy-contents"></span><p>SBF was <a data-i13n="cpos:3;pos:1" href="https://www.engadget.com/former-ftx-ceo-sam-bankman-fried-arrested-in-bahamas-000800321.html">arrested in the Bahamas[/url] on December 12th, and quickly dropped plans to fight extradition to the US. He has already pleaded not guilty to federal charges that include multiple wire fraud counts. He also faces a civil lawsuit from the Securities and Exchange Commission (SEC) as well as action from the Commodity Futures Trading Commission (CFTC). Prosecutors claim Bankman-Fried defrauded investors of nearly $2 billion, but the ex-CEO <a data-i13n="cpos:4;pos:1" href="https://www.reuters.com/technology/sam-bankman-fried-says-he-didnt-ever-try-commit-fraud-2022-11-30/">maintains[/url] he never tried to commit fraud and doesn't think he's criminally liable for FTX's downfall. Two executives, Caroline Ellison and Zixiao "Gary Wang," have <a data-i13n="cpos:5;pos:1" href="https://www.engadget.com/two-top-fbx-executives-plead-guilty-to-fraud-and-are-cooperating-with-prosecutors-101009292.html">pleaded guilty[/url] to their own fraud charges.</p><p>FTX isn't alone in falling from grace. Other major crypto brands, such as <a data-i13n="cpos:6;pos:1" href="https://www.engadget.com/binance-sued-over-collapse-terrausd-113503082.html">Binance[/url], <a data-i13n="cpos:7;pos:1" href="https://www.engadget.com/new-york-celsius-ceo-crypto-fraud-lawsuit-171421110.html">Celsius[/url] and <a data-i13n="cpos:8;pos:1" href="https://www.engadget.com/sec-charges-terraform-and-ceo-with-fraud-145347680.html">Terraform Labs[/url], are also grappling with varying degrees of criminal charges (for themselves or ex-leadership), civil suits and bankruptcy. However, FTX and its former CEO remain the most prominent examples of the crypto industry's tumult — the new charges are only likely to cement that position.</p><p>The further indictments also reflect the federal government's increasing eagerness to crack down on crypto assets and cryptocurrency. <a data-i13n="cpos:9;pos:1" href="https://www.engadget.com/house-republican-crypto-subcommittee-165521735.html">House[/url] and <a data-i13n="cpos:10;pos:1" href="https://www.engadget.com/senate-crypto-regulation-bill-responsible-financial-innovation-act-143136481.html">Senate[/url] politicians are hoping to more tightly regulate the industry, while agencies like the SEC, CFTC and Treasury Department are pushing for <a data-i13n="cpos:11;pos:1" href="https://www.engadget.com/treasury-department-crypto-scams-crackdown-140424883.html">more charges[/url] and clearer rules.</p> Source: FTX co-founder Sam Bankman-Fried faces four new criminal charges (https://www.engadget.com/ftx-co-founder-sam-bankman-fried-faces-four-new-criminal-charges-153406519.html?src=rss) |