On December 13, 2021 the Southern District Of New York (SDNY) attorney’s office, and SDNY attorney Damian Williams revealed the indictment of former FTX CEO Sam Bankman-Fried. He was charged with “fraud, money laundering, and campaign finance offences,”.
SDNY Attorney Williams Indicts Bankman-Fried on 8 Financial Crimes
A federal grand jury in Manhattan indicted Sam Bankman-Fried, linked to the disgraced FTX CEO, as well as the SDNY Department Of Justice (DOJ press release) stated. Details of the indictment show SBF was charged with “conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.”
The Indictment by SDNY DOJ states that SBF could spend up to 165 Years in Prison. Investigators also note that SBF has been in prison since 2019. “Bankman-Fried and his accomplices perpetrated a scheme to defraud FTX customers by misappropriating billions of dollars of the funds of those clients”.
In addition, the Department Of Justice claims SBF is a “strange beast” who “allegedly used billions of dollars of FTX client funds for its own personal use, to make investments and millions of dollars in political contributions to federal political committees and candidates.”.
The latest news from SDNY DOJ follows US charges against SBF from the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC). Both the SEC and CFTC accusations detail how executives at FTX and SBF allegedly committed fraud right from the beginning.
In a statement Tuesday, SDNY attorney Damian Williams said that he believed the fraud was intentional. “A month ago, FTX collapsed, causing billions of dollars in losses to its customers, lenders and investors,” US Attorney Williams said in the Justice Department News release. “As Today’s charges show, this was not an instance of poor supervision or mismanagement, but intentional fraud.”
Now a federal grand jury has issued an indictment for the crime. New York FTX’s former CEO and founder has been indicted and charged with crimes related to the spectacular downfall of the unique cryptocurrency exchange. This includes fraud against customers, investors and lenders and our campaign. finance system
Interestingly, in the SEC, CFTC, and SDNY DOJ Charges Sam Bankman-Fried is the only one charged, other than his companies and former Alameda Executive Caroline Ellison is not listed. Also, there have been rumors that Ellison could have betrayed SBF. According to reports SBF’s attorney claimed that SBF was also responsible for the claims. “suffered from depression, insomnia and ADD for over a decade,” SBF and his legal team sought to have him released on bail.
In Tuesday’s SDNY DOJ press releases, FBI Deputy Director for the New York Field Office, Michael J. Driscoll warned other financial operations to “mislead and defraud” customers, the “FBI will persist in our efforts to bring you to justice.” Reuters reported that Bankman-Fried has a history of mental illness, but the fact that SBF is still alive and well proves it. A Bahamian magistrate charged with his case denied the release of the FTX cofounder on bail. Bankman-Fried will be sent to the Bahamas Department Of Corrections until February 8, [the] says the judge”, revealed Reuters.
