🚨 BREAKING: SEC charges against Sam Bankman-Fried revealed Court filing claims FTX's founder 'orchestrated a massive, years-long fraud' — diverting billions of customer funds for his own personal benefit and to grow his crypto empire 💰 Read latest 👇
The Securities and Exchange Commission's complaint against Sam Bankman-Fried has been unveiled — with FTX's founder accused of engaging in a years-long scheme to defraud the company's investors and customers.
"Customers around the world believed his lies and sent billions of dollars to FTX, believing their assets were secure on the FTX trading platform." "Bankman-Fried directed FTX to divert billions more in customer assets to Alameda to ensure Alameda maintained its lending relationships." The SEC claims that — while no customer account at FTX was allowed to maintain a negative balance — SBF directed software code to be written "in or around" August 2019 that ultimately allowed Alameda to maintain a negative balance in its account without facing collateral requirements.
It's alleged that evidence he gave to the House Committee on Financial Services and the Commodity Futures Trading Commission about FTX's risk mitigation protocols was "materially misleading" — primarily because it didn't apply to Alameda Research.
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