FTX founder Sam Bankman\u002DFried will be arraigned in a federal court Tuesday on charges that he cheated investors and looted customer deposits
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Bankman-Fried, 30, was accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges and are cooperating with prosecutors in a bid for leniency. Both are free on bail. Their pleas were kept secret until Bankman-Fried was in the air after his extradition from the Bahamas, where FTX is based, due to fears that he might flee.
Bankman-Fried, 30, was released from custody on a $250 million personal recognizance bond with electronic monitoring about two weeks ago on the condition that he await trial at his parents’ house in Palo Alto, California.
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