Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces four more charges after a new indictment was unsealed on Wednesday. The charges include operating a money transfer business without a license and conspiring to commit bank fraud.
SBF gets 4 new charges added to its indictment
The former FTX chief executive was originally indicted 72 days ago by a federal grand jury in Manhattan, and prosecutors have charged the co-founder of the cryptocurrency exchange with eight different crimes. The charges include conspiracy to commit wire fraud, conspiracy to commit commodity fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering.
The court opened a new indictment on February 22, 2023, adding four new charges to the SBF case. The charges include operating a money transmitter without a license and conspiracy to commit bank fraud. “Leveraging the trust that FTX clients placed in him and in his exchange, Bankman-Fried stole FTX client deposits and used billions of dollars in stolen funds for a variety of purposes,” the statement said. new accusation read
The newly revised indictment did not name any other defendants and alleges that SBF “corrupted the operations of the cryptocurrency companies it founded and controlled, including FTX.com and Alameda Research.” The revised indictment further adds that SBF “perpetrated this multi-million dollar fraud through a series of systems and schemes that allowed it, through Alameda, to access and steal FTX customer deposits without detection.”
In addition to operating an unlicensed money transfer business and bank fraud, SBF is accused of defrauding clients in connection with the buying and selling of derivatives. In addition, SBF faces a charge of making illegal political contributions and defrauding the Federal Election Commission.
What impact do you think these new charges will have on the SBF case? Let us know what you think about this topic in the comments section below.
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