Right away a courtroom submitting was launched detailing fraud allegations against Sam Bankman-Fried, the founder of collapsed crypto company FTX.
The Securities and Exchange Commission claims that while the entrepreneur “portrayed himself as a responsible chief of the crypto community”, in fact he misled customers and “improperly diverted their assets” to pay for his personal “investments, lavish genuine estate purchases, and large political donations”.
The company went into individual bankruptcy on Nov. 11, main his clientele to query irrespective of whether they would ever see their dollars all over again. The 30 calendar year aged businessman was arrested in the Bahamas Monday.
Listed here is the indictment that was introduced right away detailing the expenses versus Bankman-Fried and the techniques that the SEC allege he employed to defraud clients.