Faces Life In Prison

  • The Securities and Exchange Commission charged Sam Bankman-Fried, the disgraced former CEO of defunct cryptocurrency firm FTX, with defrauding investors.
  • The SEC complaint states that Bankman-Fried, who was arrested in the Bahamas on Monday, raised more than $1.8 billion from investors since May 2019, but he secretly diverted the funds to his private crypto group, The Associated Press reported.
  • “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” SEC Chair Gary Gensler said.
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