SEC made loud statement after arrest FTX co-founder
2022.12.13 07:06
SEC made loud statement after arrest FTX co-founder
Budrigannews.com – The former CEO of the now-defunct crypto exchange FTX, Sam Bankman-Fried, has been charged by the Securities and Exchange Commission (SEC) of the United States.
Bankman-Fried has been charged by the SEC with breaking the Securities Exchange Act of 1934 and Securities Act of 1933’s anti-fraud provisions. Bankman-Fried is prohibited from participating in the issuance, purchase, offer, or sale of any securities except for his own personal account in the SEC’s complaint, which seeks injunctions against future violations of securities law.
More FTX Co-Founder Blames Everyone for company’s Collapse Except Himself
Bankman-Fried was indicted by the SEC for leading a plot to defraud equity investors in FTX Trading Ltd. (FTX). The administrative body noticed that the previous Chief hid his “redirection of FTX clients’ assets to crypto exchanging firm Alameda Exploration while raising more than $1.8 billion from financial backers.”
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,” said SEC Chair Gary Gensler.
Just a day after his arrest by Bahamian authorities at the request of U.S. authorities, the former CEO faces new charges. Only hours after Bankman-Seared’s capture, SEC reported they were getting ready to document charges against the FTX prime supporter, which will be discrete from the ones prompting his latest capture in the Bahamas.
