Sam Bankman-Fried accused of fraud by SEC

The U.S. Securities and Exchange Commission on Tuesday filed a civil complaint accusing Sam Bankman-Fried of "orchestrating a scheme to defraud equity investors in FTX" and seeking to ban him from the cryptocurrency industry.

What to watch: This comes ahead of criminal charges that will be announced later this morning by prosecutors for the Southern District of New York.

The SEC — which filed the complaint in a New York federal court — also noted that SBF is expected to face criminal charges.

Why it matters: A growing number of media reports and statements from FTX's...