FTX founder ‘orchestrated years-long fraud,’ SEC says
Posted on AllSides December 13th, 2022
From The Left
The Securities and Exchange Commission charged Sam Bankman-Fried on Tuesday with defrauding investors and customers in his failed crypto exchange FTX.
The SEC said Bankman-Fried, “orchestrated a years-long fraud” to conceal from FTX investors the diversion of customer funds to Alameda Research, his crypto trading firm.
“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 in a statement.
Regulators signaled this may be just the first of...
