A few hours after he was arrested in the Bahamas on Tuesday morning
Former FTX CEO Sam Bankman-Fried has been charged by the capital markets commission with defrauding people who invested in his company, hours after he was arrested in the Bahamas on Tuesday morning.
The US Securities and Exchange Commission said in a statement: “The Securities and Exchange Commission today charged Sam Bankman-Fried with orchestrating a scheme to defraud stock investors in FTX Trading Ltd, the cryptocurrency trading platform of which he was the CEO and co-founder. Investigations into other securities law violations and other entities and persons related to the alleged misconduct are ongoing.”
The Securities and Exchange Commission said Bankman-Fried concealed the diversion of FTX client funds to cryptocurrency trading firm Alameda Research while collecting more than $1.8 billion from investors.
“We speculate that Bankman-Fried built a house of paper on a foundation of deception while telling investors it was one of the most secure ‘buildings’ in crypto,” said SEC Chairman Gary Gensler.
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