The Damage Report
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Sam Bankman-Fried GOES DOWN After Staggering Fraud Revealed
Posted
December 14, 2022
Views
6,543
Likes
364
Comments
51
Engagement
6.34%
December 14, 2022
6,543
364
51
6.34%
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5:37Now PlayingFTX CEO Sam Bankman-Fried goes down in serious civil and criminal charges after his lies to investors and billion-dollar cryptocurrency fraud is exposed. John Iadarola and Jayar Jackson break it down on The Damage Report.
Read more here:
Prosecutors Say FTX Was Engaged in a ‘Massive, Yearslong Fraud’
"Sam Bankman-Fried’s lies, prosecutors say, stretched back to the very beginning.
From the founding of his cryptocurrency exchange FTX in 2019, Mr. Bankman-Fried engaged in widespread fraud, the federal authorities charged on Tuesday, and used his customers’ deposits to finance his political activities, buy lavish real estate and invest in other companies.
A series of civil and criminal charges filed against Mr. Bankman-Fried in the Southern District of New York say he repeatedly lied to customers, investors and lenders about the structure of his business empire and how he handled the billions of dollars in funds that crypto users deposited in his exchange.
In a 13-page criminal indictment, Mr. Bankman-Fried was charged with eight counts, including wire fraud against customers and lenders, as well as conspiracy to defraud the United States and violate campaign finance laws. A civil complaint filed by the Securities and Exchange Commission laid out a detailed narrative of FTX’s collapse, claiming that for three years Mr. Bankman-Fried had misappropriated billions in customer deposits to fund his business and political activities."
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