The former CEO of FTX faces 12 criminal charges
The federal court presiding over the former FTX CEO’s case has issued an order releasing the indictment.
This indictment contains 12 separate criminal offenses.
In an indictment filed with the United States District Court for the Southern District of New York on February 22, United States Attorney General Damien Williams claimed that Sam Bankman-Fred’s actions in the case involving FTX and Alameda justified the filing of 12 counts against him.
According to the indictment, it included eight counts of conspiracy to commit fraud, in addition to four counts each of wire fraud and securities fraud.
The dismissed indictment against “Sam Bankman Fred” mentioned an additional count of conspiracy to commit bank fraud.
The initial indictment against Bankman, which was announced December 13, contained eight similar counts.
The indictment, which replaced it, contained nine counts.
At the time, prosecutors also included a charge of conspiracy to commit commodity fraud, which appears to be included in FTX’s canceled indictment relating to the “buying and selling of derivatives”.
This charge was apparently included in the indictment relating to the “buying and selling of derivatives.”
The indictment states that Bankman engaged in fraudulent activity when he opened a bank account and attempted to obtain user deposits, and as a quote from the indictment:
Sam Bankman falsely presented to a financial institution that the account would be used for trading and market making, even though he knew that the account would be used to receive and transfer customer funds in a cryptocurrency exchange.
Regarding allegations of illegal political donations, the deposit said Sam Bankman and others have made more than 300 contributions worth tens of millions of dollars.
According to allegations made by the United States Attorney General, Bankman managed to evade individual contribution restrictions imposed by the Federal Election Commission.
Since his December bail hearing, during which his mother and father agreed to put up shares of their holdings as part of a unique $250 million bond, the former FTX CEO’s activity has been confined primarily to his parents’ home in California.
The hearing took place in California.
Andreas Baebke, an undergraduate researcher, and Larry Kramer, former dean of Stanford Law School, signed sureties for Bankman that were set at $200,000 and $500,000, respectively.
While the criminal trial against Bankman is scheduled to begin in October in federal court, the case related to FTX’s bankruptcy is now being heard in the US Bankruptcy Court for the District of Delaware.
Carolyn Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty as part of a plea agreement to allegations similar to those made against Bankman.