Sam Bankman-Fried, the former CEO of FTX, is now facing additional charges after a fresh indictment was revealed on Wednesday. The charges include operating a cash transfer business without a license or conspiring to commit fraud at financial institutions.
SBF Has 4 Charges Added to Its Indictment
A federal grand jury had already indicted the ex-chief executive of FTX 72 days ago. Manhattan prosecutors had charged the co-founder and head of the cryptocurrency exchange with eight criminal counts. Those charges included conspiracy to commit wire fraud, conspiracy in commodity fraud, conspiracy in securities fraud and conspiracy in money laundering.
A new indictment was filed by the court on February 22.233, adding four extra charges to the SBF case. These charges include operating an unlicensed cash transmitting business and conspiracy to commit bank fraud. “Leveraging the trust that FTX clients placed in him and his exchange, Bankman-Fried allegedly stole FTX customer deposits and used billions of dollars in stolen funds for a variety of purposes,” the new indictment reads.
The revised indictment did not name any other defendants. It furthermore claims that SBF is guilty of “corrupting the operations of the cryptocurrency companies it founded and controlled, such as FTX.com and Alameda Research.” SBF is now included in the revised indictment “for perpetrating this multi-million dollar fraud through a series of systems and schemes that enabled it, through Alameda, to access and steal FTX customer deposits without detection.”
SBF is also accused of running an unlicensed cash switching business and fraud at financial institutions. SBF is also responsible for illegal contributions and fraud at the Federal Election Commission.
What thoughts do you have on the charges against SBF? Please leave your comments in the section below.
photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It does not constitute an offer or solicitation for a purchase or promotion, or a provision or solicitation of a provision. Bitcoin.com does not provide any investment, tax, legal, or accounting advice. Neither the company nor the author is liable, directly or indirectly, for any damage, loss, or claim to be attributed, directly or indirectly, to or in relation to the use of or reliance upon any content or goods mentioned in this article.
