Editorial Staff

Editorial Staff

FTX founder faces fresh charges

FTX founder Sam Bankman-Fried

FTX founder Sam Bankman-Fried has now had four new charges to his long list of accusations.

The new charges include securities fraud and conspiracy fraud counts. They were unveiled with the unsealing of the refreshed indictment in Manhattan federal court that was returned a day earlier.

The cryptocurrency mogul is accused of cheating thousands of investors out of billions of dollars.

In a statement, U.S. Attorney Damian Williams hinted, as he has several times previously, that prosecutors were not finished building their case.

“We are hard at work and will remain so until justice is done,” he said.

The new charges raised the prison sentence Bankman-Fried could face if convicted from 115 years to 155 years, authorities said.

Prosecutors said Bankman-Fried stole “billions of dollars in FTX customer deposits to support the operations and investments of FTX and Alameda and to fund speculative venture investments, make charitable donations and spend tens of millions of dollars on illegal campaign donations to Democrats and Republicans in an attempt to buy influence over cryptocurrency regulation in Washington”.

They said Bankman-Fried cast himself as a “figurehead of a trustworthy and law-abiding segment of the cryptocurrency industry” that sought to protect investors and clients.

He is free on a $250 million personal recognizance bond. The bail arrangement allows him to live with electronic monitoring at his parents’ home in Palo Alto, California.


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