• U.S. federal prosecutors have announced four additional criminal charges against Sam Bankman-Fried, alleging that he corrupted the operations of cryptocurrency companies he founded and controlled.
• The new charges include conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter in addition to the original counts of wire fraud and money laundering.
• Prosecutors allege that SBF also illegally utilized others to contribute to political movements without his name being attached, in order to conceal his association with those parties or candidates.
New Charges Announced Against Sam Bankman-Fried
U.S. federal prosecutors have announced four additional criminal charges against Sam Bankman-Fried, alleging that he corrupted the operations of cryptocurrency companies he founded and controlled from at least 2019 up until November 2022. In addition to the eight original counts SBF was facing, these new charges include conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter.
Evidence Against SBF Alleged by Prosecutors
The document outlining these new charges alleges that Bankman-Fried tapped into customer assets in order to provide interest-free capital for private expenditures without disclosing the risk posed by doing so, as well as concealing how FTX was connected with Alameda’s cryptocurrency trading and investments in other companies. Furthermore, prosecutors allege that Bankman-Fried used others to make contributions towards various political movements without having his name publicly attached in order hide his association with certain parties or candidates.
Consequences of FTX Failure
The industry is still feeling the effects of both the business impact and regulatory scrutiny which followed after FTX’s failure back in December 2020 when Bankman-Fried was arrested in the Bahamas for these alleged crimes.
Previous Charges Faced by SBF
Bankman-Freid originally faced a total of 8 counts from the United States Southern District Court of New York including: Conspiracy to commit wire fraud on customers; Wire fraud on customers; Conspiracy to commit wire fraud on lenders; Wire fraud on lenders; Conspiracy to commit commodities fraud; Conspiracy to commit securities fraud; Conspiracy to commit money laundering; And conspiracy t defraud the United States and violate Campaign Finance Laws.
Conclusion
Sam Bankman-Fried now faces a total of 12 criminal charges related largely related primarily due largely due large failure if FTX empire following its immense success over years prior.. These new indictments add further evidence against him while highlighting both financial misconduct as well as illegal political donations allegedly made under false pretenses while concealing ties between himself or his businesses with certain parties or candidates