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Sam Bankman-Fried (SBF), a dishonoured co-founder of FTX, faces four additional charges after a new indictment was revealed on Wednesday. Fees include the operation of a money transfer business without a licence and conspiracy to commit bank fraud.
The SBF is facing four more charges against him.
The former CEO of FTX was originally indicted 72 days ago by a federal grand jury in Manhattan, and prosecutors charged the crypto exchange co-founder with eight different offenses. Charges include Electronic Fraud Plot, Electronic Fraud, Commodity Fraud Plot, Securities Fraud Plot and Money Laundering Plot.
A new indictment was unveiled by the court on February 22, 2023, adding four new accusations to the SBF case. Costs include operating a fund issuer without a licence and plotting bank fraud. “Exploiting the trust that FTX customers placed in him and his exchange, Bankman-Fried stole FTX customer deposits and used billions of dollars in stolen funds for a variety of purposes,” the new indictment reads.
No other accused was named in the revised indictment, and claims that SBF "corrupted the activities of the cryptocurrency companies it founded and controlled, including FTX.com and Alameda Research." The revised indictment adds that the SBF "committed this multi-billion dollar fraud by means of a series of systems and schemes that allowed it, through Alameda, to access FTX client deposits and steal them undetected."
In addition to operating an unlicensed money transfer and banking fraud activity, SBF is accused of defrauding customers when buying and selling derivatives. In addition, the SBF is alleged to have made illegal political contributions and to have defrauded the federal electoral commission.
How do you think these new charges are going to impact the SBF case? Let's hear from you in the comments section below.
