On Dec. 13, 2022, the Southern District of New York (SDNY) prosecutor’s office and SDNY attorney Damian Williams revealed that the FTX co-founder Sam Bankman-Fried has been indicted for “fraud, money Laundering, and campaign finance offenses.” SDNY attorney Williams said that the case was not an issue of “mismanagement or poor oversight” but of “intentional fraud, plain and simple.”
SDNY Prosecutor’s Office and Attorney Williams Charge SBF With 8 Financial Crimes
A federal grand jury in Manhattan unsealed an indictment on Dec. 13, 2022, tied to the disgraced former FTX CEO Sam Bankman-Fried (SBF), and the SDNY Department of Justice (DOJ) press release details detail that SBF is accused of “conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.”
The SDNY DOJ indictment says SBF is facing up to 165 years in prison and investigators note that since 2019, “Bankman-Fried and his co-conspirators perpetrated a scheme to defraud customers of FTX by misappropriating billions of dollars of those customers’ funds.”
Additionally, the DOJ claims that SBF “allegedly used billions of dollars of FTX customer funds for his personal use, to make investments and millions of dollars of political contributions to federal political candidates and committees.” The news stemming from the DOJ’s Manhattan team follows the charges levied against SBF by the U.S. Securities and Exchange Commission and the lawsuit filed by the Commodity Futures Trading Commission (CFTC).
Both the SEC and CFTC charges detail that SBF and FTX executives allegedly committed fraud since day one. SDNY attorney Damian Williams said in a statement on Tuesday that he believes the fraud was downright intentional. “One month ago, FTX collapsed, causing billions of dollars in losses to its customers, lenders, and investors,” said U.S. attorney Williams in the DOJ press release. Williams added:
Now, a federal grand jury in New York has indicted the former founder and chief executive officer of FTX and charged him with crimes related to the phenomenal downfall of that one-time cryptocurrency exchange, including fraud on customers, investors, lenders, and our campaign finance system. As today’s charges make clear, this was not a case of mismanagement or poor…
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