{"id":15437,"date":"2022-12-14T00:48:08","date_gmt":"2022-12-14T00:48:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-co-founder-indicted-by-federal-grand-jury-in-manhattan-bahamian-magistrate-denies-sbfs-bail-bitcoin-news\/"},"modified":"2022-12-14T00:48:08","modified_gmt":"2022-12-14T00:48:08","slug":"ftx-co-founder-indicted-by-federal-grand-jury-in-manhattan-bahamian-magistrate-denies-sbfs-bail-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-co-founder-indicted-by-federal-grand-jury-in-manhattan-bahamian-magistrate-denies-sbfs-bail-bitcoin-news\/","title":{"rendered":"FTX Co-Founder Indicted by Federal Grand Jury in Manhattan, Bahamian Magistrate Denies SBF’s Bail \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

On Dec. 13, 2022, the Southern District of New York (SDNY) prosecutor\u2019s office and SDNY attorney Damian Williams revealed that the FTX co-founder Sam Bankman-Fried has been indicted for \u201cfraud, money Laundering, and campaign finance offenses.\u201d SDNY attorney Williams said that the case was not an issue of \u201cmismanagement or poor oversight\u201d but of \u201cintentional fraud, plain and simple.\u201d<\/strong><\/p>\n

SDNY Prosecutor\u2019s Office and Attorney Williams Charge SBF With 8 Financial Crimes<\/h2>\n

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<\/a> details detail that SBF is accused of \u201cconspiracy 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.\u201d<\/p>\n

The SDNY DOJ indictment<\/a> says SBF is facing up to 165 years in prison and investigators note that since 2019, \u201cBankman-Fried and his co-conspirators perpetrated a scheme to defraud customers of FTX by misappropriating billions of dollars of those customers\u2019 funds.\u201d<\/p>\n

Additionally, the DOJ claims that SBF \u201callegedly 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.\u201d The news stemming from the DOJ\u2019s Manhattan team follows the charges levied against SBF<\/a> by the U.S. Securities and Exchange Commission and the lawsuit filed<\/a> by the Commodity Futures Trading Commission (CFTC).<\/p>\n

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. \u201cOne month ago, FTX collapsed, causing billions of dollars in losses to its customers, lenders, and investors,\u201d said U.S. attorney Williams in the DOJ press release. Williams added:<\/p>\n

\n

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\u2019s charges make clear, this was not a case of mismanagement or poor oversight, but of intentional fraud, plain and simple.<\/p>\n<\/blockquote>\n

Interestingly, in the SEC, CFTC, and SDNY DOJ charges, Sam Bankman-Fried is the only person charged besides his companies, and ex-Alameda executive Caroline Ellison<\/a> is not named. Moreover, there have been rumors<\/a> and theories<\/a> that Ellison may have snitched<\/a> on SBF. According to reports<\/a>, Bankman-Fried\u2019s attorney also claimed SBF has \u201csuffered from depression, insomnia, and ADD for over a decade,\u201d and his legal team would like SBF to be released on bail.<\/p>\n

In the SDNY DOJ press statement on Tuesday, the FBI\u2019s assistant director of the FBI New York Field Office, Michael J. Driscoll, warned other financial operations that if they \u201cdeceive and defraud\u201d customers, the \u201cFBI will be persistent in our efforts to bring you to justice.\u201d Reuters further reported<\/a> on Tuesday, that despite SBF\u2019s alleged mental ailments, the Bahamian magistrate in charge of his case denied the FTX co-founder\u2019s bail. \u201cBankman-Fried to be sent to the Bahamas Department of Correction till Feb. 8, [the] judge says,\u201d Reuters disclosed.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
165 years in prison<\/a>, 8 Financial Crimes<\/a>, Alameda Research<\/a>, Bahamian judge<\/a>, Bahamian magistrate<\/a>, Bail<\/a>, campaign finance offenses<\/a>, CFTC<\/a>, Customer Funds<\/a>, Damian Williams<\/a>, DOJ<\/a>, FBI New York Field Office<\/a>, federal grand jury<\/a>, Fraud<\/a>, FTX case<\/a>, FTX collapse<\/a>, FTX Sam Bankman-Fried<\/a>, FTX’s collapse<\/a>, FTX\u2019s launch<\/a>, Lawsuit<\/a>, Manhattan<\/a>, Michael J. Driscoll<\/a>, Money Laundering<\/a>, Reuters<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, SDNY attorney<\/a>, SDNY attorney Damian Williams<\/a>, SDNY DOJ<\/a>, SDNY prosecutor’s office<\/a>, SEC charges<\/a><\/div>\n<\/div>\n

What do you think about the press statement from the SDNY prosecutor\u2019s office concerning the charges against SBF? What do you think about the Bahamian judge denying SBF bail? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n