SBF To Appear In Bahamas Court, SEC Reveals Charges

Story- Jai Pratap

Hours before former FTX CEO was supposed to appear in the Bahamas court, SEC revealed separate charges against him.

The U.S Attorney's Office for the Southern District for New York and the Commodity Futures Trading Commission will also file separate charges against SBF.

The SEC is seeking a penalty against Bankman-Fried, and to prevent Bankman-Fried from participating in future securities purchases.

SEC is also seeking civil penalties amongst other slew of charges.

Former FTX CEO has been alleged to defraud equity investors of FTX in a “years long” fraud scheme.

SEC said in its release that SBF’s other trading firm Almeda was granted virtually unlimited “line of credit” using FTX’s customers’ funds.

“We allege that Sam Bankman-Fried built a house of cards on a foundation of deception,” SEC chair Gary Gensler said.