Sam Bankman-Fried criminal charges unsealed: Conspiracy to defraud the U.S., wire fraud, securities fraud, and money laundering

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Thursday, Oct. 13, 2022.

Sam Bankman-Fried was charged with conspiracy to commit wire fraud and securities fraud, as well as separate charges of securities fraud and wire fraud, money-laundering, and significantly, conspiracy to defraud the United States.

The House Financial Services Committee is holding a hearing on the collapse of FTX.

There are eight charges that form the basis of the prosecution of Bankman- Fried.

According to federal prosecutors, Bankman-Fried had been engaging in criminal activity for a long time.

There were multiple conspiracy counts against the former billionaire.

The indictment states that Bankman-Fried and others agreed to defraud customers of FTX.com by misappropriating their deposits and using them to pay expenses and debts.

Bankman-Fried and others lied to FTX's lenders about the financial condition of the company.

The public and legislators were surprised by Bankman- Fried's arrest. According to a legal expert, the accelerated timelines suggest prosecutors have a high level of confidence in securing a conviction.

The FTX founder is accused of conspiring to defraud the federal government by making illegal donations to political candidates using the names of other people.

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