SEC states Sam Bankman-Fried “concealed his diversion of FTX customers’ funds to crypto trading firm Alameda Research while raising more than $1.8 billion from investors
The Securities and Exchange Commission on Dec. 13, charge SBF with “orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX)”
Since May, 2019, FTX raised over $1.8 billion from equity investors, “including $1.1 billion from approximately 90 U.S.-based investors.”
The SEC complaint alleges SBF orchestrated a “years-long fraud to conceal from FTX’s investors”
(1) the undisclosed diversion of FTX customers’ funds to Alameda Research LLC, his privately-held crypto hedge fund;
(2) the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited “line of credit” funded by the platform’s customers and exempting Alameda from certain key FTX risk mitigation measures; and:
(3) undisclosed risk stemming from FTX’s expo
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