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CFTC files lawsuit against Sam Bankman-Fried, FTX and Alameda for fraud

Published on

February 13, 2023
Read Time:1 Minute, 40 Second

America Commodity Futures Buying and selling Fee (CFTC) has filed a lawsuit towards Sam Bankman-Fried, FTX and Alameda Analysis alleging violations of the Commodity Change Act and asking for a jury trial.

In response to courtroom paperwork filed Dec. 13 within the Southern District of New York, the CFTC filed a lawsuit for injunctive and different equitable aid and civil penalties towards Bankman-Fried, FTX Buying and selling and Alameda Analysis. The criticism alleged that SBF personally directed FTC executives to arrange options that permit Alameda to make use of the crypto trade as a line of credit score for its lenders.

"Opposite to [Bankman-Fried’s] Assurances and with out disclosure to FTX shoppers, commingled Alameda and FTX funds and freely used FTX shopper funds as in the event that they had been their very own, together with as capital to make use of in their very own buying and selling and investing actions,” the CFTC stated . "To the very best of our information and perception, Bankman-Fried, his dad and mom and different staff of FTX and Alameda have used FTX shopper funds for a wide range of private bills, together with the acquisition of luxurious houses, non-public jets, documented and undocumented private loans, and private political contributions. ”

Authorities within the Bahamas arrested Bankman-Fried on December 12 after felony expenses had been filed in the US - the 2 international locations have an extradition treaty. The U.S. Securities and Change Fee additionally filed expenses towards SBF on December 13 for alleged violations of the anti-fraud provisions of the Securities Act of 1933 and the Securities Change Act of 1934.

Associated: The Bahamas reportedly requested SBF to mint a brand new coin after FTX collapsed

Previous to his arrest, Bankman-Fried was scheduled to testify earlier than the Home Monetary Companies Committee on December 13 concerning the collapse of FTX. Leaked written statements from the previous CEO left him largely blaming others for the downfall of the trade.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 13, 2023
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