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Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces 4 extra fees after a brand new indictment was unsealed on Wednesday. The fees embrace working an unlicensed cash switch enterprise and conspiring to commit financial institution fraud.
SBF Will get 4 New Fees Tacked Onto His Indictment
The previous CEO of FTX was initially indicted 72 days in the past by a federal grand jury in Manhattan, and prosecutors charged the crypto alternate co-founder with eight totally different offenses. The fees embrace conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit cash laundering.
A brand new indictment was unsealed by the court docket on February 22, 2023, including 4 new fees to SBF’s case. The fees embrace working an unlicensed cash transmitter and conspiracy to commit financial institution fraud. “Exploiting the belief that FTX clients positioned in him and his alternate, Bankman-Fried stole FTX buyer deposits and used billions of {dollars} in stolen funds for quite a lot of functions,” the new indictment reads.
The newly revised indictment didn’t identify another defendants, and it alleges that SBF “corrupted the operations of the cryptocurrency corporations he based and managed—together with FTX.com and Alameda Analysis.” The revised indictment additional provides that SBF “perpetrated this multibillion-dollar fraud by means of a sequence of techniques and schemes that allowed him, by means of Alameda, to entry and steal FTX buyer deposits with out detection.”
Along with working an unlicensed cash switch enterprise and financial institution fraud, SBF is accused of defrauding clients in reference to the acquisition and sale of derivatives. Moreover, SBF faces a cost of constructing illegal political contributions and defrauding the Federal Election Fee.
What influence do you suppose these new fees could have on SBF’s case? Tell us what you concentrate on this topic within the feedback part under.
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