SEC charges former FTX CEO SBF for defrauding investors a day after his arrest

Sam Bankman-Fried braces for a slew of charges by the SEC a day after his arrest...

The cryptocurrency world has been shaken up once again, this time with the arrest of Sam Bankman-Fried (SBF), the former chief of crypto exchange FTX. Following his arrest in the Bahamas on Monday, the United States Securities and Exchange Commission (SEC) filed charges against SBF, accusing him of defrauding U.S. customers and concealing the diversion of customers' funds. The SEC has charged Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.  The regulatory body noted that the former CEO concealed his "diversion of FTX customers' funds to crypto trading firm Alameda Research while raising more than $1.8 billion from investors.  "We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," said SEC Chair Gary Gensler." It is fair to say that SBF's troubles are far from over and have only just begun — the SEC has made it clear that its sights are set on him, and is just one of many coming out of the woodworks. Read the full story here on Cointelegraph. Want to be the first to get updates about everything FTX? Stay on top of the latest trends in Bitcoin. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro. Russell DeCorte Director Markets Pro © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2022 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.