Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California
North Dimension was billed as an online electronics retailer, with a website full of misspelled words and nonsensical prices.
Now, prosecutors say this was an elaborate scheme to defraud a bank and operate an unlicensed money business. While FTX's American company was registered as a money services business in 2020, prosecutors say there was never an attempt to get a license for FTX. "Under Bankman Fried's supervision, employees of Alameda completed an account application that falsely stated that the purpose of the North Dimension bank account was for 'trading' and 'market making,'" the indictment unsealed on Thursday reads.
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