BREAKING NEWS: SEC charges Bankman-Fried for alleged 'massive, years-long fraud'
Pastel Network co-founder Anthony Georgiades argues 'it'll take time' to trace back disgraced FTX founder Sam Bankman-Fried's 'co-mingled' assets.
The Securities and Exchange Commission announced they have brought charges against Samuel Bankman-Fried for allegedly violating the Securities Act and the Securities Exchange Act. The complaint, filed Tuesday, accuses Bankman-Fried of carrying out "a scheme to defraud equity investors in FTX Trading Ltd," his cryptocurrency trading platform. The court filing describes the alleged operation as "a massive, years-long fraud."
"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," SEC Chair Gary Gensler said in a statement. "The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws.
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