US court unveils charges against Sam Bankman-Fried

The Southern District of New York unveiled charges against Sam Bankman-Fried (SBF) in eight criminal counts as part of the investigation into the collapse of FTX.

According to the indictment, SBF conspired with partners to defraud, illegally divert customer funds from the trading platform, and use them to pay Alameda Research’s expenses and debts.

Among the counts are money laundering and violations of U.S. campaign finance laws. SBF allegedly made donations on behalf of others to avoid the annual $25,000 limit.

According to Nicolas Biase, spokesman for the U.S. attorney’s office, Bankman-Fried faces up to 115 years in prison on the aggregate of the criminal counts.

Earlier, the U.S. Securities and Exchange Commission accused SBF of defrauding investors in FTX and misusing customer funds of the trading platform.

Earlier, Bahamian authorities arrested SBF at the request of the U.S. government.

On December 13, the founder of FTX was due to testify before the Senate Banking Committee hearings. Chair Maxine Waters said she was disappointed that she would not be able to hear Bankman-Fried testify.

Follow ForkLog’s Bitcoin news on our Telegram — news, prices and analytics.