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Tribune News Service
Tribune News Service
Business
Bob Van Voris

SEC says Bankman-Fried defrauded investors of $1.8 billion

SEC FTX Sam Bankman-Fried United States Alameda Alameda Research

FTX co-founder Sam Bankman-Fried was accused by U.S. regulators of carrying out a multi-year scheme to defraud investors.

The Securities and Exchange Commission said on Tuesday that Bankman-Fried, who was arrested on Monday in the Bahamas and is facing criminal charges in the U.S., raised more than $1.8 billion from investors. The SEC also said he concealed risks and FTX’s relationship with his trading firm Alameda Research, and used commingled customer funds.

“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.

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