Add four more charges to see all 12 criminal charges against SBF at once
In December 2022, FTX founder Samuel Bankman-Fried, also known as SBF, is facing eight criminal charges, as per the latest legal document. SBF is expected to face an additional four criminal charges, apart from civil lawsuits filed by the SEC and CFTC.
Table of Contents
1. Conspiracy to Commit Wire Fraud against FTX Users
Between 2019 and around November 2022, SBF conspired with other accomplices to commit wire fraud by disseminating false financial statements, statements, and promises through television, text, images, and other forms to deceive users and misappropriate deposits for paying Alameda debts, related expenses, and investments, among other purposes.
2. Conspiracy to Commit Derivatives Sales Fraud against FTX Users
Between 2019 and November 2022, SBF, along with accomplices, attempted to carry out derivatives trading fraud through trading mechanisms and schemes and misappropriated funds from users for trading contracts and other derivative products to pay Alameda debts, related expenses, and investments, among other purposes.
3. Conspiracy to Commit Securities Fraud against FTX Investors
SBF and accomplices induced FTX investors to participate in the fraud scheme by providing false financial statements and misleading information. On September 18, 2022, SBF sent an email to FTX investors in New York containing significant false data about FTX's financial condition.
4. Conspiracy to Commit Wire Fraud against Alameda Creditors
Between June 2022 and November 2022, SBF colluded with accomplices to commit wire fraud against Alameda creditors using false financial data.
5. Conspiracy to Commit Fraud against Banks
Between September 2019 and November 2022, SBF and accomplices opened bank accounts and obtained user deposits, falsely claiming to financial institutions that the account funds were used for trading and market-making.
6. Unlicensed Operation of Money Transfer Business
Between October 2019 and November 2022, SBF and accomplices conducted unlicensed money transfer businesses in interstate New York South, international, and other unauthorized ways, using funds for illegal purposes.
7. Conspiracy to Commit Money Laundering
Between 2020 and November 2022, SBF and accomplices transferred tokens multiple times in interstate and international commercial crimes, involving wire fraud as mentioned in the second charge. The purpose of fund transfers was to conceal and disguise the nature, location, source, and ownership of transactions and profits.
8. Illegal Political Donations and Fraud against the Federal Election Commission
Between 2020 and November 2022, SBF and accomplices made donations to candidates of federal offices, joint fundraising committees, and independent expenditure committees, violating laws related to fraudulent activities against the Federal Election Commission.
In a previous report, during an interview with Tiffany Fong, SBF revealed that the total political donations to both parties were close, and the undisclosed donations to the Republican Party were to avoid media scrutiny. Making political donations in someone else's name is illegal.
The new charges include conspiracy to commit wire fraud, operating an unlicensed money transfer business, illegal political donations, and fraud against the Federal Election Commission. Additionally, the following charges were not listed:
Conspiracy to Commit Wire Fraud against FTX Users
Conspiracy to Commit Derivatives Sales Fraud against FTX Users
Conspiracy to Commit Securities Fraud against FTX Investors
Conspiracy to Commit Wire Fraud against Alameda Creditors
The above four points are similar to the descriptions of the first four charges in the text.
SBF's latest updates also include the prosecution's intention to impose additional restrictions on his bail conditions, which SBF refuses to compromise on. Apart from the previous motion filed by SBF's lawyers, according to legal documents, SBF's lawyers will appoint an independent expert to provide recommendations to the court regarding SBF's bail terms.