U.S. Securities and Exchange Commission accuses SBF of defrauding investors on FTX

The U.S. Securities and Exchange Commission (SEC) has accused Samuel Bankman-Fried (SBF) of defrauding investors in FTX by allegedly concealing his transfer of FTX customer funds to Alameda Research, while raising over $1.8 billion from investors, including approximately $1.1 billion from around 90 U.S. investors.

The U.S. Securities and Exchange Commission (SEC) has accused Samuel Bankman-Fried (SBF) of deceiving investors in FTX, alleging that he concealed transferring funds from FTX customers to Alameda Research, while raising over $1.8 billion from investors, including approximately $1.1 billion from around 90 U.S. investors. The SEC is investigating other violations of securities laws and individuals/entities associated with alleged misconduct. According to the SEC, "FTX operated under the legitimate facade created by SBF, claiming to have a dedicated risk engine and compliance with specific investor protection principles, but this disguise was thin and fraudulent. SBF violated anti-fraud provisions of the 1933 Securities Act and the 1934 Securities Exchange Act. The SEC's complaint seeks to prohibit SBF from participating in the issuance, purchase, tender offer, or sale of any securities (excluding his personal accounts), confiscate ill-gotten gains, and impose civil penalties on him." This article is authorized and reproduced from Foresight News, a Chinese content platform in the Web3 vertical domain, committed to being objective and neutral, aiming to establish a Chinese gateway to the Web3 world.