HomeBitcoinA day after his detention, the SEC accuses former FTX CEO SBF...

A day after his detention, the SEC accuses former FTX CEO SBF with misleading investors.

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The SEC has charged former CEO Sam Bankman-Fried with defrauding US consumers and concealing the diversion of customer monies.

The US Securities and Exchange Commission (SEC) has charged Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX.

The Securities and Exchange Commission has accused Bankman-Fried with breaching anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC’s lawsuit seeks injunctions against future securities law violations, including a prohibition on Bankman-Fried from participating in the issuance, acquisition, offer, or sale of any securities for any purpose other than his own personal account.

Bankman-Fried was charged by the SEC with coordinating a plan to defraud equity investors in FTX Trading Ltd. (FTX). The former CEO disguised his “diversion of FTX clients’ assets to crypto trading outfit Alameda Research while raising more than $1.8 billion from investors,” according to the regulatory agency.

“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,” said SEC Chair Gary Gensler.”

The new allegations against the former CEO come just a day after he was arrested in the Bahamas at the behest of US officials. The SEC revealed just hours after Bankman-detention Fried’s that they were ready to pursue charges against the FTX co-founder that would be separate from the ones that led to his most recent arrest in the Bahamas.

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