Saturday, September 23, 2023

SEC Authorizes Separate Charges Against FTX Founder Sam Bankman-Fried

  • The regulator announced Monday that the SEC had authorized charges against Sam Bankman-Fried (FTX founder),
  • The announcement was made just after Bankman-Fried had been detained by Bahamian authorities.
  • Bankman-Fried resigned his role as CEO of FTX in November 11, the day after the exchange filed Chapter 11 bankruptcy.

The US Securities and Exchange Commission has announced that it will file charges against Sam Bankman Fried, founder of FTX. These charges relate to violations of securities laws.

The announcement was made by SEC on Monday. after Bahamian authorities arrest Bankman-FriedThe US Attorney’s Office Southern District of New York confirmed.

Gurbir Grewal, SEC’s enforcement director, posted a statement to Twitter, saying that Sam Bankman-Fried was arrested on federal criminal charges. 

Bankman-Fried resigned on November 11, the day that FTX was launched. filed for Chapter 11 bankruptcy,Following a week-long liquidity squeeze, it was unable to secure a rescue. 

The SEC did no immediate respond to Insider’s request to comment, which was sent outside of regular business hours.

This is a still developing story. Keep checking back for more updates.

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