The U.S. Securities and Exchange Commission has charged Sam Bankman-Fried, the former CEO of failed cryptocurrency firm FTX with orchestrating a scheme to defraud investors.
In this screengrab from an interview with ABC News is Sam Bankman-Fried, former CEO of the failed cryptocurrency exchange FTX. The interview, which appeared on the program Good Morning America, took place in the Bahamas island of Nassau where FTX was headquartered.
Bankman-Fried was arrested Monday in the Bahamas, where he has been living, after the U.S. filed criminal charges that will be made public Tuesday, according to U.S. Attorney Damian Williams. The SEC complaint is separate. Bankman-Fried was one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave money to Republicans. FTX grew to become the second-largest cryptocurrency exchange in the world.
The SEC complaint alleges that Bankman-Fried had raised more than $1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.Instead, the complaint says, Bankman-Fried diverted customers’ funds to Alameda Research without telling them.
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