December 15, 2022
Federal prosecutors charged FTX Trading founder Sam Bankman-Fried on Tuesday with eight counts of fraud, money laundering, and other financial crimes, with a maximum sentence of 115 years in prison if convicted.
Bankman-Fried is accused of defrauding FTX customers, defrauding lenders to hedge fund Alameda research, defrauding FTX investors while violating campaign finance laws, wire fraud on customers and lenders, conspiracy to commit commodities and securities fraud, and violating campaign finance laws.
US federal prosecutors have charged Bankman-Fried with two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Each of these crimes carries a maximum sentence of 20 years in prison.
Bankman-Fried was also charged with conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to defraud the United States and commit campaign finance violations, all of which carry a five-year prison sentence.
The charges could land Bankman-Fried in jail for decades, carrying maximum penalties of 115 years, according to Nicholas Biase, a spokesperson for U.S. prosecutors.
The sources for this piece include an article in Time.
