• Sam Bankman-Fried, the former CEO of FTX, is facing four new charges after a new indictment was unsealed on Wednesday.
• The new charges include operating an unlicensed money transfer business and conspiring to commit bank fraud.
• SBF is also accused of defrauding customers in connection with the purchase and sale of derivatives, as well as making unlawful political contributions and defrauding the Federal Election Commission.
New Charges Filed Against Former FTX CEO
Former FTX CEO Sam Bankman-Fried (SBF) is facing four more charges after a federal grand jury in Manhattan unsealed a new indictment against him on February 22, 2023. The charges include operating an unlicensed money transfer business and conspiring to commit bank fraud.
Original Indictment Against SBF
SBF was originally indicted 72 days ago by a federal grand jury in Manhattan for eight offenses, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering.
Details of New Indictment
The newly revised indictment did not name any other defendants and alleges that SBF „corrupted the operations of the cryptocurrency companies he founded and controlled—including FTX.com and Alameda Research.“ In addition to operating an unlicensed money transfer business and bank fraud, SBF is accused of defrauding customers in connection with the purchase and sale of derivatives as well as making unlawful political contributions and defrauding the Federal Election Commission.
Impact on SBF’s Case
It remains unclear what impact these additional charges will have on SBF’s case going forward but his legal team will certainly be looking into it closely in order to determine how best to proceed.
Sam Bankman-Fried faces serious allegations related to his time at FTX which could result in significant penalties if found guilty. It remains unclear if or when this case will go before a court but it certainly serves as a reminder that crypto exchange operators must adhere strictly by all relevant laws regarding finance operations.