Breaking: Manhattan Court Finds FTX Founder SBF Guilty To Wire Fraud

The FTX founder has found himself in a whirlwind of federal indictments today, with the Securities And Exchange Commission charging Sam Bankman-Fried with defrauding investors by using billions of dollars in customer funds for undisclosed venture capital, and now also by the Manhattan federal court, where SBF has been charged with conspiracy to commit wire fraud among many others.

SBF’s Manhattan Indictment

According to an indictment presented by the United States Attorney for the Southern District of New York, the founder of FTX, Samuel Bankman-Fried, was charged with eight counts of criminal offenses, including conspiracy and wire fraud, for the alleged misuse of customer cash.

The indictment brings allegations of wire fraud, commodities fraud, securities fraud, and money laundering against Bankman-Fried in connection with an alleged plot to redirect FTX customer cash to the SBF-owned cryptocurrency hedge fund,  Alameda Research.

Read More: SBF Built A House Of Cards, Says SEC Chair

Additionally, he has also been accused of breaking campaign funding laws by conspiring with others to make corporate contributions to political candidates and committees that exceeded the $25,000 yearly cap and making donations in other people’s names to circumvent that cap.

SBF’s Fall From Grace

The probe has been front-lined by the Complex Frauds and Cybercrime Unit at the Southern District of New York U.S. Attorney’s Office.

Read More: “SBF Bought Political Influence,” Says US Rep; Will It Save Him With Jail Term?

Bankman-Fried, the once poster boy of the crypto industry, was taken into custody in the Bahamas on Monday evening, less than a month after the dramatic collapse of the FTX exchange sent shockwaves through the cryptocurrency world.

Multiple Charges Levied

Tuesday turned out to be an eventful day for the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as both agencies brought civil enforcement actions before the federal court in New York.

Read More: Here’s What SBF Planned To Say In His Testimony Today

According to a representative for the U.S. Attorney’s Office, Bankman-Fried has not yet been extradited to the United States.