US charges Sam Bankman-Fried with defrauding investorson December 13, 2022 at 12:09 pm

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He is accused of “orchestrating a scheme” to defraud investors in failed crypto exchange FTX.

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The US Securities and Exchange Commission (SEC) has charged Sam Bankman-Fried with “orchestrating a scheme to defraud investors” in the failed cryptocurrency exchange FTX.

The former FTX boss was arrested on Monday.

Mr Bankman-Fried built a “house of cards on a foundation of deception” SEC Chair Gary Gensler said.

He said the alleged fraud was a call for other platforms to comply with US laws.

The SEC charged Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

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