Prosecutors have indicted Sam Bankman-Fried for allegedly diverting billions of dollars of customer funds placed in his crypto trading platform, FTX. Bankman-Fried, the purported mastermind of that massive fraud, has been arrested in the Bahamas. The Securities and Exchange Commission (SEC), the federal agency mandated to protect investors, has also charged him with violations of securities laws. That agency alleges that Bankman-Fried lied to those who sent billions of dollars to FTX by telling them their assets were secure when in fact he was engaged in an enormous embezzlement scheme. Bankman-Fried was allegedly surreptitiously sending his customers’ money to a hedge fund that he
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