Sam Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions
is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions.A lawyer for Bankman-Fried did not immediately reply to a request for comment.
The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. He could face up to 115 years in prison if convicted. Bankman-Fried’s net worth, once estimated at $26-billion, was largely wiped out when the exchange collapsed. He later said that he had $100,000 in his bank account.
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