2023-02-27
U.S. Attorney Domain Williams of the
District Court for the Southern District of New York on Feb 22, 2023 released 39-pagelong document alleged Sam Bankman-Fried 12 criminal charges from both FTX and
Alameda Research actions. Original
indictment has 8 criminal charges. Example of these 12 criminal charges such as
bank fraud, stealing customer funds and unlawful political contributions. Currently, Bankman-Fried is being held under house arrest
on $250 million bail. He is waiting for trial in federal court in October.
A video of Kevin O’Leary explaining Sam Bankman-Fried mismanagement of his company. O’Leary said that Bankman-Fried used $2 billion to repurchase 20% shares of FTX from Binance in which Binance is one of FTX early investor. This is one of many reasons caused FTX to went bankrupt due to Bankman-Fried’s mismanagement.
