The Securities Exchange Commission (SEC) alleges that FTX founder Sam Bankman-Fried (SBF) “orchestrated a year-long fraud” which was intended to hide customers’ money that was funneled to Alameda Research from FTX investors. SBF was arrested in The Bahamas on Monday and will appear before a court in Nassau on Tuesday morning for an extradition hearing. He has been charged with wire fraud and several counts of conspiracy, including conspiracy to defraud investors, lenders, and the United States, commit securities and commodities fraud, money laundering, and violate campaign finance laws, according to an indictment charge unsealed in the Southern District of New York.
