SEC charges FTX co-founder with defrauding investors of $1.8 billion

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Sam Bankman-Fried

U.S. regulators have charged FTX co-founder Sam Bankman-Fried with running a years-long scam to defraud investors.

Bankman-Fried, who was arrested in the Bahamas and faces U.S. criminal charges, raised more than $1.8 billion from investors and concealed the extent of FTX’s ties to its trading firm Alameda Research, the Securities and Exchange Commission said Tuesday. The SEC also charged him with commingling client funds.

“We allege that Sam Bankman-Fried built a house of cards based on deceit while telling investors it was one of the safest structures in cryptocurrency,” SEC Chairman Gary Gensler said in a statement.

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