See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The 27-year-old has agreed to cooperate with the prosecutors and forfeit his proceeds from the fraudulent scheme. Before Judge Lewis Kaplan of the federal district court of Manhattan, Sign said in a report<\/a> seen by the Wall Street Journal that he was \"unbelievably sorry for (his) role and all of the harm it has caused.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Specifically, Singh, who also served as the director of engineering at FTX, has admitted that he misrepresented the exchange's revenues, made illegal political donations<\/a>, and illegally moved customer funds to Alameda Research.<\/p>\n\n\n\n The 27-year-old has agreed to cooperate with the prosecutors and forfeit his proceeds from the fraudulent scheme. Before Judge Lewis Kaplan of the federal district court of Manhattan, Sign said in a report<\/a> seen by the Wall Street Journal that he was \"unbelievably sorry for (his) role and all of the harm it has caused.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Specifically, Singh, who also served as the director of engineering at FTX, has admitted that he misrepresented the exchange's revenues, made illegal political donations<\/a>, and illegally moved customer funds to Alameda Research.<\/p>\n\n\n\n The 27-year-old has agreed to cooperate with the prosecutors and forfeit his proceeds from the fraudulent scheme. Before Judge Lewis Kaplan of the federal district court of Manhattan, Sign said in a report<\/a> seen by the Wall Street Journal that he was \"unbelievably sorry for (his) role and all of the harm it has caused.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Singh becomes the third FTX former executive to ditch his former boss, Samuel Bankman-Fried, who has since pleaded not guilty to 12 fraud charges. Former Alameda CEO Caroline Ellison and FTX's co-founder Gary Wang are the other SBF's lieutenants who have since surrendered and agreed to cooperate with the prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Specifically, Singh, who also served as the director of engineering at FTX, has admitted that he misrepresented the exchange's revenues, made illegal political donations<\/a>, and illegally moved customer funds to Alameda Research.<\/p>\n\n\n\n The 27-year-old has agreed to cooperate with the prosecutors and forfeit his proceeds from the fraudulent scheme. Before Judge Lewis Kaplan of the federal district court of Manhattan, Sign said in a report<\/a> seen by the Wall Street Journal that he was \"unbelievably sorry for (his) role and all of the harm it has caused.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Nishad Singh, the co-founder of FTX, pleaded guilty Tuesday to accusations, including the conspiracy to commit fraud, wire fraud, the conspiracy to commit money laundering, and the violation of the campaign finance laws. <\/p>\n\n\n\n Singh becomes the third FTX former executive to ditch his former boss, Samuel Bankman-Fried, who has since pleaded not guilty to 12 fraud charges. Former Alameda CEO Caroline Ellison and FTX's co-founder Gary Wang are the other SBF's lieutenants who have since surrendered and agreed to cooperate with the prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Specifically, Singh, who also served as the director of engineering at FTX, has admitted that he misrepresented the exchange's revenues, made illegal political donations<\/a>, and illegally moved customer funds to Alameda Research.<\/p>\n\n\n\n The 27-year-old has agreed to cooperate with the prosecutors and forfeit his proceeds from the fraudulent scheme. Before Judge Lewis Kaplan of the federal district court of Manhattan, Sign said in a report<\/a> seen by the Wall Street Journal that he was \"unbelievably sorry for (his) role and all of the harm it has caused.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors<\/a><\/p>\n\n\n\n SEC and CFTC filed separate charges against Singh on Tuesday, accusing him of diverting customer funds to Alameda Research using a software code. The authorities further accused Singh of being directly involved in a plot to withdraw $6 million from the FTX coffers for personal expenditures.<\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year after a rescue plan from rival exchange Binance failed. What followed was the arrest and extradition of Sam Bankman-Fried<\/a>, its former CEO, from the Bahamas to the US to face trial. Last week the state prosecutors brought additional charges against the disgraced entrepreneur, including the conspiracy to commit fraud and engaging in illegal political donations in attempts to influence Congress.<\/p>\n","post_title":"FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-co-founder-pleads-guilty-to-fraud-charges-faces-up-to-75-years-in-prison","to_ping":"","pinged":"","post_modified":"2023-03-01 22:24:45","post_modified_gmt":"2023-03-01 11:24:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Diverting Funds Using An Inbuilt Software Code<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
