FTX Prosecutor Casts Bankman-Fried as Leader of Vast Fraud (2)

FTX cryptocurrency exchange founder Sam Bankman-Friedis responsible for “one of the biggest financial frauds in American history” and the investigation of the alleged scheme is “very much ongoing,” Manhattan US Attorney Damian Williams said Tuesday.

Bankman-Fried was charged with eight criminal counts, including conspiracy and wire fraud, earlier in the day, for allegedly misusing billions of dollars in customer funds to prop up his Alameda Research crypto fund. Bankman-Fried was arrested Monday in the Bahamas, where he was living.

While the 30-year-old Bankman-Fried may not fit the typical profile of someone who cheats investors, “you can commit fraud in ...