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HomeTechnologyGadgetsUS prosecutors are reportedly investigating FTX founder Sam Bankman-Fried for fraud |...

US prosecutors are reportedly investigating FTX founder Sam Bankman-Fried for fraud | Engadget

US federal prosecutors might be constructing a fraud case towards FTX founder and former CEO Sam Bankman-Fried. experiences Justice Department officers met with the crypto trade’s chapter crew this week to debate paperwork investigators goal to acquire from the corporate.

The assembly included prosecutors from the Southern District of New York, Assistant US Attorney Roos, brokers from the Federal Bureau of Investigation, and legal professionals from FTX. Roos, notably, was concerned within the prosecution of , who was convicted of deceptive traders earlier this yr. According to Bloomberg, potential expenses weren’t mentioned on the assembly that occurred this week.

The Justice Department is “closely” analyzing whether or not FTX improperly transferred a whole lot of hundreds of thousands of {dollars} across the time the corporate declared chapter on . It’s additionally probing whether or not the trade broke the regulation when it moved funds to sister firm Alameda Research.

In his current , Bankman-Fried denied knowingly misusing buyer funds. “Clearly, I made a lot of mistakes. There are things I would give anything to be able to do over again,” he mentioned. “I did not ever try to commit fraud on anyone.” He will earlier than the House Committee on Financial Services subsequent week, a panel that can even embody testimony from FTX’s present CEO, John J. Ray III. Ray has accused Bankman-Fried of creating “erratic and misleading public statements” about FTX.

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