FTX founder Sam Bankman-Fried faces arraignment in Manhattan federal court ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 15
FTX founder Sam Bankman-Fried will be arraigned in a Manhattan federal court on Tuesday on charges that he cheated investors and looted customer deposits on his crypto-currency trading platform. Bankman-Fried, 30, was accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm. He is expected to plead not guilty before Judge Lewis A. Kaplan before the judge and lawyers discuss a schedule for proceeding toward a trial. Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges a

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