Founder of Crypto Trading Platform FTX Facing 16 Criminal Charges, Including Conspiracy to Commit Bank Fraud and Money Laundering

On Thursday, federal prosecutors in Manhattan unsealed a superseding indictment against Sam Bankman-Fried, the founder of crypto trading platform FTX, adding four new criminal charges to the already serious charges he is facing.

The new charges include conspiracy to operate an unlicensed money transmitting business, conspiracy to commit bank fraud, securities fraud, and money laundering. Prosecutors allege that Bankman-Fried directed tens of millions of dollars of illegal campaign contributions to elected officials as part of a “multibillion-dollar fraud.”

At one point, Bankman-Fried’s net worth was estimated to be greater than $20 billion, and he had plans to spend up to $1 billion on the 2024 presidential contest.

Damian Williams, the US attorney for the Southern District of New York, whose office is investigating the collapse of FTX, said in a statement, “We are hard at work and will remain so until justice is done.”

The case against Bankman-Fried is ongoing, and he is currently facing a total of 16 criminal charges. If convicted, he could face up to 20 years in prison. The US Attorney’s Office has not yet commented on whether Bankman-Fried has entered a plea or if he has a lawyer representing him.