Hours after his arrest in Bahamas, SEC charges SBF with ‘defrauding investors’

SEC alleges that Bankman-Fried “concealed his diversion of FTX customers’ funds to [the] crypto trading firm Alameda Research while raising more than $1.8 million from investors.”

SEC Chair Gary Gensler said, “Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”