Gary Gensler, chairperson of the Securities and Exchange Commission, charged FTX’s former CEO Sam Bankman Fried, with engaging in fraudulent activity. Garry Gensler attacks SBF for defrauding customers. He said that Sam Bankman-Fried built a home of cards on a foundation deceitful while telling investors it was one the most secure buildings in crypto.
SBF uses customer funds to purchase real estate
According to the accusations, former founder of FTX, SBF, withheld information about Alameda Research’s money-mixing activities, Alameda’s “special treatment” and the use client cash for business ventures and political contributions.

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SEC chairman calls SBF fraud a wake up call
SEC Chairman also targets crypto exchanges and calls SBF fraud a wake up call. He also calls on other crypto firms to adhere to laws. He also stressed the importance of compliance, mentioning that it will protect both investors on and those who use crypto platforms.
Notably, Sen. Ryan Pinder KC, the attorney general for the Bahamas, stated that the US government was “likely” going to request Sam Bankman’s extradition after the arrest of Senator FTX founder.
Notably, the US government and the Bahamas have an extradition agreement that states that suspects facing accusations could be sentenced to more than one year in prison in either country and may be sent back the US.
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