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‘You can commit fraud in shorts and T-shirts in the sun,’ says SDNY attorney on SBF indictment

Damian Williams, United States Legal professional for the Southern District of New York, mentioned the investigation resulting in prices in opposition to former FTX CEO Sam Bankman-Fried had been “very, very quick” however prosecutors had been “not finished” with arrests.

In a press convention livestreamed on Dec. 13, Williams said the timing of the arrest of Bankman-Fried had been based mostly on progress from legislation enforcement officers. They licensed prices on Dec. 7 and indicted the previous FTX CEO on Dec. 9, resulting in a warrant being executed within the Bahamas on Dec. 12. An eight-count indictment launched on Dec. 13 alleges that SBF defrauded FTX’s prospects and buyers in addition to lenders at Alameda, and violated marketing campaign finance legal guidelines with contributions to each Democratic and Republican lawmakers.

“Bankman-Fried knowingly defrauded prospects of FTX by means of the misappropriation of buyer deposits to pay bills and money owed of a unique firm,” FBI assistant director in cost Michael Driscoll mentioned on the similar press convention. “As well as, Bankman-Fried executed deliberate transactions designed to obscure and disguise the misuse of buyer funds. He preyed on his prospects, the victims of this case, abusing the belief positioned not solely in his firm however in himself because the lead of that firm.”

Williams mentioned the investigation within the collapse of FTX was ongoing, hinting at further bulletins on potential arrests sooner or later. He referred to as on people who might have been concerned in alleged unlawful actions at FTX and Alameda to “come see us earlier than we come see you.”

“You’ll be able to commit fraud in shorts and T-shirts within the solar,” mentioned Williams in response to a reporter’s query about whether or not SBF match the profile of a fraudster. “We aren’t finished. Extradition is ongoing within the Bahamas.”

Williams added:

“This was one of many greatest monetary frauds in American historical past.”

U.S. Legal professional for the Southern District of New York Damian Williams addressing reporters on Dec. 13

Associated: SBF’s legal professionals request bail in Bahamas Justice of the Peace Courtroom pending extradition

Complaints from each the U.S. Securities and Trade Fee and Commodity Futures Buying and selling Commissions on Dec. 13 adopted Bankman-Fried’s indictment. The previous FTX CEO had been anticipated to testify earlier than a listening to of the Home Monetary Committee that very same day. U.S. lawmakers with the Senate Banking Committee can even discover the collapse of FTX at a Dec. 14 listening to.

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