U.S. Attorney Damian Williams Calls FTX One of History’s Biggest Frauds

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• In a Tuesday press conference, Damien Williams called the FTX scandal one of the biggest financial frauds in American history.
• Since 2019, the FTX executives have mismanaged users’ funds, Williams said
• Following SBF’s arrest, several authorities pressed charges against him.
• After the FTX CEO’s arrest, questions surfaced about the timing of his detention.

Upon arresting former FTX boss Sam Bankman-Fried, United States Attorney for the Southern District of New York, Damian Williams, has illuminated the charges against the ex-CEO. While addressing the press on Tuesday, the attorney described the FTX scandal as one of the biggest financial frauds in the history of the United States of America.

Williams described how executives of the cryptocurrency exchange have been mismanaging users’ funds since 2019 and misled investors during the price downturn of crypto assets in 2022. Also, the attorney faulted the cryptocurrency exchange for not being transparent with the state of its business and risk management practices.

More so, Williams divulged that SBF stole customer funds to support political candidates and enhance its influence in the crypto space. Currently, Sam Bankman Fried will face charges for defrauding customers of FTX and violations of campaign finance law.

Following SBF’s arrest, the United States Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of Justice’s Southern District of New York pressed charges against him.

Willams acknowledged the collaborative efforts of numerous government law enforcement agencies that facilitated the arrest.

“For every day of the past month, the dedicated prosecutors of this office and our partners from the FBI, SEC, and CFTC have been working around the clock to figure out what happened and to begin the process of seeking justice,” the attorney said.

Concerns About the Timing of Bankman-Fried’s Arrest

Questions surfaced following the arrest of the FTX former CEO as he was expected to appear before the House of Financial Services Committee for a hearing on the collapse of the crypto exchange. Among those who questioned the timing of the arrest is the House Financial Services Committee Chair Maxine Waters (NYSE:WAT).

“The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity,” Waters expressed her surprise over the sudden arrest of the FTX CEO. Williams responded that his office authorized charges against Bankman-Fried last Wednesday and indicted him on Friday. The attorney explained that the timing was dictated by law enforcement rather than any factors, including SBF’s supposed appearance before the House Financial Services Committee.

On the Flipside

• While the investigation about FTX in the US is ongoing, Sam Bankman-Fried won’t be immediately handed over to the US authorities since he has been remanded in Bahamian custody until February 2023.

Why You Should Care

There are several charges against Sam Bankman-Fried from multiple government agencies. It is likely that FTX’s founder will serve 115 years in prison if found guilty of all charges brought against him.

See original on DailyCoin