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HomeBusinessFTX founder Sam Bankman Fried denied bail, accused of billion-dollar fraud

FTX founder Sam Bankman Fried denied bail, accused of billion-dollar fraud

Sam Bankman Fried Fraud Case: The court has refused to grant bail to the bankrupt FTX founder Sam Bankman-Fried. On Monday, Sam Bankman-Fried was arrested on charges of fraud and violation of rules. Fried has been accused of misappropriating billions of dollars and violating laws in one of America’s largest financial frauds.

The court ordered that by February 8, he should be sent to the Bahamas Correctional Facility. During the court session, the former CEO of the cryptocurrency exchange was wearing a blue suit without a tie with his head down. Due to these incidents, the founder of FTX has also faced huge losses. Along with this, the cryptocurrency exchange has also faced a huge decline this week.

What are the charges against Bankman-Fried

Prosecutors accused Bankman-Fried of misappropriating FTX clients’ deposits to make investments on behalf of their crypto hedge fund, Alameda Research LLC, instead of paying expenses and loans. It was also said that Fried had misrepresented the status of the fund. Also cheated the lenders and tried to hide the money received from the fraud.

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Bankman-Fried apologized

Bankman-Fried has previously apologized to customers and acknowledged oversight failures at FTX, but says she does not personally feel she has any criminal liability, reports Reuters.

Jail can be for 115 years

If found guilty on all counts, he could face up to 115 years in prison, according to reports, though any sentence will depend on a number of factors. Explain that the CFTC has filed a lawsuit against Bankman-Fried, Almeida and FTX alleging fraud in Digital Commodity Assets.

Fried reached the floor from Arsh

Fried’s wealth of $ 16 billion was reduced to zero in just a few days after the FTX irregularities came to the fore. Even they have faced a loss of 14.5 billion dollars in a single day. In one day, his net worth increased by about 94 percent, after which his wealth came down to $ 991.5 million, while he was the owner of $ 15.2 billion earlier.

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