Bankman-Fried, disgraced former CEO of FTX crypto exchange, is charged with fraud

https://www.npr.org/2022/12/12/ [login to see] /bankman-fried-ceo-ftx-crypto-exchange-arrested-bahamas-charges-sdny
Sam Bankman-Fried, the notorious former CEO of crypto exchange FTX, is facing federal fraud charges, accused of misleading investors and using billions of dollars from his customers for his own ends. He was arrested in the Bahamas, where he lives, the office of the attorney general of The Bahamas said on Monday night.

Bankman-Fried's promise of using sophisticated risk measures to protect FTX customers was part of a long-running fraud, authorities say, repeatedly calling his platform a house of cards.

Bankman-Fried is accused of funneling customers' money to his privately held crypto hedge fund, and using their capital "to make undisclosed venture investments, lavish real estate purchases, and large political donations," the Securities and Exchange Commission said.

The SEC announced a sweeping civil complaint against Bankman-Fried on Tuesday, with Gurbir Grewal, the agency's head of enforcement, saying FTX hid its actions behind a "veneer of legitimacy" that was fraudulent.