FTX cofounder was arrested in the Bahamas on Monday, and US federal prosecutors have charged him with eight counts, so far. The counts include wire fraud, commodities fraud, campaign finance violations, misappropriating customer funds for various personal purposes, and defrauding lenders. The sum penalty of these counts could land him with 115 years in jail, but most of the time, we won’t see such drastic actions against wrongdoers. The punishment that will be delivered by the courts will pale in comparison to the billions that Sam Bankman-Fried bilked out of the company, and crypto-currency investors.
Sam Bankman-Fried has been charged by US federal prosecutors on eight counts, including wire fraud. He was arrested in the Bahamas on Monday.