Patriot Fury ⭐⭐⭐
@QFlagPin
13 December, 12:51
CHARGES AGAINST Sam Bankman Fried from GRDecter thread on twitter:
Sam is facing 8 charges, which can be broken into 4 areas: Wire fraud, securities fraud, money laundering, and campaign finance violations.
CHARGE 1: Conspiracy to commit wire fraud on customers. The indictment says that SBF and others took in FTX deposits knowing that they'd use them to pay Alameda expenses and debts.
CHARGE 2: Related to the above - Wire fraud on customers. The indictment says that SBF "misappropriated customer deposits".
CHARGE 3: SBF obtained financing on false pretenses by providing false and misleading information.
CHARGE 4: Wire fraud on lenders, similar to #3 . SBF and other FTX execs allegedly lied about the FTX's performance, holdings and reserves to obtain loans.
[Continued with my reply]...
Sam is facing 8 charges, which can be broken into 4 areas: Wire fraud, securities fraud, money laundering, and campaign finance violations.
CHARGE 1: Conspiracy to commit wire fraud on customers. The indictment says that SBF and others took in FTX deposits knowing that they'd use them to pay Alameda expenses and debts.
CHARGE 2: Related to the above - Wire fraud on customers. The indictment says that SBF "misappropriated customer deposits".
CHARGE 3: SBF obtained financing on false pretenses by providing false and misleading information.
CHARGE 4: Wire fraud on lenders, similar to #3 . SBF and other FTX execs allegedly lied about the FTX's performance, holdings and reserves to obtain loans.
[Continued with my reply]...
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(cont.)
CHARGE 5: Conspiracy to commit commodities fraud. It says that SBF violated commodities fraud by taking customer funds for commodities, but using that money for other trades & business expenses.
Basically, FTX sold commodities and derivatives, but quickly diverted the incoming funds for other uses, including other trades. It was a house of cards.
CHARGE 6: Conspiracy to commit securities fraud. The indictment says that SBF violated securities laws by sending an email to an investor in New York with materially false information about the business.
CHARGE 7: Conspiracy to commit money laundering. This one says that FTX helped to carry out financial transactions even when SBF knew the purpose of the transaction was to evade money laundering laws.
CHARGE 8: Violation of campaign finance laws. The indictment says that SBF made contributions in other people's names in order to HIDE HIS OWN INVOLVEMENT in the donations.
CHARGE 5: Conspiracy to commit commodities fraud. It says that SBF violated commodities fraud by taking customer funds for commodities, but using that money for other trades & business expenses.
Basically, FTX sold commodities and derivatives, but quickly diverted the incoming funds for other uses, including other trades. It was a house of cards.
CHARGE 6: Conspiracy to commit securities fraud. The indictment says that SBF violated securities laws by sending an email to an investor in New York with materially false information about the business.
CHARGE 7: Conspiracy to commit money laundering. This one says that FTX helped to carry out financial transactions even when SBF knew the purpose of the transaction was to evade money laundering laws.
CHARGE 8: Violation of campaign finance laws. The indictment says that SBF made contributions in other people's names in order to HIDE HIS OWN INVOLVEMENT in the donations.
12:55 PM - Dec 13, 2022
In response Patriot Fury ⭐⭐⭐ to his Publication
Only people mentioned by QFlagPin in this post can reply
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@angliajons88
13 December, 12:58
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