Government officials unveiled the details of the charges against embattled cryptocurrency mogul Sam Bankman-Fried Tuesday morning after authorities arrested him in the Bahamas.
The Securities and Exchange Commission said that it charged Bankman-Fried, known as SBF, with fraudulent behavior. These charges were echoed in parallel actions by the Southern District of New York's Attorney's office and the Commodity Futures Trading Commission.
"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," said SEC Chairman Gary Gensler in a press release. "The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws."
