Skip to content

Canada's Business and Tech Newsroom

  • Professional Subscription
  • Partnerships & Advertising
  • Licensing & Syndication
Log In Subscribe
Welcome,
  • My Account
  • Log Out
  • Business
  • Tech
  • National
  • The Big Read
  • Briefings
  • Commentary
Search
Log In Subscribe
Welcome,
  • My Account
  • Log Out
News

‘House of cards’: U.S. charges SBF with fraud, diverting FTX funds to political campaigns

Sam Bankman-Fried is in a lot of trouble. Damian Williams, U.S. attorney for the Southern District of New York, laid out the government’s case against the former FTX CEO at a press conference Tuesday afternoon, charging him with eight financial crimes and alleging he defrauded FTX’s customers and investors, as well as lenders to its sister trading firm Alameda, of billions of dollars. Williams alleged Bankman-Fried also violated federal campaign finance laws by funnelling stolen customer funds into tens of millions of dollars’ worth of political campaign contributions and covering up their source. 

And that’s not all that happened to crypto’s former golden boy over the past 24 hours. Here’s what else you need to know: 

News

‘House of cards’: U.S. charges SBF with fraud, diverting FTX funds to political campaigns

‘This investigation is very much ongoing, and it’s moving very quickly’

By Claire Brownell
Damian Williams (right), attorney for the Southern District of New York, announces the indictment of Samuel Bankman-Fried on Dec. 13, 2022 in New York City. Photo: Stephanie Keith/Getty Images
Dec 13, 2022
A A
A Small A Medium A Large
Share

Gift

Share

Sam Bankman-Fried is in a lot of trouble. Damian Williams, U.S. attorney for the Southern District of New York, laid out the government’s case against the former FTX CEO at a press conference Tuesday afternoon, charging him with eight financial crimes and alleging he defrauded FTX’s customers and investors, as well as lenders to its sister trading firm Alameda, of billions of dollars. Williams alleged Bankman-Fried also violated federal campaign finance laws by funnelling stolen customer funds into tens of millions of dollars’ worth of political campaign contributions and covering up their source. 

And that’s not all that happened to crypto’s former golden boy over the past 24 hours. Here’s what else you need to know: 

Related Articles

Canadian crypto platforms pushed for crackdown on offshore competitors before FTX collapse

By Claire Brownell

FTX’s charitable arm funded three Canadian scholars

By David Reevely
  • Bankman-Fried’s very bad day actually began in the Bahamas Monday evening, when local police arrested him at the request of the U.S. government.
  • This morning, he appeared in court in the Bahamas.
  • The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission also announced fraud charges against Bankman-Fried. “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,” SEC chair Gary Gensler said in a release.
  • The U.S. House Financial Services Committee was supposed to hear from Bankman-Fried today, but went ahead without him. “This is just plain old-fashioned embezzlement, taking money from others and using it for your own purposes. This is not sophisticated at all,” FTX’s new CEO John Ray III reportedly told the committee.
Gift the full article

What to watch for next: “This investigation is very much ongoing, and it’s moving very quickly,” Williams said at the press conference, promising to continue to update the public. The U.S. government may have an extradition fight ahead of it, with Bankman-Fried declining to waive his right to an extradition hearing during his court appearance in the Bahamas. A lawyer for Bankman-Fried has reportedly issued a statement saying he is reviewing the charges and his legal options. 

#cryptocurrency #FTX #Sam Bankman-Fried

Sponsored Content

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa

The real-world economic offshoots of sovereign AI

By Deborah Aarts
Illustration of a plane flying above a mailbox

Increasing healthcare access across Canada

By Deborah Aarts
Paid promotional content

Loading...

Thanks for sharing!

You have shared 5 articles this month and reached the maximum amount of shares available.

Close
This account has reached its share limit.

If you would like to purchase a sharing license please contact The Logic support at [email protected].

Close
Want to share this article?

Upgrade to all-access now

Close
Gift the full article!

You have gifted 0 article(s) this month and have 5 remaining.

Copy link and gift
Copy Link
Email to a friend
Send Email
Gift on Social Media

Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.

Photo: Stephanie Keith/Getty Images

Most Popular This Week

Special Report

Canada pitched itself to the world’s biggest investors. Now comes the hard part

By David Reevely, Anita Balakrishnan, Murad Hemmadi, Chaimae Chouiekh, Claire Brownell and Kevin Carmichael
News

The Canada Investment Summit’s US$430B deal book, in charts

By Chaimae Chouiekh
An aerial image of a Syncrude oilsands field in Fort McKay, Alberta.
Exclusive

Inside the provinces’ pitches to the world’s biggest investors

By Anita Balakrishnan
Donald Trump holding up a board bearing the names of countries and tariff rates. He's standing behind a lectern bearing the U.S. presidential seal.
Analysis

The ‘red line’ in U.S. trade talks that sets Canada apart from other countries

By Joanna Smith

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

A group shot of people, many wearing branding black winter jackets, posed in front of an armoured vehicle. Several are sitting on the vehicle, in front of its gun turret.
News

MaRS joins forces with accelerator Vimy Forge to help defence startups

By David Reevely

Briefing

Blair Health raises $4.24M for woman-focused platform

By Catherine McIntyre   |   Sep 22, 2026 | 6:00 AM ET

Defence department is learning to buy the way startups sell, senior officials say

By Murad Hemmadi   |   Sep 21, 2026 | 4:04 PM ET

Carney joins coalition of world leaders to promote and reform multilateral institutions

By Joanna Smith   |   Sep 21, 2026 | 2:15 PM ET

Best business newsletter in Canada

Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

Exclusive events

See the bigger picture with reporters and industry experts in subscriber-exclusive events.

Membership in The Logic Council

Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

Recent Popular Stories

Analysis

The ‘red line’ in U.S. trade talks that sets Canada apart from other countries

By Joanna Smith   |   Sep 14, 2026
Donald Trump holding up a board bearing the names of countries and tariff rates. He's standing behind a lectern bearing the U.S. presidential seal.
News

Trump steps up effort to block Canadian goods from U.S. procurement—but his order leaves a lot untouched

By Joanna Smith   |   Sep 17, 2026
A nighttime shot of Donald Trump holding his hand while speaking. He's wearing a red hat with "USA" emblazoned on the front.
News

Arlene Dickinson launches $500M fund to back Canadian agriculture firms in Southeast Asia

By Catherine McIntyre   |   Sep 14, 2026
An aerial photo of a combine harvester swathing its way through a field of barley.
News

The Canada Investment Summit’s US$430B deal book, in charts

By Chaimae Chouiekh   |   Sep 15, 2026
Special Report

Canada pitched itself to the world’s biggest investors. Now comes the hard part

By David Reevely, Anita Balakrishnan, Murad Hemmadi, Chaimae Chouiekh, Claire Brownell and Kevin Carmichael   |   Sep 15, 2026
News

Canada’s investment problem isn’t a lack of money, investors say at Milken Institute event

By Chaimae Chouiekh, Anita Balakrishnan and Murad Hemmadi   |   Sep 14, 2026

Canada's most influential executives and policymakers are reading The Logic

  • CPP Investments
  • Sun Life Financial
  • C100
  • Amazon
  • Telus
  • Mastercard
  • bdc
  • Shopify
  • Rogers
  • RBC
  • General Motors
  • MaRS
  • Government of Canada
  • Uber
  • Loblaw Companies Limited
logic-logo

Canada's Business and Tech Newsroom

100% human-crafted journalism

Newsroom

  • News Tips
  • AI Policy
  • Editorial Disclosures
  • Story Pitches

Company

  • About Us
  • Terms of Service
  • Privacy Statement
  • Corporate Information

Contact

  • Contact Us
  • Advertise
  • FAQs
  • Work at The Logic

© 2026 The Logic Inc. All Rights Reserved.

Trusted by leaders

Error

Account creation failed.

Please email us at [email protected].

Create Account

[wppb-register form_name=”cozmo-registration-form-for-modal”]

I do have an account
Login
or

[wppb-login]

I don’t have an account