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

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

What it takes to lead a frontier firm

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

Four people stand in orange safety jackets and helmets stand in a factory, including Prime Minister Mark Carney, second right, speaking into microphone. They are in a plant with yellow scaffolding and a Canadian flag in the background.
News

Ottawa backs ArcelorMittal’s Quebec expansion with $125M

By Laura Osman
Shivam Mahajan and Zaaheda Islam pose in front of their company offices.
Analysis

These AI startups are making millions with tiny teams

By Catherine McIntyre
A screen displays a TSXV and Emerge banner in front of several skyscrapers in Toronto’s downtown financial district.
News

Nasdaq’s crackdown tests Canada’s bet on small public companies

By Catherine McIntyre and Anita Balakrishnan
News

Bigger deals boost Canadian VC investment in bumper start to the year

By Catherine McIntyre

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

In this photo illustration the Moneris logo is seen displayed on a smartphone.
News

U.S. private equity is buying Canada’s biggest payments processor. Some people are worried about sovereignty

By Claire Brownell

Briefing

OMERS posts 4.8% first-half return, plans to increase Canada exposure

By Chaimae Chouiekh   |   Aug 11, 2026 | 5:43 PM ET

Brookfield joins investors group backing Nvidia’s US$500B AI financing push

By Catherine McIntyre   |   Aug 11, 2026 | 3:10 PM ET

Polar raises US$215M for second Canadian risk-transfer fund

By Chaimae Chouiekh   |   Aug 11, 2026 | 3:01 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

These AI startups are making millions with tiny teams

By Catherine McIntyre   |   Aug 5, 2026
Shivam Mahajan and Zaaheda Islam pose in front of their company offices.
News

Ottawa backs ArcelorMittal’s Quebec expansion with $125M

By Laura Osman   |   Aug 6, 2026
Four people stand in orange safety jackets and helmets stand in a factory, including Prime Minister Mark Carney, second right, speaking into microphone. They are in a plant with yellow scaffolding and a Canadian flag in the background.
News

Canada’s oil majors eye the next production boom

By Meghan Potkins   |   Aug 7, 2026
Storage tanks in the primary extraction plant at the Suncor Fort Hills facility in Fort McMurray Alta, on Monday September 10, 2018.
News

Nasdaq’s crackdown tests Canada’s bet on small public companies

By Catherine McIntyre and Anita Balakrishnan   |   Aug 4, 2026
A screen displays a TSXV and Emerge banner in front of several skyscrapers in Toronto’s downtown financial district.
News

Trump’s ban on foreign robots has Canada’s tech leaders worried

By Joanna Smith   |   Aug 6, 2026
News

Toronto’s Taalas sells to AMD as AI inference market heats up

By Murad Hemmadi   |   Aug 6, 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