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

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

A man wearing a dark shirt is pictured against a brick wall. He is looking directly into the camera. with a serious facial expression.
The Big Read

How Sheldon McCormick brought Communitech back from the brink

By Catherine McIntyre
A skyscraper on Bay Street in Toronto, viewed from street level looking up, with a traffic light and street sign in the foreground against a blue sky with clouds.
Analysis

Canada’s AI hiring boom has reached Bay Street’s top executives

By Chaimae Chouiekh
A shot from above of five people clustered around a table, all working on near-identical laptop computers. Their computer bags lie on the floor and some are wearing yellow lanyards.
News

1 in 3 professionals are using unauthorized AI on the job, global survey finds

By Anita Balakrishnan
A head-on shot of James Neufeld seated with others at a round table in a meeting room. Eleanor Olszewski is seated to his left. There's a laptop open in front of Neufeld.
News

For this Alberta tech firm, ‘Buy Canadian’ isn’t working as advertised

By David Reevely

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

Carney and Trump at a photo op in Sharm El-Sheikh, Egypt, against a white backdrop that features a peace-themed logo for the gathering. Carney is leaning toward a scowling Trump and pointing his index finger at the U.S. president.
News

The U.S. has chosen not to extend CUSMA. Here’s what happens next

By Joanna Smith

Briefing

Alberta to submit West Coast pipeline proposal to the federal Major Projects Office this week

By Meghan Potkins   |   Jun 30, 2026

Magnificent Seven lost a combined US$2.2T in market value in June

By Murad Hemmadi   |   Jun 30, 2026

Radical Ventures, Gomez, Hinton back Etched to build hardware to run AI

By Murad Hemmadi   |   Jun 30, 2026

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

It turns out Trump does need something from Canada—aluminum

By Joanna Smith   |   Jun 25, 2026
A close-up of a made-in-Canada stamp on the end of a cylindrical piece of raw aluminum.
Exclusive

Ssense has laid off photo and make-up teams and says AI will do much of their work

By Catherine McIntyre   |   Jun 22, 2026
News

Alberta to free up a huge amount of power to attract Big Tech and its data centres

By Meghan Potkins   |   Jun 24, 2026
A wide landscape shot of high-tension power lines over green and golden fields in rolling countryside.
News

What makes a nuclear reactor Canadian? Billions of dollars ride on the answer

By David Reevely   |   Jun 23, 2026
A bowl-shaped structure surrounded by concrete barriers. A white sign with a blue Westinghouse logo is suspended across one side of the structure.
News

How a former Russian TV anchor ended up suing Canada’s go-to rocket company

By David Reevely   |   Jun 22, 2026
A shot across an expanse of low forest of a rocket launching into blue skies.
Analysis

Canada’s AI hiring boom has reached Bay Street’s top executives

By Chaimae Chouiekh   |   Jun 23, 2026
A skyscraper on Bay Street in Toronto, viewed from street level looking up, with a traffic light and street sign in the foreground against a blue sky with clouds.

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