‘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: 

    Subscribe now to start reading premium, award-winning journalism.

    By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

    In-depth, agenda-setting reporting

    Great journalism delivered straight to your inbox.


    Panier Bleu’s future uncertain as Quebec government mulls pulling funding

    1Password acquires Kolide

    Waterloo-based Teledyne to supply Ukraine with more than 800 drones

    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.

    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