A US federal indictment was unsealed on Tuesday alleging widespread fraud by FTX co-founder Sam Bankman-Fried, a day after he was arrested in the Bahamas in connection with the charges.
The indictment in US District Court in Manhattan hit Mr Bankman-Fried with eight criminal charges: conspiracy to commit wire and securities fraud, individual charges of securities and wire fraud, money laundering, and conspiracy to avoid campaign finance regulations.
Prosecutors say Mr Bankman-Fried was engaging in criminal activity as far back as 2019.
Mr Bankman-Fried, according to the indictment, deliberately and knowingly “agreed with others to defraud customers of FTX.com by misappropriating those customers’ deposits and using those deposits to pay expenses and debts” of his research company, Alameda Research.
He is also accused of conspiring with others to defraud FTX lenders “by providing false and misleading information to those lenders regarding Alameda Research’s financial condition”.
The indictment also states Mr Bankman-Fried conspired with others to make illegal donations to political candidates.
What is Bitcoin and how did it start? — video
His lawyer has said he is “reviewing the charges with his legal team and considering all of his legal options”.
US regulators have accused Mr Bankman-Fried of carrying out a multiyear scheme to defraud investors.
The Securities and Exchange Commission said on Tuesday that he raised almost $2 billion from investors.
The regulator also said he concealed risks, FTX’s relationship with Alameda Research, and used commingled customer funds.
“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 chairman Gary Gensler said.
Mr Bankman-Fried diverted billions of dollars of customer funds to grow his other entities, the SEC said in its complaint filed on Tuesday in New York’s Southern District court.
The SEC complaint alleges that FTX raised more than $1.8 billion, including $1.1 billion from about 90 US-based investors, in an “orchestrated scheme to defraud equity investors” who bought in based on the belief that FTX had appropriate controls.
Alameda Research was allowed to carry a negative balance on FTX and was exempt from the exchange’s risk protocols, according to the complaint.
The SEC said that Mr Bankman-Fried personally directed that FTX’s “risk engine” not apply to Alameda and hid the extent of the ties between the two entities from investors.
The regulator claimed that as late as last month, Mr Bankman-Fried was continuing to mislead investors while trying to fill a multi-billion-dollar hole while FTX was unable to make good on billions in withdrawal demands from customers.
It only stopped when FTX and Alameda filed for bankruptcy protection on November 11, the regulator said.
The SEC is seeking to bar Mr Bankman-Fried as an officer or director of a public company or from offering cryptocurrency or other securities. It is also seeking to force him to turn over his ill-gotten assets.
Members of the US House of Representatives were supposed to get their chance to grill Mr Bankman-Fried at a hearing on Tuesday morning, but federal authorities beat them to it.
Representative Maxine Waters, chairwoman of the House Financial Services Committee, expressed displeasure over the timing of the arrest, saying before the hearing that Americans deserved a chance to hear from Mr Bankman-Fried.
At the hearing, she said she was “deeply troubled to learn how common it was for Bankman-Fried and other employees to steal from the cookie jar”.
Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
The specs
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Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
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India squads
Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.
T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.
ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
COMPANY%20PROFILE
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Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
UAE currency: the story behind the money in your pockets
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
