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Sam Bankman-Fried indicted on four new charges in criminal case

Sam Bankman-Fried pictured from the shoulders upSam Bankman-Fried (attribution)
Sam Bankman-Fried, the founder and former CEO of the now-bankrupt FTX exchange, was already facing eight criminal charges for offenses including wire fraud, securities fraud, money laundering, and campaign finance violations. Now, US prosecutors have slapped him with four more charges including conspiracy to operate an unlicensed money-transmitting business and conspiracy to commit bank fraud.

The new indictment includes additional information about Bankman-Fried's alleged fraud. The indictment details SBF's attempts to circumvent due diligence by US banks by creating a fake company called North Dimension. Via North Dimension, SBF diverted funds to FTX, which was unable to get a bank account.

Bankman-Fried has entered a not guilty plea to the original eight charges, but has not yet entered a plea for the additional four.

These criminal charges add to securities fraud and other civil charges from the SEC, as well as civil charges out of the CFTC. Both civil cases have been stayed pending the outcome of the criminal case.

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