Sam Bankman-Fried, the former CEO of cryptocurrency platform FTX, orchestrated a years-long fraud by diverting investors’ funds to his private hedge fund and using them to make venture investments, lavish real estate purchases and large political donations, the U.S. Securities and Exchange Commission alleged Tuesday in a complaint.
, where he has been living, after the U.S. filed criminal charges that will be made public Tuesday, according to U.S. Attorney Damian Williams. The SEC complaint is separate.
Bankman-Fried was one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave money to Republicans. FTX grew to become the second-largest cryptocurrency exchange in the world.
The SEC complaint alleges that Bankman-Fried had raised more than $1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.
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