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Sam Bankman-Fried Goes on Trial
The Daily
FTX CEO Accused of Misusing Customers' Money
FTX CEO, Sam Bankman Fried, is facing charges including wire fraud, securities fraud, and money laundering for misusing customer funds. He allegedly spent the money on personal expenses, donations, and real estate in the Bahamas. Sam transferred the funds to his related hedge fund, Alameda Research, which was closely intertwined with FTX. The downfall of the empire began when Alameda started losing money and accumulating an $8 billion deficit.
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