It seems that the year 2023 is going to be even crueler for Sam Bankman-Fried than the year 2022 was. However, the disgraced founder of the FTX brand had it coming for him.
With every passing day, the authorities are finding more evidence against SBF for his illegal involvement with the FTX project.
SBF to Face More Criminal Charges
According to the latest reports, SBF has more criminal charges coming his way. He is already facing several charges and allegations that have been made against him by creditors and investors alike.
This time, the criminal charges are coming in the form of breaches pertaining to the laws governing the handling of information.
The sources familiar with the matter have revealed that SBF was involved in the concealment of information. He was involved in hiding and providing misleading information that was coming in from the banks.
Four Addition Charges
It was on Thursday when an indictment was unsealed against the owner of the defunct and bankrupt exchange.
It is important to mention that Sam Bankman-Fried was already facing eight original charges that were placed against him. He is already being trialed for these charges and now, he has four more charges in his name.
Now, the former CEO of the FTX exchange is to face four more criminal charges that may only make the outcome worse for him.
If he is found guilty of the allegations and the allegations are imposed, he will have more jail time and other penalties placed against him.
The scale of New Charges
The sources have also revealed the scales of the four charges that have been raised against SBF.
The information has confirmed that the first charge is pertaining to securities fraud. The second charge is for the representation of an unlicensed business for money transmission.
The third charge is for bank fraud and the fourth charge is pertaining to commodities fraud.
While SBF faces four new criminal charges, he is being trialed for the original allegations that allege him of stealing billions from investors and users.
According to the claimants and the prosecutor, SBF has deprived the users and investors of FTX exchange of billions of dollars.
In addition to the FTX exchange, SBF was also misusing the funds being handled by the sister company of FTX, Alameda Research.
The original charges against SBF allege him of misleading the lenders and investors. Although several claims have been made to defend SBF such as putting the blame on Binance for forcing him to use the funds from FTX.
However, none of the claims made by the legal teams representing SBF have managed to get him out of trouble.
In addition to the above, SBF is also alleged of partaking in the election campaigns by donating funds to all the parties in the United States. He is being accused of contributing to political donations on a massive scale.
He is also being accused of attempting to manipulate the finance laws to get away with his illegal acts. By now, it has become clear why he wanted to increase his political influence.
He wanted to get away with the schemes that involved him stealing funds from the investors and misusing them for his personal use and gains.
The prosecutors have claimed that SBF had been supporting the Democratic Party the most. He even went on to make donations to other parties as well for a number of causes.
Some other causes for which he made donations include climate change, pandemic prevention, and health.
More Sentence for SBF
Despite claiming not guilty, the evidence is going against SBF. He has been charged with several other crimes related to his activities in the cryptocurrency industry.
SBF has already been sentenced to 115 years in jail, and if SBF is found guilty of these charges, it will only add more years to his long prison sentence.