US Grand Jury Files New Seven Count Charges Against Sam Bankman-Fried

• The US Grand Jury indicted SBF on seven count charges.
• Among the indictment was that he used customer funds for political reasons.
• SBF’s bail was revoked last week after he allegedly leaked private conversations of his former business partner.

On Monday, the Grand Jury of the United States filed a superseding indictment against Sam Bankman-Fried (SBF), the disgraced founder of the bankrupt FTX exchange. Among the indictment was that he cornered over $100 million in customer funds for political reasons.

Fox Business journalist, Eleanor Terrett, took to X to share the development with the crypto community. 

According to the court document, the U.S Criminal Division made 15 damning allegations against SBF and consequently filed seven count charges against him.

The Grand Jury argued that SBF knowingly used FTX investors’ and customers’ funds to enrich himself. It also claimed he sponsored campaign contributions to U.S. political parties to seek to influence cryptocurrency regulation.

Notably, the Grand Jury highlighted that SBF deceived customers seeking to withdraw their funds from FTX. He accomplished this by falsely claiming customers’ funds were safe during the build-up to the exchange’s bankruptcy.

The U.S Criminal Division is also charging SBF for conspiring to commit wire fraud. The statement read in part:

The defendant, and others known and unknown, knowingly having devised and intending to devise a scheme and artifice to defraud, and for obtaining money and property by means of false and fraudulent pretenses, representations, and promises..

Notably, these seven-count charge comes after the U.S. court revoked Bankman-Fried’s bail, sending him to jail last week. SBF’s bail was revoked after he allegedly leaked private conversations of his former business partner, Caroline Ellison, with The New York Times. Meanwhile, his lawyer contested the court decision.