FTX founder faces new charges in rewritten indictment

A new set of fraud charges were filed against FTX founder Sam Bankman-Fried on Thursday. According to the government, Bankman-Fried defrauded thousands of investors out of billions of dollars while portraying himself as a trustworthy “savior of the cryptocurrency industry.” This image was bolstered by celebrity-studded Super Bowl ads and large donations to political figures.

Federal prosecutors in Manhattan unsealed a new indictment against the defendant the day after it was delivered, and it included four more counts, including securities fraud and conspiracy fraud.

Again implying that prosecutors were not done preparing their case, U.S. Attorney Damian Williams released a statement.

We are working diligently, and we will continue to do so until justice is served, he added.

Bankman-representative Fried’s remained mum.

Authorities claimed that the maximum jail term that could be imposed on Bankman-Fried if she were convicted on the new charges increased from 115 to 155 years.

There are now 12 counts in the indictment, as prosecutors provided a more detailed and eloquent account of the events surrounding FTX, Bankman-worldwide Fried’s cryptocurrency exchange, and Alameda Research, a cryptocurrency trading hedge fund linked with FTX.