December 13, 2022 - 8:11am | By Kyle Cornell
(Washington, DC) -- The founder of bankrupt cryptocurrency company FTX is accused of building a "house of cards on a foundation of deception."
That's what the Securities and Exchange Commission said Sam Bankman-Fried did while allegedly defrauding investors.
The agency said FTX raised more than one-point-eight billion dollars in the last three and a half years and most of that was from U.S.-based investors.
Bankman-Fried is accused of violating anti-fraud portions of laws from the 1930s.
He's is in custody after being arrested in the Bahamas.