SBF has different counts of breaking nearly every rule in the financial book. But do you want to go through the first 45 pages, followed by another chunk of pages from yesterday on the bribery charge?
Of course you don’t. And now that I have gone through it, I don’t want to do it again, either.
Here’s the I-Am-Not-A-Legal-Expert Layman’s summary of all the naughty things SBF is accused of doing.
Count One: Conspiracy to Commit Securities Fraud
Bankman-Fried is accused of conspiring with others to manipulate the price of securities. The indictment alleges that Bankman-Fried and his co-conspirators used various tactics to manipulate the market, including high-speed trading algorithms, making false and misleading statements, and coordinating on social media platforms like Reddit.
Count Two: Wire Fraud
Bankman-Fried is accused of using electronic communications, including emails and messages sent over the internet, of furthering the securities fraud conspiracy. The indictment alleges that Bankman-Fried and his co-conspirators communicated with each other to coordinate their trading activities and to make false and misleading statements to others about the true value of the securities they were trading.
Count Three: Securities Fraud
Bankman-Fried is accused of knowingly and intentionally engaging in fraudulent activities related to the purchase and sale of securities. In addition, the indictment alleges that Bankman-Fried made false and misleading statements to others about the true value of certain securities, including by manipulating the market and creating false pamps.
Count Four: Conspiracy to Commit Money Laundering
Bankman-Fried is accused of conspiring with others to launder money obtained through the securities fraud scheme. The indictment alleges that Bankman-Fried and his co-conspirators used various methods to conceal the source and nature of the funds, including using cryptocurrency transactions and shell companies.
Count Five: Money Laundering
Bankman-Fried is accused of participating in money laundering activities by moving and transforming substantial amounts of money acquired through the securities fraud scheme. As per the indictment, Bankman-Fried employed several techniques to hide the origin and characteristics of the funds, such as executing cryptocurrency and utilizing foreign bank accounts.
Counts Six and Seven: Obstruction of an Official Proceeding and False Statements to a Government Agency
Bankman-Fried is accused of obstructing an official proceeding and making false statements to a government agency.
Count Eight: Filing False Reports with the SEC
Bankman-Fried is accused of filing false and misleading reports with the SEC, including by failing to disclose certain financial transactions.
Count Nine: Failing to Maintain an Adequate Anti-Money Laundering Program
This one is a real shocker: Bankman-Fried is accused of failing to maintain an adequate anti-money laundering program at his company.
Counts Ten, Eleven, and Twelve: Aiding and Abetting Wire Fraud, Securities Fraud, and Money Laundering
Bankman-Fried is accused of aiding and abetting all the things listed in the bold print above.
Count Thirteen: Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity
Bankman-Fried is accused of engaging in monetary transactions involving property derived from specified unlawful activity, including transferring and converting funds obtained through the securities fraud scheme.
And then, yesterday, if this shit couldn’t get any worse, he’s now accused of bribing a Chinese official to the tune of $40 million to get a license to operate in China.
And because this just happened: SBF is cut-off from League of Legends per his new bail requirements.
We’ll keep you updated as this shit show continues to develop.