The founder of bankrupt crypto firm FTX has been accused of misleading clients to pay for his own “investments, lavish real estate purchases, and large political donations.”
The Securities and Exchange Commission says that whilst the entrepreneur “portrayed himself as a responsible leader of the crypto community”, in fact he misled clients and “improperly diverted their assets” to pay for his own “investments, lavish real estate purchases, and large political donations”.
The company went into bankruptcy on Nov. 11, leading his clients to question whether they would ever see their money again. The 30 year old businessman was
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