Former FTX chief executive Sam Bankman-Fried hit with eight-count indictment

Sam Bankman-Fried (Good Morning America/ABC News/AP)

US prosecutors have charged Sam Bankman-Fried, the former chief executive of cryptocurrency exchange FTX, with a host of financial crimes and campaign finance violations, alleging he played a central role in the collapse of FTX and hid its problems from the public and investors.

Bankman-Fried was charged with eight counts, ranging from wire fraud to money laundering to conspiracy to commit fraud on the United States.

He was also charged with violating campaign finance laws, a notable charge as Bankman-Fried was one of the largest political donors this year.

Earlier, the US Securities and Exchange Commission charged Bankman-Fried with orchestrating a scheme to defraud investors.

A civil complaint alleges that Bankman-Fried raised more than 1.8 billion dollars from equity investors since May 2019 by falsely promoting FTX as a safe, responsible platform for trading crypto assets.

The complaint says Bankman-Fried diverted customer funds to Alameda Research LLC, his privately-held crypto fund, without telling them.