Texas State Securities Regulator Sends Sam Bankman-Fried Official Hearing Notice Requesting SBF’s Testimony – Crypto News – Crypto News
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Texas State Securities Regulator Sends Sam Bankman-Fried Official Hearing Notice Requesting SBF's Testimony Texas State Securities Regulator Sends Sam Bankman-Fried Official Hearing Notice Requesting SBF's Testimony

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Texas State Securities Regulator Sends Sam Bankman-Fried Official Hearing Notice Requesting SBF’s Testimony – Crypto News

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3 years ago

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Disgraced FTX founder Sam Bankman-Fried is being summoned by the Texas securities regulator to appear during an administrative hearing on February 2nd, 2023.

The Texas State Securities Board (TSSB) is investigating whether FTX violated securities laws with its offering of the yield-generating EARN product.

The state regulator accuses Bankman-Fried of violating the Securities Act by selling securities in Texas that are not registered for sale and for failing to register as a securities dealer or agent.

In the official hearing notice, the TSSB informs Bankman-Fried that he can give his testimony during the hearing, which will be held via video conferencing platform Zoom.

“At the hearing, the Enforcement Division will present testimony and other admissible evidence in support of its prayer for a proposal for decision for the entry of a cease and desist order, order assessing an administrative fine, and order for the payment of refunds against Respondent . Respondent will be afforded the right to present such testimony and other evidence related thereto.”

Following the crash of Bankman-Fried’s crypto empire, speculation as to what sort of legal repercussions – if any – await the former CEO and his associates.

Shark Tank investor and crypto bull Mark Cuban says the 30-year-old could face lengthy jail time,

“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time… It sure sounds bad. I’ve actually talked to the guy and thought he was smart.”

Jordan Belfort, the original Wolf of Wall Street, is not optimistic that depositors of the exchange will ever get their money back and says Bankman-Fried used FTX as his personal piggy bank,

One of the conditions of the TSSB’s filing is that without an answer from Bankman-Fried, the allegations from the regulator may be considered “admitted” to the regulator. At the time of writing, the former CEO or his associates have not responded to the allegations.

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