FTX Founder Sam Bankman-Fried Released On Bail

Sam Bankman-Fried, founder of FTX, was arraigned in Manhattan and released on $250 million bail. He is accused of defrauding investors by diverting funds to his hedge fund, Alameda Research. Two executives, Caroline Ellison and Gary Wong, have pleaded guilty and are cooperating with the investigation. The SEC alleges they were key participants in the fraud. The investigation is ongoing, and if convicted, Bankman-Fried faces up to 115 years in prison.

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