Home » Markets » Investor conned in FTX crypto scandal pursuing legal action against Sam Bankman-Fried: ‘He committed fraud’
Investor conned in FTX crypto scandal pursuing legal action against Sam Bankman-Fried: ‘He committed fraud’
Crypto investor scammed by FTX calls for federal legal action against Sam Bankman-Fried
Entrepreneur and cryptocurrency investor Evan Singh Luthra argues the fallen FTX founder and CEO ‘intentionally defrauded’ investors.
An entrepreneur who invested in the early days of the now-bankrupt FTX is putting the onus on the disgraced founder Sam Bankman-Fried after burning a $2 million hole in his pocket.
"This was a con. Sam Bankman-Fried is a fraud. He committed fraud," Evan Singh Luthra said on "Mornings with Maria" Monday. "You would not have expected this to turn out the way it has happened. So this was not a risk I was taking when I was investing, this was somebody like Sam Bankman-Fried who committed a crime."
Singh Luthra told host Maria Bartiromo that a legal team representing him is currently pursuing legal action against Bankman-Fried for his alleged wire fraud after a class-action lawsuit by other investors also claims Bankman-Fried and other high-profile celebrities – such as legendary NFL quarterback Tom Brady and NBA star Stephen Curry – made consumers suffer more than $11 billion in damages.
Before FTX’s liquidity crisis was made public, Bankman-Fried had reportedly transferred $10 billion worth of customer credit from FTX to sister firm Alameda Research, according to multiple reports, and had donated an estimated $38 million to Democrat Party campaigns.
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Bankman-Fried’s wealth has since been tied to ultra-luxe Bahamas real estate and an exclusive compound called The Albany Resort, where the ultra-wealthy go to enjoy a tropical paradise without interruptions from regular people.