The daily business briefing: February 24, 2023

FTX's Sam Bankman-Fried faces more fraud indictments, Ozy Media CEO Carlos Watson is arrested on fraud charges, and more

Sam Bankman-Fried leaves a courtroom
(Image credit: Spencer Platt/Getty Images)

1. Prosecutors file more fraud charges against FTX's Sam Bankman-Fried

Federal prosecutors on Thursday revealed that they had filed four new charges against FTX founder Sam Bankman-Fried related to the collapse of his cryptocurrency firm. The new charges include securities fraud and conspiracy fraud counts. U.S. Attorney Damian Williams said that even after the new indictment in Manhattan federal court, prosecutors were continuing to build their case against Bankman-Fried, whom they accuse of cheating thousands of investors out of billions of dollars' worth of digital assets. The new charges increased the possible prison sentence Bankman-Fried could get if convicted from 115 years to 155 years. "We are hard at work and will remain so until justice is done," Williams said. A Bankman-Fried spokesperson declined to comment.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.