'It's serious': Former prosecutor says public statements could hurt FTX founder
While the full criminal charges have yet to be released, the Securities and Exchange Commission released it's complaint against Sam Bankman-Fried early Tuesday.
"It’s serious," said Brendan Quigley, a former federal securities fraud prosecutor in New York who is now a partner at Baker Botts. "Assuming they can show promises were made to counterparties, investors or clients about where money was going to go, and that it didn't go there, that's a serious offense, probably wire fraud at least."
Bankman-Fried’s public statements could come back to haunt him, including an interview with ABC News' George Stephanopoulos.
"The big thing will be if SDNY can shows conflicts either between his public statements or between his current public statement and something that was said or promised to investors," Quigley said.