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Sam Bankman-Fried, the former CEO of cryptocurrency giant FTX, defrauded investors by funneling money into his private hedge fund, according to a filing on Tuesday by the U.S. Securities and Exchange Commission.  The SEC charges were filed in the Southern District of New York one day after Bankman-Fried, the once-celebrated …

A competitor smokes a cigarette on a break during the 2018 Methven Rodeo on October 21, 2018 in Methven, New Zealand. Kai Schwoerer/Getty Wellington, New Zealand — New Zealand on Tuesday passed into law a unique plan to phase out tobacco smoking by imposing a lifetime ban on young people buying …

According to the SEC’s complaint, since at least May 2019, FTX, based in The Bahamas, raised more than $1.8 billion from equity investors, including approximately $1.1 billion from approximately 90 U.S.-based investors. In his representations to investors, Bankman-Fried promoted FTX as a safe, responsible crypto asset trading platform, specifically touting …