Texas Regulators Called Sam Bankman-Fried to a Hearing Regarding FTX

December 1, 2022

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Texas Regulators Called Sam Bankman-Fried to a Hearing Regarding FTX

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Securities regulators of Texas have summoned the former CEO of the bankrupt FTX to an FTX hearing on February 2, next year.

According to the regulators, the former CEO of the FTX exchange is to appear before the court to defend the allegation against FTX on whether or not it offers unregistered securities through its yield-bearing products while Bankman-Fried was the CEO of FTX.

Bankman-Fried is to appear either physically or the hearing be conducted through Zoom as per the letter sent to his address by the Texas State Securities Board (TSSB).

FTX Capital Markets LLC is registered as a dealer with the securities board, and “Texans were able to buy and sell publicly traded stock through the firm,” according to the hearing notice that was dated Nov. 22. The state regulator is seeking a cease-and-desist order for FTX to halt securities fraud in the state, to return money to affected investors and to target Bankman-Fried with fines.

The investigation into the FTX by the Texas regulators was disclosed in October when Director of Enforcement Joe Rotunda said in the filing of Voyager Digital bankruptcy case that FTX US is likely to be violating the state law guiding the sale and registration of securities products because it was offering yield-bearing products to US clients.

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