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“In late 2021, when Bankman-Fried realized that FTX was $50 million in need of his objective of incomes one billion {dollars} in annual income, he instructed Singh to switch funds from one other entity that he managed, and to falsely characterize the $50 million as income that FTX earned all through 2021,” the SEC grievance stated. “Singh then backdated a collection of fraudulent transfers, and later lied to auditors in regards to the transfers and created false documentation to assist these lies. He did so figuring out that this data would later even be introduced to traders and potential traders.”
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