Investor puts onus Sam Bankman- Fried for alleged fraud

After burning a $2 million hole in his pocket, an entrepreneur who invested in the early days of the now-bankrupt FTX is putting the onus on the disgraced founder Sam Bankman- Fried.

This was a con. Evan Singh Luthra said on Mornings with Maria that he committed fraud. You wouldn't have expected this to turn out the way it has happened. This was not a risk I was taking when I was investing, this was someone like Sam Bankman- Fried who committed a crime. Singh Luthra told host Maria Bartiromo that a legal team representing him is currently pursuing legal action against Bankman- Fried for his alleged wire fraud after a class-action lawsuit by other investors alleges that Bankman-Fried and other high-profile celebrities such as legendary NFL quarterback Tom Brady and NBA star Stephen Curry made consumers suffer more than $11 billion in damages.

Before FTX's liquidity crisis was made public, Bankman-Fried had reportedly transferred $10 billion worth of customer credit from FTX to sister firm Alameda Research, according to multiple reports, and donated an estimated $38 million to Democrat Party campaigns.

Bankman- Fried's wealth has been tied to ultra-luxe Bahamas real estate and an exclusive compound called The Albany Resort, where the ultra-wealthy go to enjoy a tropical paradise without interruptions from regular people.

He used users' funds to buy property with hundreds of millions of dollars, and was flying private jets with users' money, so we can see that now, Singh Luthra said.

The House Financial Services Committee held a formal hearing on FTX and related crimes two weeks ago.

This is an outright fraud. SBF stole users' funds, so I'm doing the best I can to get this out there. Singh Luthra said that the lawmakers in the U.S. should take action. We're surprised how this is developing, the kind of connections he has. Maybe he donated tens of millions of dollars to the Democrats, also in our money, and he's been able to stay away. He should already be in jail. A couple of years ago, the investor had deposited $12 million into FTX and lost some of his valuations during the summer's crash, but managed more than $2 million in FTX despite its bankruptcy.

I can't log into FTX.com today. Singh Luthra pointed out that the website goes to a bankruptcy page.

While House leaders said their hearings would take place in December and will feature Bankman- Fried, as well as other leaders from FTX and Alameda Research, the founder is slated to speak at a conference with figures like New York City Mayor Eric Adams, BlackRock CEO Larry Fink, former Vice President Mike Pence, Treasury Secretary Janet Yellen, Ukrainian President Volodymyr Zelenskyy and others.

No one should be allowed to speak at a conference where the founders of Facebook and the president of Ukraine speak alongside each other. Luthra said this doesn't make sense. There is a lot of media that is putting him in a great light. He took users' money and defrauded a lot of people. Where can I get all my donations? The investor previously said that all the innovations went to politicians. I've never seen him donate money to a charity. It was just media hype. I believe that he really used the media to his advantage and he really got us to believe and trust him. Sam Bankman- Fried is currently hiding out in his Bahamas resort and could face potential extradition over the company's collapse.