“In late 2021, when Bankman-Fried realized that FTX was $50 million short of his goal of earning one billion dollars in annual revenue, he instructed Singh to transfer funds from another entity that he controlled, and to falsely characterize the $50 million as revenue that FTX earned throughout 2021,” the SEC criticism mentioned. “Singh then backdated a series of fraudulent transfers, and later lied to auditors about the transfers and created false documentation to support those lies. He did so knowing that this information would later also be presented to investors and potential investors.”
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