The federal presiding judge in the case of Rob Bankman-Fried, the former CEO of the FTX, issued an alternative indictment consisting mainly of 12 criminal charges.

In an indictment filed in the United States District Court for the South District of New York City on Feb. 22, U.S. Attorney Wilshere Jones charged Bankman-Fry with 12 charges in relation to FTX and Alameda. According to the indictment, the charges include eight charges of co-negotiation related to fraud and four charges of telecom network fraud and securities fraud.

The initial indictment against Bankman-Fry, released on December 13th, contains eight similar charges, while the alternative indictment mentions another charge of colluding with executive financial institutions and divides some telecom network fraud charges related to her suspected personal conduct in FTX and Alameda. At the time, the investigators were still listed in the charges of co-execution of spot commodity fraud, which seemed to be included in the substitution indictment related to FTX's "trading derivatives".

According to the indictment, Bankman-Fry committed fraud in setting up a bank account and trying to obtain a user's savings:

[Bankman-Fry and others] falsely claimed to financial companies that the account would be used primarily for trading and market making, even though [he] knew that the account would be used to receive and transmit customer assets in the operation of cryptocurrency exchanges, and since then, important truths have been ignored when using the account to receive and transmit customer assets so that the specific content of the transmission is false.

With regard to allegations involving illegal political donations, SBF and others have made more than 300 donations using "wheat straw donors" or corporate funds, totaling "tens of millions of dollars", according to the document. Federal prosecutors claim that based on the use of wheat straw donors, Bankman-Fried can evade the individual donation limit that the Federal Election Commission has applied for to enforce-usually $100.

"while Alameda employees generally track loans to management, transfers to Bankman-Fry (and two FTX managers) in the months leading up to the 2022 US mid-term elections are not shown on Alameda's structural tracking excel form," the filing said. In turn, an internal structure of Alameda's excel table records more than $100m in political contributions, although FEC records show that Alameda did not make any political contributions to candidates for the 2022 US mid-term elections or the PAC.

Since the parole hearing in December, most of the former FTX CEO has been restricted to his family's home in California. At the hearing, his family agreed to use their shares as part of Bankman-Fry 's $250 million bond. Two Stanford employees, Andreas Peppke, a scientific research expert, and Sarg Kramer, a former forensic doctor, also signed a ransom of $200000 and $500000 respectively for Bankman-Fried.

The criminal trial of Bankman-Fry in federal court is scheduled for October, while the bankruptcy case of FTX has begun in foreign bankruptcy courts in the Delaware region of the United States. Caroline Ellison, former CEO of the Alameda Research Center, and King Gamo, founder of FTX, pleaded guilty to charges similar to SBF in a plea deal, and many pundits speculated that he might testify in his case.