“In late 2021, when Bankman-Fried realized that FTX was $50 million in need of his aim 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 criticism mentioned. “Singh then backdated a sequence of fraudulent transfers, and later lied to auditors in regards to the transfers and created false documentation to help these lies. He did so realizing that this data would later even be offered to buyers and potential buyers.”
