It's illegal to use customers funds for something other than what it is supposed to. (Pretty much)
If ford took deposits for the new truck and they then took those funds and lost them, leaving nothing for the customers (truck or refund), that would be illegal too.
You can't just take money and lose it without giving them what they paid for. If a customer buys stock and it goes to zero, the customer still has the worthless stock they paid for. In this instance, the product they bought didn't go to zero, FTX took payments for products they couldn't/wouldn't fullfil and kept the customers money anyways.
Do you think the SEC of the Bahamas will take action?
From my experience more crypto exchanges have run off with the money then havnt.
You can't just take money and lose it without giving them what they paid for.
Yes you can if it's a crypto exchange. A exchange in Canada the guy stole the money and went to India and faked his death.
They are basically bucket shops.
It doesn't seem like anyone is interested and arresting the criminals behind FtX. They bribed all the right people.
Can US sec investigate exchanges in other countries?
They can definitely get involved. Customers were ripped off in America. Now if FTX has all their assets off shore and the Bahamas aren't willing to do anything, then they'll get off Scott free.
America has infinite leverage over a tiny country like the Bahamas. If the DOJ really wanted to do something, they could've by now.
That girl should get out of the country of she's smart.