" Federal prosecutors have seized $50 million from the one-branch Farmington State Bank that they allege in court records were deposited there as part of FTX founder Sam Bankman-Fried’s wide-ranging scheme to defraud investors through his massive cryptocurrency exchange business. "
Who is Farmington State Bank?
FTX Ties to Farmington State Bank in US Are Probed
The Fed has slapped a cease-and desist order on the small, rural bank in Washington state with ties to FTX.
- Farmington State Bank and its holding company FBH Corp. received a cease-and-desist Thursday for violating commitments to state and federal regulators, by engaging in digital asset activity.
- Farmington and FBH will voluntary liquidate.
- Alameda, (the hedge fund arm of FTX) invested $11.5 million in Farmington and had a stake.