Comment by quanticle

    This might just be the 'first arrow' from the SEC with much more to be added
    down the track, but it's interesting to see that they have gone in heavily
    on defrauding equity investors in the FTX business -- rather than pulling
    the rug on customers.

Isn't that the same approach that federal prosecutors took with Theranos as well? From what I understand, Elizabeth Holmes went to jail for defrauding her investors, not providing false test results to patients. I think the SEC's reasoning here is the same — investor fraud is easier to prove, so hit the fraudster with that charge first.