The most common phrase found in the SEC’s 38-page complaint alleges that various FTX and Alameda employees either “knew, or were reckless in not knowing” what was actually happening between the two companies. 

The next most common phrase? “False and misleading,” a phrase that typically comes up in criminal complaints relating to fraud.

And that just about sums up what happened during what the Commission alleges was a “massive, years-long fraud.”