(FamilyConservationPAC.com) – Sam Bankman-Fried, the Democrat mega-donor and the creator of FTX, was detained in the Bahamas on Monday.
He was detained just hours before he was scheduled to speak before the House Financial Services Committee early Tuesday.
BREAKING NEWS: Sam Bankman-Fried Arrested
Trace Gallagher: "News out of the Bahamas where FTX founder Sam Bankman-Fried has been arrested…SBF could be looking at life in prison." pic.twitter.com/0b2L4PWDLe
— Daily Caller (@DailyCaller) December 13, 2022
U.S. Attorneys acknowledged that Bankman-Fried was detained following the filing of criminal accusations against him by American authorities.
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.
— US Attorney SDNY (@SDNYnews) December 12, 2022
U.S. Attorney Damian Williams stated, “Earlier this evening, Bahamian authorities detained Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY.”
U.S. Attorney Damian Williams added, “We plan to unseal the indictment the following day and will have more to say then.”
In total Bankman-Fried was charged with eight counts, ranging from wire fraud to money laundering to conspiracy to commit fraud on the United States, according to reports.
Politicians rapidly drew attention to the fact that Bankman-Fried was arrested only hours before his much-anticipated testimony before Congress.
Tomorrow, Sam Bankman-Fried was scheduled to testify in front of the House Financial Services Committee. @HouseGOP was ready to grill him six ways to Sunday.
Now breaking tonight, SBF was just arrested!?
Why not allow him to 1st testify tomorrow and answer our many questions?
— Lee Zeldin (@RepLeeZeldin) December 13, 2022
Bankman-Fried was due to testify before the House Financial Services Committee on Tuesday. However, he had previously refused to do so after Maxine Waters (D-CA), the committee’s chairperson, requested that he do so.
Earlier this week, Bankman-Fried informed Waters and the Committee that he was “not confident” he would have finished “learning and analyzing what happened” with FTX before requesting his testimony on December 13.
However, Bankman-Fried stated that he would appear virtually before the House Financial Services Committee rather than in person. He said he was “very overbooked” on Monday, only hours before his arrest.
During the Twitter Space, Bankman-Fried reportedly said, “I don’t think I will be arrested.”
He continued by expressing his “openness and willingness” to conceivably testify before the Senate Banking Committee on Wednesday.
Senators Pat Toomey (R-PA) and Chairman and Ranking Member of the Senate Banking Committee, Sherrod Brown (D-OH), attacked Bankman-Fried for hesitating to confirm an appearance before their committee.
In a joint statement, Brown and Toomey stated:
“Virtually every CEO, financial regulator, and administration official for Republicans and Democrats have agreed to testify in front of the Senate and House when called upon – that is how congressional oversight works.
We have offered Sam Bankman-Fried two different dates for providing testimony before the Senate Banking, Housing, and Urban Affairs Committee and are willing to accommodate virtual testimony. He has declined in an unprecedented abdication of accountability.
Since Bankman-Fried’s counsel has stated they are unwilling to accept the service of a subpoena, we will continue to work to have him appear before the committee. He owes the American people an explanation.”
Senators Pat Toomey and Sherrod Brown respond to Sam Bankman-Fried refusing to testify in person tomorrow:
"He has declined in an unprecedented abdication of accountability." pic.twitter.com/1fMtylAFpR
— Citizen Free Press (@CitizenFreePres) December 12, 2022
John Ray III, the new CEO of FTX, who will take Bankman-place, Fried’s, is still scheduled to testify before Congress on Tuesday.
According to Ray’s prepared remarks, The FTX collapse “appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets.”
The Bahamas intends to extradite him once U.S. officials request it.
Should Sam Bankman-Fried and the rest of his accomplices face criminal charges?
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