Sam Bankman-Fried, the designer of his crypto company’s catastrophic scamming of customers and its eventual collapse, turned down a request to appear in person before Congress on the grounds that he was “very busy.”
He is currently incarcerated in a Bahamian prison, with criminal accusations awaiting.
Bahamas Capture Criminal
Bahamian officials have apprehended SBF after receiving formal information from the United States that it brought criminal charges against him and would likely seek his extradition.
Due to the extradition agreement between the two countries, the attorney general of the Bahamas detained SBF in anticipation of the crypto fraud’s return to the United States.
Here’s additional information from the Bahamas:
🚨BREAKING: Sam Bankman-Fried has been arrested by Bahamian police following a “receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.” pic.twitter.com/xSSDWCwGwh
— Greg Price (@greg_price11) December 12, 2022
Recent evidence suggests that SBF willfully swindled investors in his company out of billions of dollars.
The straggly, shamed prodigy has been savoring extreme freedom in the months since FTX’s implosion, proceeding on a media tour and spewing a lot of tech bro-type nonsense and non-answers to credulous newscasters.
He appeared to embrace his reputation, feigning ignorance in front of the cameras and acting certain that he would avoid criminal penalties.
Investors were enraged and they questioned whether and also when authorities would move against him.
SBF Must Face the Law
Maxine Waters, SBF’s legislative best friend, extended an invitation for him to appear before the House Financial Services Committee in response to congressional inquiries.
SBF’s testimonial would also have probably been nothing more than political theater, given that Democrats, especially numerous members of the abovementioned House Financial Services Committee, collected vast sums of money from SBF.
Previously this year, Waters also blew SBF a kiss at a hearing. Waters obviously feels the need to ensure her gravy train keeps running.
Waters came out, expressing how surprised she is about the arrest, stating she feels he should be given the chance to explain to America what happened to their hard-earned money, since the collapse of the firm affected over one million individual investors.
She also stated that if found guilty of wrongdoing, she hopes SBF will be held accountable for his crimes.
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
Once the charge against SBF is released in the morning by the United States Attorney’s Office for the Southern District of New York, the penalties he will encounter when deported back to America, possibly in the near future days, should become clear.
John Ray III, who is the current CEO of FTX and a bankruptcy specialist, stated the cryptocurrency trading system saw a “total and unparalleled breakdown of corporate governance.”
He went on to say everything from compromised systems integrity and faulty regulatory oversight abroad, to the control being given to a group of gullible, uncivilized, and potentially compromised individuals is unprecedented.
Ray also said a large portion of FTX’s assets is also considered to be stolen or missing.