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-Lurid Crime Tales-

Former FTX CEO Bankman-Fried arrested in Bahamas

2022-12-13

[JPost] The Bahamas police have arrested former FTX CEO Sam Bankman-Fried, the country's attorney general said on Monday, adding that The Bahamas has received formal notification from the United States of criminal charges against him.

A spokesman for the US Attorney's office in Manhattan confirmed Bankman-Fried had been arrested in The Bahamas but declined to comment on what the charges were.

"As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF's arrest and hold him in custody pursuant to our nation’s Extradition Act," the office of The Bahamas Attorney General Ryan Pinder said.

A lawyer for Bankman-Fried could not immediately be reached for comment.

In a series of interviews and public appearances in late November and December, Bankman-Fried acknowledged risk management failures but sought to distance himself from accusations of fraud, saying he never knowingly commingled customer funds on FTX with funds at his proprietary trading firm, Alameda Research.

"I didn't ever try to commit fraud," Bankman-Fried said in a Nov. 30 interview at the New York Times' Dealbook Summit,

“It just something that comes naturally to me. A gift, if you will,” he added.

adding he doesn't personally think he has any criminal liability.

Good luck with that theory — it appears that the legal divisions of at least two countries disagree with you.

FTX, which had been among the world's largest cryptocurrency exchanges, filed for bankruptcy protection on Nov. 11 in one of the highest-profile crypto blowups after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

The liquidity crunch came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, the people said.

Bankman-Fried resigned as FTX's chief executive officer the same day as the bankruptcy filing.

Lord Garth gives us CNBC’s report, which adds:

Before his arrest was announced, Bankman-Fried had been expected to testify virtually before the House Financial Services Committee on Tuesday, but his attorneys told CNBC that he will not testify.

His arrest is the first concrete move by regulators to hold individuals accountable for the multi-billion dollar implosion of FTX last month.

Damian Williams, the U.S. Attorney for the Southern District of New York, said on Twitter that the federal government anticipated moving to "unseal the indictment in the morning." The New York times reported that the charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering, according to the New York Times, citing a person familiar with the matter.
Read the rest at the link

Posted by:Frank G

#17 And some federal judge will agree.

So, house arrest in the Bahamas?

Posted by: Skidmark 2022-12-13 21:44

#16 Yet another "brazen" act to show the contempt for the people they "serve" by the Puppet Show and Jojo Inc! The timing is an intentional and obvious message, with a paper-thin veneer of coincidence for the MSM to hide behind.

Posted by: NoMoreBS 2022-12-13 13:06

#15 It will be funny when the justice department only presses charges on FTX Campaign Donations to Republicans.

Posted by: airandee 2022-12-13 10:47

#14 ^ Intuit is a woke corporation. The data will be "lost."

Posted by: M. Murcek 2022-12-13 10:26

#13 FTX used Quickbooks for their accounting software. Quickbooks is fine for small businesses; not so much for billion dollar corporations.

Posted by: Raj 2022-12-13 10:11

#12 ...or a Seth Rich treatment from an 'angry' investor.

Posted by: Procopius2k 2022-12-13 09:26

#11 Poster boy candidate for Epsteinization.

Posted by: Warthog 2022-12-13 08:55

#10 Fallen crypto king due for House GOP grilling on recordkeeping — if arrest doesn't block testimony

Posted by: Skidmark 2022-12-13 08:43

#9 Guess the guy won't testify.

Democrat Mega-Donor SBF Arrested Hours Before Facing Questions from Congress

Posted by: Skidmark 2022-12-13 08:08

#8 We all know where this is going. There will very likely be a Federal bailout.

Posted by: Besoeker 2022-12-13 07:51

#7 This comment is not intended as disparagement of anyone with a legitimate diagnosis

This guy is going to claim he's "on the spectrum" and did not think he was doing anything wrong. And some federal judge will agree.

Posted by: M. Murcek 2022-12-13 07:50

#6 also some of the other execs at FTX are rumored to be negotiating a plea agreement

Posted by: Lord Garth 2022-12-13 07:31

#5 Kevin "Mr. Wonderful" O'Leary of the Sharktank was in investor in this also.

He admits to being duped and not having done due diligence.

Posted by: Lord Garth 2022-12-13 07:25

#4 He really should have a Myocarditis exam.

Posted by: Besoeker 2022-12-13 07:11

#3 And the rest of them?

Their silence is deafening: Stars including Gisele and Tom, Larry David and Shaquille O'Neal who took SBF's cash to advertise his doomed FTX crypto exchange say nothing as he's arrested and charged

Posted by: Skidmark 2022-12-13 07:03

#2 He looks suicidal.

Posted by: Airandee 2022-12-13 06:49

#1 One day before he was supposed to sing like a canary before Congress about his Dem co-conspirators!

Posted by: Mad Eye Omeretch7959 2022-12-13 00:12

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