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Sam Bankman-Fried (SBF), the former CEO of FTX, was detained in the Bahamas just as he was scheduled to give an online testimony on Tuesday before the US House Financial Services Committee.
On Twitter, the US Attorney for the Southern District of New York (SDNY), Damian Williams, announced the arrest and stated that SBF was taken into custody at the request of the US government following the filing of a sealed indictment by the SDNY.
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
SBF may face 612,000 years in prison
The New York Times reports that the charges against SBF in the indictment will be made public on Tuesday. It includes money laundering, securities fraud, wire fraud, and conspiracy to commit wire fraud. Of course, SBF should also face charges for talking too much and lengthening his sentence by 15 years by being a megalomaniacal sociopath. SBF’s multi million dollars donations to Democratic party have also raised some eyebrows.
If all the maximum punishment for all the charges against SBF are added up, he may face up to 612,000 years in prison in accordance with federal sentencing guidelines.
According to federal sentencing guidelines, if you account for all of today’s developments, it looks like SBF is looking at *checks notes* 612,000 years in prison. pic.twitter.com/WrAWfhCelP
— Wendy Peffercorn (@SandLot84) December 12, 2022
One must question the timing since this occurred just one week after Caroline Ellison, the former CEO of Alameda Capital, was spotted in New York City and sought advice from DC law firm WilmerHale.
However, according to the statement, the country anticipates that the United States will soon ask the Bahamas to extradite Bankman-Fried.
“The Attorney General determined that it was appropriate to request SBF’s arrest and hold him in custody in accordance with our country’s Extradition Act in light of the notification received and the information provided therewith.
“In accordance with Bahamian law and its obligations under its extradition treaty with the United States, The Bahamas intends to process any formal requests for extradition as soon as they are made.”
John Ray was not surprised with Sam Bankman-Fried arrest
After John Ray, the current FTX CEO, claimed in prepared remarks that FTX had “commingled” funds, this shouldn’t have come as a complete surprise. This suggests that he won’t be present at the Maxine Waters-led congressional hearing tomorrow. However, which is unfortunate because we’d have liked to hear some responses.
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
Following the failure of its potential merger with the top cryptocurrency exchange Binance, FTX filed for bankruptcy last month. The infamous collapse of the cryptocurrency exchange, which destroyed the money of billions of investors. However, it is being investigated by the US House Financial Services Committee.
Also Read: SBF Jail: Is FTX Founder Trying To Escape Arrest With Virtual Testimony?
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