FTX: Sam Bankman-Fried faces 612,000 years in prison if convicted!

Sam Bankman-Fried (SBF), the former CEO of FTX, was arrested in the Bahamas while scheduled to give online testimony Tuesday before the U.S. House of Representatives Financial Services Committee.

On Twitter, U.S. Attorney for the Southern District of New York (SDNY) Damian Williams announced the arrest and said SBF was taken into custody at the request of the U.S. government following the filing of an indictment sealed by the SDNY.

SBF faces 612,000 years in prison

The New York Times reports that the charges against SBF in the indictment, which will be unsealed Tuesday. They are money laundering, securities fraud, wire fraud and conspiracy to commit wire fraud. Of course, SBF should also be charged with talking too much and extending his 15-year sentence by being a megalomaniacal sociopath. However, we prefer to focus on his attempt to bribe the entire Democratic Party.

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A lawyer chimes in, saying that SBF can face up to 612,000 years in prison under the federal sentencing guidelines.

One wonders about the timing, as this came just one week after Carline Ellison, the former CEO of Alameda Capital, was spotted in New York and sought advice from the law firm WilmerHale.

However, according to the statement, the United States will soon ask the Bahamas to extradite Bankman-Fried.

“The Attorney General has determined that it is appropriate to seek SBF’s arrest and to hold him in custody pursuant to our country’s extradition statute, in light of the notice received and the information provided with.

“In accordance with Bahamian law and its obligations under its extradition treaty with the United States, The Bahamas intends to process any formal extradition request as soon as it is made.”

John Ray was not surprised by the arrest of Sam Bankman-Fried

After John Ray, the current CEO of FTX, claimed in prepared remarks that FTX had “mixed up“funds, this should not have come as a complete surprise. This suggests that he will not be present at the Congressional hearing led by Maxine Waters tomorrow. Which is unfortunate because we would have liked to hear some answers.

After its potential merger with leading crypto-currency exchange Binance failed, FTX filed for bankruptcy last month. The infamous collapse of the crypto-currency exchange, which wiped out the money of thousands of investors. It is, however, under investigation by the U.S. House of Representatives’ Financial Services Committee.

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