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Democrat SBF mega-donor arrested hours before answering congressional questions

Democratic mega-donor and FTX founder Sam Bankman-Fried was arrested in the Bahamas on Monday, just hours before he is scheduled to testify before the House Financial Services Committee on Tuesday.

Bankman-Fried was arrested after US authorities filed criminal charges against him, US prosecutors confirmed.

“Earlier tonight, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. government, based on a sealed indictment filed by SDNY,” U.S. Attorney Damian Williams said. “We expect to unseal the indictment in the morning and we will have more to say then.”

However, some politicians were quick to point out that Bankman-Fried’s arrest came just hours before his highly anticipated testimony before Congress.

“Tomorrow, Sam Bankman-Fried was scheduled to testify before the House Financial Services Committee. @HouseGOP was ready to grill it six ways until Sunday,” said Lee Zeldin, former Republican gubernatorial candidate of New York. tweeted. “Now tonight, SBF has just been arrested! Why not allow him to testify on the 1st tomorrow and answer our many questions?

Bankman-Fried’s scheduled appearance before the House Financial Services Committee on Tuesday came after the disgraced financier previously dodged a request from Chair Maxine Waters (D-CA) to testify before the committee.

Bankman-Fried told Waters and the committee last week that he was “not sure” if he would have finished “learning and reviewing what happened” with FTX before the committee please have him testify on December 13th.

However, on Monday, during a Twitter Space interview hours before his arrest, Bankman-Fried confirmed that he would appear before the House Financial Services Committee remotely rather than an in-person appearance because he is “quite overbooked”.

“I don’t think I will be arrested,” Bankman-Fried reportedly said during the Twitter space.

He added that he was “open and willing” to possibly appear before the Senate Banking Committee on Wednesday.

The senses. Sherrod Brown (D-OH) and Pat Toomey (R-PA), the chairman and ranking member of the Senate Banking Committee, criticized Bankman-Fried for his reluctance to confirm an appearance before their committee.

Brown and Toomey said in a joint statement:

Virtually every CEO, financial regulator, and administration official from Republicans and Democrats has agreed to testify before the Senate and House when called — that’s how congressional oversight works. We have offered Sam Bankman-Fried two different dates to testify before the Senate Banking, Housing, and Urban Affairs Committee, and we are ready to host virtual testimony. He declined in an unprecedented abdication of responsibility.

Since Bankman-Fried’s attorney has said he is unwilling to accept service of a subpoena, we will continue to work to have him appear before the Committee. He owes the American people an explanation.

Bankman-Fried’s replacement, new FTX CEO John Ray III, is still scheduled to testify before Congress on Tuesday.

In remarks prepared by Ray, which he released ahead of his testimony, Ray said that the collapse of FTX “appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced individuals with little sophisticated companies that have implemented virtually none of the systems or controls necessary for a business entrusted with the money or assets of others”.

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