Sam Bankman-Fried, the controversial founder of bankrupt crypto exchange FTX, is behind bars. But the timing of the arrest, one day before he was due to testify before Congress, has raised eyebrows.
The document also treads over the same ground covered by Bankman-Fried in his parade of interviews. His argument has always been that, although there was a failure to pay sufficiently close attention to risk management, no deliberate fraud took place.
But it is at least conceivable, says Richard Schulman, a litigator at law firm Duval and Stachenfeld, that the US government did not want to “take a chance” that Congress might extend some sort of immunity to Bankman-Fried in exchange for his testimony. By arranging for Bankman-Fried to be arrested in advance of his appearance, the Justice Department eliminated that possibility.
The SEC has charged Bankman-Fried with “a scheme to defraud equity investors in FTX,” and the agency says investigations into other violations of securities law are “ongoing.” Garry Gensler, SEC chair, accused Bankman-Fried of building a “house of cards on a foundation of deception.”
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