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Congressman Al Green read aloud selections from an indictment that led to Sam Bankman-Fried’s arrest on Monday.
To recap, here are the charges from the indictment issued by the Justice Department’s Southern District of New York, which was unsealed Tuesday morning.
These charges could lead to hefty prison time for Bankman-Fried.
Representative Bill Huizenga, a Republican from Michigan, has asked if Sam Bankman-Fried’s parents were involved in the fraud at FTX.
“That is being investigated,” Ray said. He added that the parents, who were law professors at Stanford University, did receive payments related to FTX.
Thus far Bankman-Fried is the only person charged in connection with the collapse of the company. His former girlfriend Caroline Ellison – who helmed FTX-adjacent trading firm Alameda Research – has reportedly hired an attorney.
As the US Congressional hearing regarding the collapse of FTX continues, former chief executive Sam Bankman-Fried has reportedly made an appearance in court in the Bahamas for his arraignment.
Bankman-Fried was arrested in the Bahamas on Monday evening on criminal charges, and is likely to be extradited to the US.
Democratic representative Emanuel Cleaver has moved to submit planned testimony from Sam Bankman-Fried, which he called “disrespectful”, into the record.
In the testimony, which Forbes has published in full, Bankman-Fried planned to open by telling Congress “I fucked up.”
“Absolutely insulting,” Cleaver said of the language. “I mean, there’s not a person up here would like to show this to their children.”
Congressman Al Green read aloud selections from an indictment that led to Sam Bankman-Fried’s arrest on Monday.
To recap, here are the charges from the indictment issued by the Justice Department’s Southern District of New York, which was unsealed Tuesday morning.
These charges could lead to hefty prison time for Bankman-Fried.
Democratic representative Brad Sherman, a tough critic of crypto, said he has been trying to ban crypto investments for five years. He said he believes crypto’s ultimate goal is to compete with the US dollar.
“My fear is that people will look at Sam Bankman-Fried as one snake in a Garden of Eden. But the fact is, crypto is a garden of snakes.
