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Disgraced Cryptocurrency Executive Sam Bankman-Fried Arrested in Bahamas

HeadlineDec 13, 2022

The disgraced founder of the cryptocurrency exchange FTX was arrested in the Bahamas on Monday after U.S. prosecutors filed criminal charges against him including wire fraud, securities fraud and money laundering. The arrest of Sam Bankman-Fried came a month after FTX collapsed virtually overnight, revealing an $8 billion hole in the company’s balance sheet. This morning, the U.S. Securities and Exchange Commission filed a civil complaint accusing Bankman-Fried of “orchestrating a scheme to defraud equity investors in FTX.” The company’s rapid collapse has been compared to the Ponzi scheme overseen by disgraced financier Bernie Madoff. Bankman-Fried’s arrest came just one day before he was scheduled to testify to the House Financial Services Committee, and after he refused to accept another subpoena ordering him to testify to the Senate Banking Committee. Meanwhile, Bloomberg reports bankruptcy lawyers may attempt to claw back at least $73 million of political donations tied to FTX. Federal Election Commission data show Bankman-Fried was the second-largest campaign contributor in the 2022 midterm elections, with nearly $40 million given to Democratic campaigns and super PACs.

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