The last time we were able to hear from Sam Bankman-Fried, the person who was responsible for his crypto company's astonishing fraud of investors and the company’s eventual collapse, he refused the opportunity to speak personally before Congress and claimed that the congress had been “quite overbooked.” Well it appears that he is extremely in jail … a Bahamian jail, and has criminal charges in the process.
News is only breaking that Bahamian authorities have detained SBF “on receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.” Due to the extradition treaty signed between two countries, an attorney general from the Bahamas has taken SBF into custody to prepare to ship the crypto-fraud back to the United States.
Here's a bit more from the announcements from the Bahamas:
“Despite growing evidence suggesting that SBF deliberately defrauded investors of his company out of billions of dollars, the sultry, disgraced wunderkind is enjoying an incredible amount of freedom over the past few weeks following the collapse of FTX, taking on media tours and uttering a lot of tech-related gibberish, and giving insensitive answers to reporters. He appeared to be enjoying his fame, playing dumb before cameras and seeming convinced that he'd be able to avoid legal charges. Investors were angry, asking whether or when regulators would decide to take action against him.”
Congress was also looking for answers, and SBF's legislator friend, Maxine Waters, recently invited him to testify before Congress's House Financial Services Committee. SBF's testimony is likely to be a lot of political jousting since Democrats as well as a few members of the mentioned House Financial Services Committee, received huge sums of cash from SBF. Waters even gave SBF kisses during a hearing earlier this year. You need to keep that donation hose at full speed.
It's unclear the charges SBF will be facing when he's returned to the US within the coming days, but the specifics are expected to be released early in the morning, as the indictment against SBF has been released by the entity that is charging him which is The United States Attorney's Office for the Southern District of New York.