Courtesy of ZeroHedge
Update (8:35pm ET): According to the NYT, the charges against SBF which in an indictment which will be unsealed on Tuesday included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. Of course, SBF should also be charged for talking too damn much and adding 15 years to his sentence by being a megalomaniac sociopath, but we’d take attempted bribery of the entire Democratic Party instead.
A lawyer chimes in, pointing out that according to federal sentencing guidelines, SBF could be looking at approximately 612,000 years in prison.
While more than half a million years in prison may seem excessive, life in prison for the disgraced democrat donor sounds about right.
And since SBF was the only person charged in the indictment, it appears that we were right when we said that his co-worker (and former lover) Caroline Ellison would roll on him (see “Alameda’s Caroline Ellison Spotted In NY Amid Speculation She Is About To Roll On SBF After Hiring Iconic Clinton Lawyer”).
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Just hours after refusing to attend a Senate hearing on his role in the collapse of FTX, Sam Bankman-Fried has been arrested by The Royal Bahamian Police Force, according to a statement from the Attorney General of The Bahamas Sen. Ryan Pinder KC.
The arrest came after the U.S. filed criminal charges against Bankman-Fried. US prosecutors say they’ll unseal an indictment on Tuesday…
It does make one wonder at the timing, as this happened just a week after Carline Ellison – the former CEO of Alameda Capital – was spotted in NY (not in custody) and had sought council, represented by DC law firm, WilmerHale.
Did his girlfriend throw him under the bus preemptively as she saw the ‘Simple Jack’ defense gaining ground?
Furthermore, the statement said that the nation expects the U.S. to request The Bahamas extradite Bankman-Fried in short order.
“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act.
At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.”
This should not have come as a total surprise after John Ray, the current FTX CEO, wrote in prepared remarks that FTX had ‘commingled’ funds…
Responding to SBF’s arrest, Prime Minister Davis stated:
“The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”
Presumably this means he will not be attending tomorrow’s Congressional hearing with Maxine Waters… which is a shame because we would have liked to hear some answers…
In his prepared remarks for that hearing, Bankman-Fried offered a blunt assessment of his plight.
“I would like to start by formally stating under oath: I f*cked up,” he said in the remarks obtained by Bloomberg News.
Indeed you did young man…
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Official Statement below:
