Biden’s DOJ Arrests Sam Bankman-Fried Preventing Him from Incriminating Himself Before Congress

SBF, Youtube
Sam Bankman-Fried (SBF), the second largest donor to Democrats, was arrested just one day before he was scheduled under a subpoena to appear before Maxine Waters, head of the Financial Services Committee and recipient of his donations, precluding him from congressional sworn testimony and answering questions asked by Republican members of the Financial Services Committee. The Justice Department’s action essentially muzzled SBF although he seemed eager to speak about his actions and had already incriminated himself in interviews. SBF is accused of diverting customer funds from his FTX cryptocurrency exchange to support his hedge fund, Alameda Research. The range of charges includes wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering. Democrat recipients of SNF’s donations have not been revealed. Critics question who is being protected by the DOJ’s effective silencing of SBF.

SBF’s parents have left their positions as law professors at Stanford University and are reportedly in the Bahamas with their son. His father, Joseph Bankman, is a tax professor and was a paid employee of his son’s company. His mother reportedly worked with him on some of these massive donations to Democrats.  The parents are reportedly now concerned that the legal costs in the case could “wipe them out.”

Within one day the entire narrative surrounding the downfall of Billionaire Crypto King Sam Bankman-Fried has gone from “why hasn’t this guy been arrested yet,” to “what is the government afraid he is going to reveal?”

Who all is this guy connected to, and just how far does the corruption spread?

On November 22, 2022 QTR’s Fringe Finance published an article titled: Why Isn’t Bankman-Fried In Handcuffs Yet?

Bankman-Fried – the second biggest donor to Democrats behind George Soros – has all but admitted that he squandered billions of dollars of other people’s money carelessly, writing “I fucked up” on Twitter in a mea culpa about two weeks ago, days after a run on his exchange exposed it to be a shell of what many perceived it to be.

Institutional investors in FTX have written their stakes in the firm to $0.

The $5 billion bank-run on FTX that started it all has many everyday crypto investors worried that their “investments” with FTX are total losses. For many, it was their life savings.

Since then, Bankman-Fried’s former company continues to be at the center of extremely shady circumstances. It has seen a “substantial amount” of its assets go missing in the days after its blowup.

The lawyer hired to oversee the liquidation of FTX, who also was in charge of the same task for Enron, has said “he’s never seen a company in worse shape than FTX.”

“I have over 40 years of legal and restructuring experience. I have been the chief restructuring officer or chief executive officer in several of the largest corporate failures in history. . . . Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

To add insult to injury, Bankman-Fried has also admitted that his entire persona of being an altruist was a ruse, calling it a “dumb game we woke westerners play.”

Now widely accepted by the public and most in the financial industry to have committed a massive $30 billion fraud that has spawned innumerable comparisons to Madoff and Enron, it’s unclear to me what more of an admission of guilt is needed to extradite Bankman-Fried to the United States and place him under arrest.

I know I’m not the only one who can hear the drumbeat of potentially covering up for Bankman-Fried beating a little louder with every day that goes by and he isn’t shown being paraded off somewhere in handcuffs.

Instead, the only photo I have seen of Bankman-Fried since his firm’s blowup has been one of him meandering around a grocery store in the Bahamas.

On December 11, 2008, financier Bernard Madoff is arrested at his New York City apartment and charged with masterminding a long-running Ponzi scheme later estimated to involve around $65 billion, making it one of the biggest investment frauds in Wall Street history.

His arrest came two days after he admitted to his brother that he was running a fraud.

Between the beginning of December and his arrest on the 11th, he also confessed to his sons, who “turned him in”.

This means, at the maximum, it was 11 days between Madoff being “turned in” and being arrested. (Full article.)

FTX filed for bankruptcy in Delaware, but the names of the creditors were allowed to be redacted which resulted in an outcry by many in the media. Pam Martens of Wall Street on Parade reported yesterday:

No One Trusts the FTX Bankruptcy Case: News Outlets Intervene; Justice Department Trustee Demands Independent Examiner; SEC Orders Disclosures

Two days after the disgraced crypto exchange, FTX, filed its bankruptcy petition in Delaware bankruptcy court, Wall Street On Parade published an article explaining why it was problematic that the Big Law firm of Sullivan & Cromwell somehow managed to become the legal advisor on the FTX bankruptcy process despite its prior engagements with FTX and Alameda Research, the hedge fund owned by Sam Bankman-Fried, the co-founder and ousted CEO of FTX. We wrote at the time:

“The General Counsel of FTX.US, the FTX exchange serving customers in the U.S., is former Sullivan & Cromwell partner, Ryne Miller, who had co-chaired the law firm’s commodities, futures and derivatives group and worked at the law firm for eight years prior to joining this speculative, upstart crypto exchange…

“Another Sullivan & Cromwell partner involved with FTX is Ken Li, who represented FTX.US last year in its acquisition of crypto derivatives firm, LedgerX, which provides trading in crypto futures, options and swaps to both retail and institutional clients.

“But of greatest significance was Sullivan & Cromwell’s representation of both Alameda Research and FTX in their joint bid to purchase the assets of bankrupt crypto exchange, Voyager Digital Holdings, last year. While Sullivan & Cromwell’s website states that it represented FTX.US in its winning bid, the filings in the court case indicate that Sullivan & Cromwell lawyers Andrew G. Dietderich, Brian D. Glueckstein, and Benjamin S. Beller were also representing Alameda Research, Bankman-Fried’s hedge fund that is alleged to have misappropriated customers’ funds from the FTX exchange….”

Now, lots of other folks are sharing Wall Street On Parade’s skepticism of what’s happening in the Delaware bankruptcy court involving the FTX bankruptcy proceedings.

Just last Friday, December 9, four major news outlets filed an emergency motion with the court asking for transparency in the proceedings. The news outlets are Bloomberg News, Dow Jones (parent of the Wall Street Journal), the New York Times and the Financial Times. The news outlet intervenors wrote as follows in their court filing:

“Debtors [FTX and its more than 100 affiliates incorporated in secrecy jurisdictions like the Bahamas and Antigua] have been accused of lack of transparency in their business. That mindset appears to have carried over to this bankruptcy, as they have taken the extraordinary step of seeking to keep under seal their list of creditors, a document which, with very few exceptions, has historically been open to the public. Intervenors object to the continued sealing and redaction of information that historically has been quintessentially public in nature.”

And this:

“Redacting the names of the creditors will have far-reaching impact as the case progresses. Will any creditor who wants to file a motion or an adversary proceeding be entitled to do so anonymously? Would preference actions redact the names of defendants who are creditors? This will turn the entire proceeding into a farce, with only the Debtor’s name publicly spoken. This would be contrary to Congress’s ‘strong desire to preserve the public’s right of access to judicial records in bankruptcy proceedings.’ Video Software Dealers Ass’n, 21 F.3d at 26 (quoted in In re Alterra Healthcare Corp., 353 B.R. at 75). The Court has indicated that proofs of claim will not be submitted anonymously. If disclosure it inevitable, there is no point to keeping the names anonymous now.”

That action by major news outlets followed a filing on December 1 by the U.S. Trustee, who is the watchdog for the U.S. Department of Justice in bankruptcy cases. The U.S. Trustee’s filing requested the appointment of an independent examiner in the FTX matter. (Full article.)

Sam Bankman-Fried was finally subpoenaed to appear before Congress this week, at two different hearings, but his attorneys apparently decided he would only attend one of the hearings.

Zerohedge News reported:

Having been asked so nicely by Maxine Waters (a recipient of his donations), and agreed, to virtually-attend tomorrow’s Congressional hearing about the collapse of FTX, Sam Bankman-Fried has made it clear he will not be attending Wednesday’s Senate Banking Committee hearing on the same topic.

Senators Brown and Toomey are not pleased with Bankman-Fried’s refusal to attend their hearing and have just issued the following statement:

Virtually every CEO, financial regulator, and administration official for Republicans and Democrats has agreed to testify in front of both the Senate and House when called upon – that is how congressional oversight works. We have offered Sam Bankman-Fried two different dates for providing testimony before the Senate Banking, Housing, and Urban Affairs Committee, and are willing to accommodate virtual testimony. He has declined in an unprecedented abdication of accountability,” said Senators Brown and Toomey.

“Given that Bankman-Fried’s counsel has stated they are unwilling to accept service of a subpoena, we will continue to work to have him appear before the Committee. He owes the American people an explanation.

Forgive us for our ignorance here… but since when do you get to decide if you accept a subpoena… it’s punishable as contempt… just ask Steve Bannon?

And just in case the Senators needed a reminder, a Walsh Act subpoena provides a method of compelling testimony or production of evidence from a non-party American citizen or resident who is abroad and thus cannot be compelled through more conventional methods. Because of the flexibility of this statute and its ability to reach American citizens no matter where they are in the world, it is a powerful tool for litigants that should not be overlooked by those embroiled in cross-border litigation. (Full Article.)

And then yesterday, one day before he was scheduled to appear with Maxine Waters, the DOJ issues an arrest warrant and authorities in the Bahamas, finally, arrest Bankman-Fried. But now he can’t testify before Congress.

According to criminal defense attorney Jonathan Turley, this is unprecedented. Never before has the plaintiff in a criminal case, in this case the U.S. Department of Justice, intervened to prevent a defendant from testifying before Congress where he would have undoubtedly incriminated himself and made their case a slam dunk.

Read full article here…

Verified News Exporer:    https://vnexplorer.net/sam-bankman-frieds-parents-staying-in-bahamas-fear-his-legal-fees-will-wipe-them-out-s6480614.html

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JRB
JRB
1 year ago

Five bucks says he commits Hillarycide in his jail cell.

Tom Ball
Tom Ball
1 year ago

All of which goes to show that he didn’t pull this stunt off by himself anymore than Bernie Madoff did.

Ragnar D.
Ragnar D.
1 year ago

It looks like Mr. Scam Bankman-Fraud is in some hot water, and so are his elite law professor leftist parents. If they’re worried about legal costs, maybe they can get some of their Stanford Law buddies to defend them pro bono since it would be such a noble cause. It’s just so hard to see these woke billionaires being unable to catch a break!

Milton Farrow
Milton Farrow
1 year ago

The reason they arrested him rather than let him testify before the Democrat scumbags-is that they would be exposed to accepting CONVERTED PROPERTIES and the DNC would be charged with receivng stolen goods SUBJECT TO THE RICO ACT