12/13/2022
Sam Bankman-Fried was arrested in The Bahamas last night on fraud charges.
He faces a total of 155 years in prison if convicted on all eight counts.
The disgraced FTX founder, 30, planned to tell Congress the company is solvent.
Prosecutors say he used it as a ‘personal piggy bank’ to fund his lavish lifestyle.
He also made enormous donations to the Democratic party.
He maintains that he did nothing of the sort, and was going to tell Congress today that he could repay all of the people who have lost money ‘tomorrow’ if his assets were unfrozen, despite previously filing for bankruptcy.
Prosecutors in The Bahamas today argued that he should not be granted bail, insisting that he was a flight risk. He is in court currently in a blue and white shirt, and is not wearing handcuffs.
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