FTX Hearing Will Continue Without SBF Following His Arrest in the Bahamas
The United States House Financial Services Committee plans to move forward with FTX’s hearing scheduled for Tuesday, December 13, despite the arrest of the company’s disgraced founder and former CEO, Sam Bankman-Fried (SBF).
U.S. Committee to Hold Hearing in SBF’s Absence
According to a press release, Congresswoman Maxine Waters, chairwoman of the committee, disclosed that the hearing would be held, starting with testimony from FTX’s new CEO, John Ray.
A few days ago, Bankman-Fried revealed on Twitter that he was willing to testify during the hearing after much threat and persuasion from Waters. He initially argued that because he did not have access to personal and professional data, his testimony would be limited, and he would not be “as helpful as I’d like.”
However, the former CEO later said he would attend the hearing, revealing that he would do so remotely. He noted that it would be better for him to testify from the Bahamas, where FTX is headquartered, as moving would be complicated due to the paparazzi.
Unfortunately, the former billionaire was arrested Monday night in the Bahamas due to criminal charges filed by U.S. prosecutors. The Royal Bahamas Police Force is detaining him as orders for his extradition are likely to be issued soon.
Upon news of his arrest, Congresswoman Waters insisted that the hearing must be held as the public is looking for answers on the events that led to FTX’s bankruptcy.
“While I am disappointed that we will not be able to hear from Mr Bankman-Fried tomorrow, we remain committed to getting to the bottom of what happened, and the Committee looks forward to beginning our investigation by hearing from Mr John Ray III tomorrow,” she said.
Time to Bring SBF to Justice
Furthermore, Waters expressed her surprise at the arrest of SBF, probably because the action has been stalled for so long despite disturbing reports that emerged after the bankruptcy filing. Nevertheless, she believes the time to bring SBF to justice has come.
“It’s about time the process to bring Mr Bankman-Fried to justice has begun,” she stated.
~ By William A. Frederick ~
