FTX chief executive John J. Ray III, a corporate wind-down expert who was brought into the company to manage its bankruptcy, took a leading role before the House Financial Services Committee after the Monday arrest of Sam Bankman-Fried.
Federal prosecutors charged Sam Bankman-Fried with multiple counts of fraud on Tuesday, just hours after the Securities and Exchange Commission accused the disgraced FTX founder of orchestrating a scheme to defraud investors.
The indictments against Bankman-Fried accuse him moving billions of dollars illegally from FTX to Alameda. Prosecutors describe it as a “dirty money” scheme that helped fuel Bankman-Fried’s effort “to buy bipartisan influence and impact the direction of public policy in Washington.” Meanwhile, the House Financial Services Committee forged ahead with a hearing into the cryptocurrency exchange’s recent implosion despite the arrest Monday night of Bankman-Fried, its star witness, who was taken into custody in the Bahamas after U.S. officials requested his extradition.is facing charges in one criminal and two civil casesBankman-Fried’s successor as chief executive, John J. Ray III, is testifying at the House hearing. He was brought into the company to manage the bankruptcy.
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