Page 9 - John Jay Ray News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Bahamian regulators are objecting to some assertions about communications with the company’s former chief executive, Sam Bankman-Fried.

Ray. matt egan is following this angle for us. what are we expecting ray will say this morning? >> reporter: it is a little bit of a letdown that we're not going to get to see sam bankman fried get grilled by lawmakers. but in john ray, we're hearing from someone who spent the last month basically digging through the rubble. trying to understand what went wrong, how ftx went from an industry leader to basically a poster child for what could go wrong. and in his prepared remarks, john ray paints the picture of a company that is basically a dumpster fire. let me read you a key line from the stat...

Trading platform customers were defrauded. and to sum up what the s.e.c. said, they said bankman fried said it was a safe crypto platform touting ftx automated risk measures to proteskt customer assets in reality he orchestrated a year's long fraud to conceal from ftx investors and money that he stole from investors was used for political donations to buy luxury real estate in the bahamas and $1.3 billion in loans were taken out by bankman-fried personally. jim and erica. >> the dollar figures are remarkable. thank you so much. >> and remarkable that s.e.c. filing said he knew exactly what was...

The disgraced co-founder of digital-asset exchange FTX was arrested in the Bahamas after the US government filed a criminal indictment, following weeks of speculation that client funds were misused before his empire’s collapse.

>> john: seems the very definition of a ponzi scheme, collect money in one area and shift it to another area and the people who gave you the money will not get paid back and neither will the ones who the money got shifted to. i mean, it's crazy. >> sandra: massive, and red flags were being ignored for quite some time. >> john: but they figured it out in the end. >> sandra: kudos to them. see you >> martha: thank you. good afternoon. i'm martha maccallum. 30-year-old sam bankman-fried is increasingly hot water. now still in the bahamas. he's charged with fraud with money laundering and a bahami...