Lawyer Reacts: Samuel Bankman-Fried Arrested! Federal Indictment. CFTC & SEC Complaints.

Samuel Bankman-Fried (SBF), Ex-CEO of FTX, was arrested in the Bahamas on December 12, 2022. A Federal Grand Jury Indictment filed in the U.S. District Court for the Southern District of New York was unsealed this morning, and complaints have been filed by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

All of this happened on the eve of a hearing before the U.S. House of Representatives Committee on Financial Services, at which John J. Ray III (replacement CEO) testified. It also appears that SBF's written testimony was provided to the Committee in advance of the hearing, and the remarks he intended to deliver are pretty unbelievable.

Let's go through the relevant filings, highlights of testimony, and where things go from here!