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Sam Bankman-Fried, the co-founder of the decimated crypto firm FTX and leftist mega donor was arrested and held with bail denied in the Bahamas on Tuesday mere hours after U.S. authorities indicted him on allegations of fraud.

The Bahamian authorities, namely Bahamas Chief Magistrate JoyAnn Ferguson-Pratt ordered Bankman-Fried, referred to widely as ‘SBF’ to be remanded to the Bahamas State Department of Corrections until Feb. 8, 2023, Fox Business reported citing Reuters.

On Monday, SBF was arrested at the direct request of the U.S. Government. By Tuesday Damian Williams the U.S. Attorney for the Southern District of New York, the Commodity Futures Trading Commission and the Securities and Exchange Commission had laid out the case against him in a now unsealed indictment.

“All of this dirty money was used in service of Bankman-Fried’s desire to buy bipartisan influence and impact the direction of public policy in Washington,” Williams said during a news conference discussing the 13-page indictment according to Fox.

Bankman-Fried is charged with eight different criminal offenses including but not limited to; wire fraud, money laundering, and conspiracy to commit fraud in what Williams referred to as, “one of the biggest frauds in American history.”

He was arrested by Bahamas law enforcement at the request of the U.S. Federal Authorities only a day before he was scheduled to testify with FTX’s CEO, John Ray III to the House Financial Services Committee.

Gurbir Grewal, director of the SEC’s Division of Enforcement explained that “Bankman-Fried’s entire house of cards started to crumble as crypto asset prices plummeted in May 2022 and as Alameda’s lenders demanded repayments on billions of dollars in loans.”

The indictment against him and “others” with the firm alleges that Bankman-Fried committed fraud against his investors, illegally using their investment funds to purchase property for himself and his relatives. They further assert that he designed the transactions with “deliberate” intent to hide his criminal activity.

At his peak, Bankman-Fried was worth $26.5 billion, Fox Business wrote citing Forbes, he allegedly lost everything when FTX collapsed nearly overnight. Using this wealth he had ingratiated himself as a prominent Washington, D.C. insider and a massive mega-donor to leftist causes and Democratic campaigns to rival even George Soros, although he did allegedly donate to sympathetic Republicans as well.

“FTX operated behind a veneer of legitimacy,” Grewal told reporters. “That veneer wasn’t just thin, it was fraudulent.”

Mark S. Cohen, the attorney representing the disgraced former Billionaire said in a statement, “Mr. Bankman-Fried is reviewing the charges with his legal team and considering all of his legal options.”

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Ray, the present FTX CEO told lawmakers, “This is really just old fashioned embezzlement. This is just taking money from customers and using it for your own purpose. Not sophisticated at all,” Ray said in his four-hour-long testimony according to CNBC. “Sophisticated, perhaps in the way they are hiding something, frankly, right in front of their eyes. This is just plain old embezzlement. Old school, old school.”

FTX declared Chapter 11 bankruptcy in November after allegedly transferring several billion dollars in FTX customer funds to Bankman-Fried’s hedge fund, Alameda Research. Just before the company imploded he had donated nearly $40 million to campaigns, PACs, and candidates competing in the 2022 midterm elections.