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FTX CEO John J. Ray III, who is guiding the collapsed crypto company through bankruptcy, testified before the House Committee on Financial Services on Dec. 13. (Video: Joy Yi/The Washington Post, Photo: Al Drago/Bloomberg/The Washington Post)

Bankman-Fried bought D.C. influence by spending ‘dirty money,’ prosecutors say

Updated December 13, 2022 at 7:59 p.m. EST|Published December 13, 2022 at 7:34 a.m. EST
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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.  

Here’s what to know

  • The entrepreneur is facing charges in one criminal and two civil cases.
  • A judge in the Bahamas denied bail to Bankman-Fried.
  • At a House hearing, FTX’s new chief executive, John J. Ray III, described the events that led to FTX’s downfall as “plain old embezzlement” and said customers will not recover all their money. Ray was brought into the company to manage the bankruptcy.
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The entrepreneur is facing charges in one criminal and two civil cases.
A judge in the Bahamas denied bail to Bankman-Fried.
At a House hearing, FTX’s new chief executive, John J. Ray III, described the events that led to FTX’s downfall as “plain old embezzlement” and said customers will not recover all their money. Ray was brought into the company to manage the bankruptcy.

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