2 House Republicans Ask SEC For Details On Timing Of SBF’s Arrest

Key Points:

• Two senior Republican US House of Representatives members wanted the SEC to provide information at the time of SBF’s arrest.
• Republicans said they were reviewing the administration’s charges’ timing and requested communications between SEC and Department of Justice officials.

Two senior Republican House Financial Services Committee members, Patrick McHenry and Bill Huizenga sent a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler on Friday, asking him for information regarding the filing of the SBF’s claims, according to Bloomberg.

Chairman Patrick McHenry and Representative Bill Huizenga, who leads the commission’s oversight and investigation subcommittee, sent a letter to SEC Chairman Gary Gensler on Friday asking him to provide records regarding the anti-complaint complaints back to Bankman-Fried.

Republicans said they were looking into the administration’s charges’ timing and requested communications between SEC officials and the US Department of Justice, among other filings. Gensler will respond directly to lawmakers, an agency spokesman said.

“The timing of the charges and his arrest raises serious questions about the SEC’s process and cooperation with the Department of Justice,”

The lawmakers wrote.

As previously reported, the SBF was scheduled to testify before the House committee on December 13, 2022, but was arrested by Bahamian authorities the night before. Bahamian officials said they arrested them after the Justice Department informed them that the SBF had been accused of fraud.

On December 12 last year, SEC Director of Enforcement Gurbir Grewal said the agency had separately authorized a civil lawsuit against the SBF. The current CEO of FTX, John Ray, eventually testified without the presence of SBF.

“Mr. Bankman-Fried has been extradited to the United States, and he and his colleagues should be questioned before our committee to help with the investigation,”

Representative Maxine Waters of California, the top Democrat on the services panel, asked McHenry in a letter on Friday.

Currently, the responsibility of SBF in the collapse of FTX is still under investigation. He has not received any charges from prosecutors of fraud and use of client funds. He was released on bail of up to $250 million. The next court hearing will take place on October 2.

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