What's Next For FTX's Sam Bankman-Fried Following Arrest? — Transcript

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1. 0:00let's bring in and cnbc's Andrew Ross
2. 0:02Sorkin now and Andrew I mean let's just
3. 0:03start right there with the timing of
4. 0:05this arrest on the eve of his testimony
5. 0:07before Congress the chairwoman of that
6. 0:09committee while happy to see the
7. 0:11prosecution going forward it made no
8. 0:13secret of her displeasure that now his
9. 0:15testimony will not be under oath before
10. 0:17Congress what's with the timing here
11. 0:19hard to understand a lot of people had
12. 0:21thought that he was going to be walking
13. 0:23into a trap of sorts because he would be
14. 0:25testifying under oath and there could be
15. 0:27additional charges potentially of
16. 0:30defrauding uh the world if in fact he
17. 0:32were to have lied under oath I think at
18. 0:35this point it looks like somebody inside
19. 0:38has flipped somebody close to him there
20. 0:42were there's been a lot of speculation
21. 0:43about a number of people in and around
22. 0:46FTX in and around sandbank and freed and
23. 0:48whether they were able to do that if you
24. 0:50look through the SEC complaint this
25. 0:52morning in fact what you can see is some
26. 0:55significant details about what actually
27. 0:57happened inside details that would have
28. 0:59been unavailable to law enforcement
29. 1:01prior so perhaps that is what may have
30. 1:04happened in this case yeah often it
31. 1:05takes months and months if not years as
32. 1:07you well know to build a white-collar
33. 1:09criminal case so many are as you just
34. 1:11said speculating that perhaps someone on
35. 1:13the inside has flipped turned against
36. 1:15him and is guiding prosecutors here Sam
37. 1:18Brinkman freed to you you and to the
38. 1:20many other interviews he has done
39. 1:22subsequently has consistently said I
40. 1:25don't I didn't know there was
41. 1:26co-minkling of funds between FDX the
42. 1:29crypto exchange and his own hedge fund
43. 1:31that seems to be the linchpin of the
44. 1:34government's case and the SEC at least
45. 1:36is saying there was deception here so it
46. 1:39suggests the government it has this
47. 1:41evidence
48. 1:42it very much appears that way and in
49. 1:45fact there's a specific detail in the
50. 1:47SEC complaint this morning that seems to
51. 1:50suggest that he understood very much so
52. 1:52that there was eight billion dollars
53. 1:54that was in his hedge fund that had been
54. 1:56moved to another account at one point in
55. 1:59fact that they were going to start
56. 2:00charging interest on and he started
57. 2:02moving that money again to another
58. 2:04account so when you start to piece those
59. 2:07pieces together and you think about
60. 2:08what's called Criminal Intent that he
61. 2:10intended to do this is that kind of
62. 2:12evidence that prosecutors are going to
63. 2:14use to try to build their case and then
64. 2:16finally I mean what about the investors
65. 2:18some of them not rich people who poured
66. 2:22their money into this and and trusted in
67. 2:24this is is there anything about these
68. 2:26indictments the civil case that by the
69. 2:28SEC that makes recouping those losses
70. 2:30any more likely
71. 2:32I I'm afraid to say that piece of it I
72. 2:35think is uh going to be the most
73. 2:37difficult component of this the idea of
74. 2:40getting that money back is going to be a
75. 2:42long and arduous process there is going
76. 2:44to be some money uh for those who
77. 2:46invested in something called ftx.us
78. 2:48there may be a better chance at getting
79. 2:50some of that money back but we've heard
80. 2:52from so many people who have used uh
81. 2:55this service some of whom say they have
82. 2:57lost their their life savings
83. 2:59Andrew Ross Sorkin who did a seminal
84. 3:01interview with Sam Brinkman freed thank
85. 3:03you very much appreciate it
86. 3:04hey thanks for watching don't miss the
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