Sen. Cynthia Lummis joined the growing chorus of voices calling for disgraced crypto investor Sam Bankman-Fried to be investigated for 'good old-fashioned fraud.'
When Bartiromo asked whether Bankman-Fried was avoiding arrest because of his ties to the Democratic Party, Lummis responded by saying that it seemed like the FTX founder was receiving a "kid glove treatment for someone who had mesmerized the public."" lifestyle in the Bahamas and enjoying a $40 million penthouse before his crypto empire disintegrated. Lummis believes another explanation for Bankman-Fried’s base in the Bahamas is more fraud.
"There’s a reason that they offshored most of these companies," she said. They wanted to "obfuscate what they were doing. And what they were doing was re-hypothecating, meaning lending over and over again the same monies, and using consumer funds to do their equity investing, their political contributions."
Bankman-Fried famously engaged in a form of investing called "effective altruism" and told the media that he planned on giving most of his wealth away to make the world a better place. The co-founder of Palantir accused Bankman-Fried of hiding behind a "Sen. Cynthia Lummis called out Bankman-Fried for committing"fraud" on"Mornings with Maria" after he spoke out for the first time on the scandal.
Bankman-Fried's interview with the New York Times at the DealBook Summit is just one of many media hits in an ongoing PR blitz to defend his reputation. He also appeared on "Good Morning America" and has conducted interviews with YouTubers like Tiffany Fong. testify before congressional committeesFOX Business’ Eric Revell, Michael Ruiz, Jon Michael Raasch, Thomas Catenacci and Houston Keene contributed to this report.
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