Posted on 02/04/2023 8:55:05 AM PST by fireman15
Plans for FTX and creditors to demand information on dealings would duplicate the work of the independent examiner who has yet to be appointed, the U.S. trustee said.
Proposals for FTX and a committee of its creditors to subpoena founder Sam Bankman-Fried, his immediate family and senior staff of the bankrupt crypto exchange have been opposed by the U.S. Trustee, a branch of the Department of Justice dealing with bankruptcy.
The plans, set to be discussed at a Wednesday hearing, would duplicate any independent examination of the exchange’s downfall, U.S. Trustee Andrew Vara said in a legal filing made Thursday. An independent examiner has yet to be appointed. The examiner issue will be discussed at a Monday hearing, with new FTX Chief Executive Officer John Ray set to give testimony.
“If the Court directs the appointment of an examiner, then his or her charge could be to investigate the same web of entities and transactions” as the proposed requests for information, Vara said. “The bankruptcy court has an obligation to prevent unnecessary expenditures in the administration of an estate.”
FTX filed for bankruptcy protection on Nov. 11, and Bankman-Fried resigned as CEO the same day, to be replaced by restructuring expert Ray. In a Jan. 25 filing, FTX's new management said Bankman-Fried, his brother Gabriel and his parents could potentially have valuable information about what happened to funds allegedly misappropriated from the company before its collapse.
(Excerpt) Read more at coindesk.com ...
BINGO!!! Our ENTIRE Government is CORRUPT to the core!
Potentially key witnesses are not cooperating, FTX said, adding that co-founder Gary Wang and Caroline Ellison, head of FTX's trading arm Alameda Research, expressly declined to provide requested information.
The U.S. Trustee also opposed a bid to seek information from those who might know about a more than $300 million hack and subsequent laundering of digital assets that took place on Nov. 11-12, whose alleged identities have been redacted from court documents.
A bipartisan group of U.S. senators has been among those calling for an independent examiner into the FTX affair rather than letting the company do its own probe. In the parallel case of bankrupt crypto lender Celsius Network, examiner Shoba Pillay produced her report last Tuesday. In a Feb. 1 filing, Vara argued appointing an examiner for FTX was effectively required by law given the sums at stake.
Read more: Sam Bankman-Fried’s Mother and Brother Not Cooperating With Financial Probe, FTX Lawyers Say
Translation: “The Dems haven’t figured out how to shield themselves from the $Billions of fraudulent contributions from SBF and their conspiracy to protect his Ponzi scheme.”
Thanks auto-correct!
Of course it is. The US died when Obama/Biden/Pelosi/Schumer took over in 2009. Nothing has been the same since.
“You can’t investigate because you will interfere with our coverup... I mean investigation.”
that’s because Garland hasn’t personally handpicked someone to cover for his pals the Bankman-Friedx
Can't they be jailed for contempt? And held in jail until they begin cooperating?
...sort of like when you hear that tripe of "protect OUR democracy"...
Pure CYA crap by corrupt entities.
file it with epstein’s black book
Do its own probe? That would be like making Al Capone head of the FBI but we have that already in the present head of the FBI.
“A bipartisan group of U.S. senators has been among those calling for an independent examiner into the FTX affair rather than letting the company do its own probe.”
This is all turning into a dog and pony show with people who received massive amounts of money from FTX positioning themselves where they will be able to influence the “investigations”. Sadly, we will likely never know the extent of this scam. Fortunes have been stollen and are making the perpetrators into our future idle rich.
Merrick Garland
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