ATTORNEY General Ryan Pinder. (File photo)
By LETRE SWEETING
lsweeting@tribunemedia.net
ATTORNEY General Ryan Pinder denied on Friday that the government seized any assets from FTX Digital Markets, cautioning individuals not to spread “fake news”.
Mr Pinder made these comments at the Office of the Prime Minister on Friday in response to claims surrounding FTX’s bankruptcy that the government had seized some assets from the company.
His comments were made in advance of a national address he is due to make on Sunday about FTX’s collapse.
“They (the Securities Commission) would have issued a press release the night before last in which they detailed their response to some of the filings and the bankruptcy matter, that were not accurate,” Mr Pinder said.
“For example, you would have heard in the bankruptcy matter that they discussed the government taking assets and seizing assets. Well that’s nothing further from the truth. The government does not seize assets. In fact it is the regulator, the Securities Commission, and they detailed that,” Mr Pinder said.
“You have to be very careful in this type of environment of your use of words. The responsible thing to do is to be honest and forthright and objective when you speak, especially with such an important and massive event that has occurred,” he said.
“I would caution everybody to not reiterate things that may be false, not speak on things that what (Donald) Trump would say is ‘fake news’, but to be patient and to be understanding and to be forthright and honest,” Mr Pinder said.
FTX filed for bankruptcy this month after numerous withdrawn deposits left the company owing $8 billion. The firm’s failure has sparked investigations by Bahamian and international law agencies.
Investigations are mainly focused on whether FTX misappropriated customer funds when it lent billions of dollars to Alameda Research, a crypto hedge fund.
Both firms were owned by Sam Bankman-Fried, a former billionaire who gave up control of the companies at the time of the bankruptcy filing.
In US court filings last week, FTX’s new CEO John Ray III said there was “credible evidence that the Bahamian government is responsible for directing unauthorised access to the debtors’ systems for the purpose of obtaining digital assets of the debtors – that took place after the commencement of these cases.”
However the Securities Commission shot back at this characterisation.
“Given the nature of digital assets, and the risks associated with hacking and compromise, the commission determined that placing FDM into liquidation was not sufficient to protect the customers and creditors of FDM,” the SCB said in a recent press release.
FTX Digital Markets, which is based in The Bahamas, was placed into liquidation on November 10.
“Accordingly, on 12 November 2022, the commission sought an additional order from the Supreme Court of The Bahamas for authority under the DARE Act to transfer all digital assets of FTX into digital wallets under the exclusive control of the Commission for the benefit of clients and creditors of FDM,” the Securities Commission said.
Comments
hrysippus 2 years ago
The Rt. Hon Ryan Pinder cautions us not to spread "fake news"; does this bring to anyone else's mind a past leader of his political party promising free electricity to his constituents if only they would re-elect him?
TalRussell 2 years ago
Why after scheming decisions were made on government files on FTX Sam Bankerman Fried, is be joined at the hip comrades, so engaging in totally opposite versions of what's already circled around the globe and made landfall back in the colony of Out Islands.
And with all of the above said. I was being nice my approach — Yes?
ThisIsOurs 2 years ago
This is ALL too late. I cant do your job, but if you have it you should be able to do it and explain what's happening. Clearly 3 weeks later theyre realizing their say nothing, Bahamian people will lose focus, we can move on to the next thing without giving any answers, modus operandi strategy is failing abysmally... because now you on the world stage and it looks like nobody had a handle on the company while it was operating or 3 weeks later
ThisIsOurs 2 years ago
"credible evidence that the Bahamian government is responsible for directing unauthorised access to the debtors’ systems for the purpose of obtaining digital assets of the debtors – that took place after the commencement of these cases.”
This statement appears to be correct. Doesnt the govt have 3 arms? The executive, the legislature and the judiciary? So on November 10th bankruptcy was filed and in November 12th, "after" bankruptcy was filed, one arm of the govt issued an order directing SBF to assist with moving funds "to obtain digital assets of debtors". This is 100% factually correct. I assume their whole case is on "unauthorized"...
Maximilianotto 2 years ago
The US will deal with this case. Who cares of this helplessness. US very slow, observing for as long as necessary but ultimately get all of them. Allen Stanford $7 bn defrauded and 110 years in prison.
realfreethinker 2 years ago
This is what happens when you don't get in front of the story. Foolishly our gov thought silence was golden. Absence facts people come up with their own theories. The gov has failed miserably on this situation
tribanon 2 years ago
THIS NEWS ARTICLE HAS BEEN CENSURED BY READERS FOR VIOLATION OF FREEDOM OF THE PRESS RIGHTS.
And to think The Tribune is trying to squelch the freedom of speech rights of its readers. LMAO
ThisIsOurs 2 years ago
ROTFL. The North Korean Tribune. Its somewhat of an oxymoron
ThisIsOurs 2 years ago
And did the SCB attempt to mislead the Bahamian public after SBF said he was directed by the regulators to move funds by saying they did not give any such order??? Word parsing is not useful. They could have said "here's what we asked him to do...". They implied they didnt give ANY order
ted4bz 2 years ago
They can do only what their masters allow them to do, and say.
TalRussell 2 years ago
New York's Southern District Prosecutors Office, has a long history and well deserved reputation of being tenacious to a fault.
Sources are saying, several months before its collapse, prosecutors in Manhattan had commenced sweeping examinations of FTX cryptocurrency platforms, including FTX's Bahamas Exchange Operations.
If reports are accurate, Comrade Attorney General, it's reasonable to ask. If prosecutors in Manhattan, had good reason not have made contact with Bahamian officials?
Which opens whole new level questions, like, if prosecutors were in contact with local officials, Was there more known by local officials, and much earlier, — Yes?
rqd2 2 years ago
Because the local officials were also under investigation?
ThisIsOurs 2 years ago
"The statement explained that OKX is the lead sponsor of the upcoming and inaugural D3 Bahamas Bahamas Fintech Festival, being put on by the Securities Commission of The Bahamas (SCB)." nassauguardian.com
This is their biggest mistake. From the pic of the director with a shovel in her hand next to SBF at the breaking ground ceremony for the FTX headquarters, the SCB is putting themselves in an extremely compromising position. How can you accept money from the people youre supposed to regulate? How can you act as a cheerleader for the industry?
Think of it, this would be the equivalent of the gaming board accepting a donation from Sebas. Or the police accepting a donation of bullet proof vests from Ninety Knowles. What else you think we could ask for? Better not get on their bad side. It makes no fiduciary sense. They are more than happy to BUY you
It appears to me that money making is the chief objective in this whole inititative. And when the love of money becomes the overriding driver you overlook all kinds of things, like org charts and financial statements that make no business sense, because money making.
ThisIsOurs 2 years ago
The most troubling part is that nobody asked about a possible conflict. Even after the FTX lesson. This was reported as a wonderful sign of "commitment". And how did that conversation go? Did we go after them asking for money? That would be even more troubling. I believe we've completely lost our ethical compass we literally can no longer tell what's right and wrong when big money is involved. We will do and accept anything.
ThisIsOurs 2 years ago
What were the fines levied for that recent oil spill? If noone has been fined please stop talking about a carbon credits industry because your intention would literally be committing fraud, taking people's money with zero intention of protecting the asset on which the carbon tokens are based
TalRussell 2 years ago
There are five (5) takeaways from collapse BTX.
Why, FTX come under the radar of New York's Southern District's extensive investigations of FTX cryptocurrency platforms, which included FTX Bahamian platform?
There's no refuting the interest in the 'why', which would've only centered more of Southern District's radar, over the Colony of Out islands, after FTX Bahamian collapse.
Thinking, with No five (5 being the most frettin' amongst Bahamian officials, lawyers, accountants, realtors and diverse political parties,
Enjoy intensifying street corners gossiping as one discovers, who got more than them?
Under will be enforced US law. Charitable donations, must be returned in the full amount.
And, yes. Applies political parties, politicians, and all others. politically joined, so influenced at hip bone.
Some just may want refrain from US travel, — Yes?
IslandWarrior 2 years ago
Bahamians know the history of what has happened to FTX after the shameful collapse in the Bahamas; however, the question for Bahamians that Attorney General Ryan Pinder has not addressed is 'how did the Bahamas not see the fake in FTX? Where was the oversight, and why was the office of The Prime Minister of our country the face of this scam? We don't need history lessons and meaningless sermons; Bahamians want to know why the close involvement of so many influential Bahamians is seen as 'special treatment for FTX. Where was the due diligence for these guys, spending millions when Bahamians in his own country can't spend $5,000 before the police are called or Bahaamians with Business Proposals are shown the door, disrespected, and emails go unanswered? It is best to stop the distraction and come clean because the truth will come out, as it always does.
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**The Needs of The Country And its People Have Exceeded The Current Political Ideology. From 1967 - Now! How Have We Progressed As a People? What Opportunities Have We Missed, Mistakes Made, And How Do We Look Back at The Past 50 Years, And Move Forward To The Next 50 Years? Can The Colonial Footing That Created The Old Bahamas Sustain a Future Bahamas? Fundamental Changes Are Needed For The Bahamas to Regain Its Once Held Position of Glory, Glory That Made 'Bahamians' Hold Their Heads High and Proud To Be Called Bahamians?****
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