Sam B-F - says not all loans he took from Alameda were used to invest in the business

FTX founder Sam Bankman-Fried says in draft of testimony prepared for congress and seen by Reuters:

• “deeply regrets giving in to pressure” to sign forms that led to chapter 11 filing
• Concerned FTX US Team gave misleading information to chapter 11 team
• FTX attorneys Sullivan & Cromwell, FTX US General counsel and others pressured him to file for bankruptcy Bankruptcy Bankruptcy or insolvency is a legal designation occurring when a company or entity are unable to repay debts. While associated mainly with business, individuals can also declare bankruptcy. Persons or companies can voluntarily declare bankruptcy, involving filings with courts by their own accord. This differs from involuntary bankruptcy in which debtors force individuals or companies into bankruptcy by filing a petition with the courts. Bankruptcy can only occur with a court filing. Of note, Bankruptcy or insolvency is a legal designation occurring when a company or entity are unable to repay debts. While associated mainly with business, individuals can also declare bankruptcy. Persons or companies can voluntarily declare bankruptcy, involving filings with courts by their own accord. This differs from involuntary bankruptcy in which debtors force individuals or companies into bankruptcy by filing a petition with the courts. Bankruptcy can only occur with a court filing. Of note, Read this Term
• Less than ten minutes after signing document nominating John Ray as CEO, he received potential funding offer for billions of dollars
• Instructed counsel to rescind Ray’s appointment but was told by Sullivan and Cromwell lawyers it was too late
• Numerous FTX entities were improperly placed in chapter 11 proceedings
• Current chapter 11 team has “significantly overstepped its mandate”
• FTX CEO John Ray did not respond to messages offering help, information
• Claims he attempted to manipulate price of tether are "categorically false"
• Loans he took from Alameda were mostly used to invest in the business

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SBF will appear in a Bahamas court on Tuesday:

• FTX Sam Bankman-Fried has been taken into custody

Apparently to be charged With Wire Fraud, Wire Fraud Conspiracy, Securities Fraud, Securities Fraud Conspiracy and Money Laundering