Wisconsin Rep. Steil says the timing of Sam Bankman-Fried's arrest is incredibly suspicious

Wisconsin GOP Rep. Bryan Steil said that the timing of FTX CEO Sam Bankman-Fried's arrest was highly suspicious since he was set to testify before the House Financial Services Committee the following day. 

"Sam Bankman-Fried should have been before the United States House of Representatives," Rep. Steil said on Thursday's edition of the "Just the News, No Noise" TV show. "Just 24 hours before he was to appear and testify under oath to spill the beans as to what happened in this fraud — he was arrested at the request of the United States Department of Justice. The timing of that arrest is incredibly suspect."

FTX declared bankruptcy last month following reports that the exchange was in financial trouble, which resulted in investors rushing to take out their money followed by the collapse.

On Monday evening, Bankman-Fried was arrested in the Bahamas, where he lives, at the request of the U.S. government.

Rep. Steil said that the American people, specifically those who invested in FTX, deserve answers as to what happened. 

"We've got a lot of questions," he said. "We have millions of Americans who put their money and trust in FTX. We need to hold the criminals accountable and we need to make sure that this type of a fraud never occurs again."

"If you're a federal prosecutor, your dream is to have the target of your grand jury investigation testify under oath — under the questions from Republican members of Congress who are going to pull out the truth about what happened in this fraud and where the money is," Rep. Steil continued.