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FTX founder Sam Bankman-Fried arrested, faces extradition to US

Published on

February 12, 2023
Read Time:2 Minute, 6 Second

Sam Bankman-Fried was arrested by authorities within the Bahamas on the request of the US authorities, only a day earlier than the disgraced former FTX CEO was as a consequence of testify earlier than Congress.

Bankman-Fried was arrested by the Royal Bahamas Police Drive after a proper notification from the USA authorities that it had filed prison expenses towards him, based on an announcement issued Dec. 12 by the Lawyer Common (AG) and the Lawyer Common of the Bahamas. Ryan Pinder.

Citing an individual with data of the matter, The New York Instances reported on December 12 that the fees towards Bankman-Fried embody wire and securities fraud, conspiracy to commit wire and securities fraud, and cash laundering,

The US is more likely to search Bankman-Fried's extradition, with Pinder saying the Bahamas will course of any extradition request "promptly."

Bahamas Prime Minister Philip Davis mentioned in an announcement that each international locations “have a shared curiosity in holding accountable all these related to FTX who could have betrayed public belief and damaged the regulation.

A Dec. 12 tweet from the US Lawyer's Workplace for the Southern District of New York mentioned authorities within the Bahamas had arrested Bankman-Fried primarily based on a sealed indictment they'd filed, which they intend to unseal "within the morning." .

USA Damian Williams: Tonight, Bahamian authorities arrested Samuel Bankman-Fried on the request of the US authorities, primarily based on a sealed SDNY indictment. We count on to unseal the fees tomorrow morning and could have extra to say at that time.

— US Lawyer SDNY (@SDNYnews) December 12, 2022

Bloomberg reported On December 10, New York prosecutors, FBI brokers and regulators met with FTX's attorneys to debate the documentation investigators need to acquire.

Associated: SBF Tried To Destabilize Crypto Market To Save FTX: Report

The U.S. Division of Justice (DOJ) was "intently investigating" whether or not FTX had misrouted lots of of tens of millions across the similar time the corporate filed for chapter on Nov. 11.

The Bahamian authorities had been equally conducting their very own "lively and ongoing" investigation into FTX, Pinder introduced Nov. 27, involving the nation's Securities Fee, the Monetary Intelligence Unit and the police's Monetary Crime Unit.

Bankman-Fried's arrest comes a day earlier than he was as a consequence of seem remotely to testify earlier than the Home Committee on Monetary Providers at a listening to investigating the inventory market collapse.

The letter saying the arrest of the Lawyer Common of the Bahamas.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 12, 2023
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