Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, has been arrested in the Bahamas. According to reports in the area citing the country’s attorney general, Ryan Pinder, SBF’s arrest came “after receiving formal notification from the United States that he has filed criminal charges against SBF and it is likely that he will request their extradition.”
**Editor’s Note: The last paragraph in this article was revised at 8:10 pm ET. December 12, 2022 to reflect an New York Times Report Prosecutors in the Southern District of New York confirmed that SBF had been charged and that an indictment would be unsealed Tuesday.
FTX Co-Founder Sam Bankman-Fried Is Currently Held in the Bahamas
Following the collapse of FTX Alameda Research last month and the bankruptcy filing on November 11, 2022, Sam Bankman-Fried (SBF), was arrested. On December 12, 2022, the Tribune reported that Attorney General (AG) Ryan Pinder held a press conference informing the public. The news follows the AG’s insistence that FTX was an issue of an “ongoing and active investigation”. Pinder told reporters Monday that Bankman-Fried’s arrest in The Bahamas will likely lead to his extradition to the United States.
“On December 12, 2022, the Bahamas Attorney General’s Office announces the arrest by the Royal Bahamas Police Force of Sam Bankman-Fried (SBF), former CEO of FTX,” the AG’s Office detailed. “SBF’s arrest followed the receipt of formal notice from the United States that he has filed criminal charges against SBF and it is likely that he will request his extradition,” according to the office of the attorney general.
The news follows reports that former Alameda CEO Caroline Ellison has hired Wilmerhale’s partner Stephanie Avakian, an attorney who was employed by the US Securities and Exchange Commission (SEC). Bankman-Fried, according to reports, retained attorney Mark Cohen, the attorney who represented Ghislaine Maxwell during her recent case of sex trafficking. Prime Minister (PM) Philip Davis explained to the media that The Bahamas is aiming to manage the whole process with the United States.
“The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and violated the law,” Davis said. “While the United States files criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the FTX collapse, with the continued cooperation of its regulatory and law enforcement partners in the United States and elsewhere.” The prime minister stated that additional.
According to the New York Times (NYT), prosecutors in the Southern District of New York confirmed that SBF had been charged and that an indictment would be unsealed Tuesday. “The charges included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, a person with knowledge of the matter said,” the NYT reported Monday.
What do you think about the arrest of Sam Bankman-Fried in The Bahamas? Let us know your thoughts on this topic by leaving comments below.