Sam Bankman-Fried Arrested in The Bahamas; To Face Multiple Charges by Prosecutors

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Sam Bankman-Fried (SBF) has been arrested by Bahamian authorities following the collapse of FTX and Alameda Research last month and the filing for bankruptcy on November 11, 2022. The Tribune stated on December 12, 2022, that attorney general (AG) Ryan Pinder of the Bahamas had broken the news to the media.

The announcement comes after the Bahamian AG insisted that FTX was under “active and ongoing investigation.” Pinder informed the media on Monday that a US extradition is most likely to follow Bankman-Fried’s detention in the Bahamas.

The office of the AG said in a press release on Monday: “On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (SBF), former CEO of FTX.” The press release further stated: “SBF’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.”

Sam Bankman-Fried Hires Infamous Lawyer

The information comes in the wake of accusations that former Alameda CEO Caroline Ellison hired Stephanie Avakian, a lawyer at WilmerHale who previously worked for the US Securities and Exchange Commission (SEC). According to reports, Bankman-Fried has hired Mark Cohen, the attorney who defended Ghislaine Maxwell in her most recent sex trafficking case. The Bahamas plans to completely manage the process with the United States, Prime Minister (PM) Philip Davis told the press. Davis said:

“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 broken the law.”

The Bahamian PM further stated: “While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

The Southern District of New York prosecutors told the New York Times (NYT) that SBF had been charged and that his “indictment would be unsealed” on Tuesday (today). The NYT report detailed: “The charges included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering, said a person with knowledge of the matter.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.