FTX Founder Sam Bankman-Fried Arrested in the Bahamas

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. The nation expects the U.S. to request The Bahamas to extradite him.

A statement, attributed to Attorney General Ryan Pinder, reads:

"As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act.”
Charges against Sam Bankman-Fried could include wire fraud, securities fraud, money laundering and related conspiracy charges. The U.S. Securities and Exchange Commission (SEC) also plans to bring charges.

In a separate release, the Royal Bahamas Police Force said its Financial Crimes Investigation United officers arrested Bankman-Fried. The former CEO of FTX is set to appear in court on Tuesday in the Bahamas.

Bankman-Fried was set to testify virtually before the House Financial Services Committee about the exchange’s collapse.