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Bruce B. Dec 13, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday. This comes after the US Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government.

This sets the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange's collapse.

His arrest is the first concrete move by regulators to hold individuals accountable for the multibillion-dollar implosion of FTX last month.

The charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, money laundering, and conspiracy to avoid campaign finance regulations.

Meanwhile, the Securities and Exchange Commission has initiated a separate set of charges against Bankman-Fried, relating to "violations of our securities laws, which will be filed publicly tomorrow in the Southern District of New York.”

In a statement, Bahamian Prime Minister Philip 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."

Bahamian regulators and FTX's attorneys had been engaged in a bruising battle. FTX attorneys accused the Bahamian government of allegedly working with Bankman-Fried to spirit away FTX assets from company control and into crypto wallets controlled by Bahamian regulators.

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