FTX Co-Founder Sam Bankman-Fried Arrested in the Bahamas

FTX Co-Founder Sam Bankman-Fried Arrested in the Bahamas

According to reports citing Attorney General Ryan Pinder, FTX co-founder Sam Bankman-Fried (SBF) has been arrested in the Bahamas. SBF’s arrest "followed the receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition," said AG Ryan Pinder.

Royal Bahamas Police Takes Custody of SBF

Following the collapse of FTX and Alameda Research, last month and the bankruptcy filing on November 11, 2022, Sam Bankman-Fried (SBF) has been arrested. On Dec. 12, 2022, The Tribune reported that attorney general (AG) Ryan Pinder released the news to the media. The news follows the Bahamas AG's insistence that FTX was the subject of an "active and ongoing investigation." Pinder told the press on Monday that Bankman-Fried’s arrest in the Bahamas could lead to his US extradition.

"On December 12, 2022, the Office of the Attorney General of the Bahamas announced the arrest of Sam Bankman-Fried (SBF), former CEO of FTX, by the Royal Bahamas Police Force," the office of the AG detailed. "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," the Bahamas AG office said.

The news follows reports that former Alameda CEO Caroline Ellison hired WilmerHale partner Stephanie Avakian, an attorney who worked for the US Securities and Exchange Commission (SEC). Bankman-Fried has reportedly retained attorney Mark Cohen, the lawyer who represented Ghislaine Maxwell during her recent sex trafficking case. Prime Minister Philip Davis explained to the media that the Bahamas intends to fully cooperate with the United States in the case.

SBF Could be Extradited to the United States

"The Bahamas and the United States have a common interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law," Davis said. "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 Prime Minister added.

The New York Times (NYT), prosecutors from the Southern District of New York confirmed that SBF had been charged and that the "indictment" would be unsealed on Tuesday. "The charges included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering," the NYT report explained on Monday.

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