FTX Founder Sam Bankman-Fried Arrested in Bahamas

A police statement said that the arrest happened after the police got official word from the US that it had filed criminal charges against SBF.

A statement from the Royal Bahamas Police Force says that the disgraced former CEO of FTX, Sam Bankman-Fried, has been arrested in the Bahamas.

Bankman-Fried, also known as SBF, was arrested after “formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition,” a statement said.

In a statement published on Twitter, the US Attorney’s Office for the Southern District of New York confirmed the request.

the Bahamas Police confirmed that they had arrested Bankman-Fried at his Albany apartment complex at 6 p.m. without any trouble. The statement said that SBF was arrested for “various financial offences against laws of the United States, which are also offences against laws of the Commonwealth of The Bahamas,” the statement read.
Tomorrow, Bankman-Fried was scheduled to discuss the collapse of the digital asset exchange with lawmakers in Washington, D.C., after agreeing to testify before the House Financial Services Committee but declining an invitation from the Senate.
Bankman-Fried will likely be charged with a combination of bank and wire fraud. The Bahamas has an extradition treaty with the United States.
Last month, FTX declared bankruptcy after reportedly mingling exchange funds with those of its trading firm, Alameda Research, which was also formed by SBF.
When users discovered mismanagement, they attempted to withdraw funds from FTX, causing a bank run on the exchange. FTX was therefore compelled to admit that it had inadequate reserves of client assets and subsequently filed for bankruptcy.

John J. Ray III, the new CEO of the company and a seasoned insolvency lawyer who assisted Enron after its collapse, stated today that the FTX failure was caused by “a very small group of grossly inexperienced and unsophisticated individuals.”
The comments came in the form of prepared testimony that Ray plans to give to the House Financial Services Committee tomorrow morning. In his testimony, Ray details precisely what went wrong with FTX and its sister firm Alameda, including the commingling of funds, the absence of credible financial accounts, and the “use of computer infrastructure” that provided company executives access to client assets. Ray asserts that Alameda had the unlimited ability to borrow funds on FTX for its own needs.
FTX Founder Sam Bankman-Fried Hit With Eight Criminal Charges
Sam Bankman-Fried, the ex CEO and creator of FTX, has been hit with eight federal accusations, including wire fraud and money laundering conspiracy.
Yesterday, the disgraced crypto billionaire was arrested in the Bahamas in response to an extradition request from U.S. authorities.
CFTC Suing Bankman-Fried, FTX and Alameda for Violating Commodities Laws
In addition to charges from the Southern District of New York’s Attorney and the SEC, the CFTC has also filed suit against the founder of FTX for additional infractions.
Today, the U.S. Commodity Futures Trading Commission (CFTC) declared a lawsuit against Sam Bankman-Fried, the founder of crypto exchange FTX, for alleged violations of federal commodity laws.

Source NFT Newspro

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