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Bahamas Cops Arrest Sam Bankman-Fried
Bahamas police arrested Sam Bankman-Fried, former CEO of bankrupt FTX crypto exchange on Dec. 13, 2022, after US prosecutors slapped criminal charges against him, David Yaffe-Bellany, William K. Rashbaum and Matthew Goldstein reported for The New York Times.
Photo Insert: Bankman-Fried, 30, served as the CEO of FTX until last month, when the company suddenly imploded and filed for bankruptcy protection.
Reporting for HuffPost, Lydia O'Connor said the office of the attorney general of the Bahamas said his country will extradite Bankman-Fried to the US, where he is wanted on criminal charges, ranging from fraud, wire fraud and money laundering.
“The Bahamas and US have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” Bahamian Prime Minister Philip Davis said.
Damian Williams, the US attorney for the Southern District of New York (SDNY), announced shortly after the arrest that his office expects to unseal its indictment involving Bankman-Fried on Tuesday morning.
Bankman-Fried, 30, served as the CEO of FTX until last month, when the company suddenly imploded and filed for bankruptcy protection.
US regulators launched investigations into his deals in the unregulated cryptocurrency industry. News of his arrest in the Bahamas comes the same day that new FTX CEO John J. Ray III, who also oversaw Enron’s bankruptcy in the early 2000s, noted his predecessor’s “unacceptable management practices.”
Among them was a company “spending binge in late 2021 through 2022, during which approximately $5 billion was spent buying overvalued firms and invested on losing businesses.
The Citizens for Responsibility and Ethics in Washington also recently filed a complaint with the Federal Election Commission (FEC) accusing Bankman-Fried of breaking federal laws by using dark money groups to hide millions in campaign donations to Republicans in the lead-up to the 2022 primaries.
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