SBF will be extradited to the United States after receiving formal criminal charges, where he will face separate charges from the SEC.
The worst is still to come for Sam Bankman-Fried (SBF), the disgraced founder of the crypto exchange FTX. The United States Securities and Exchange Commission (SEC) announced on December 12 that it is preparing to file charges against Sam Bankman-Fried that are separate from the ones that led to his most recent detention in The Bahamas.
On December 12, the SEC issued a post on Twitter quoting its division of enforcement head Gurbir Grewal, indicating that the agency has “approved separate charges relating to his violations of securities laws.”
Grewal stated that the charges will be made public “tomorrow,” December 14, in the Southern District of New York (SDNY).
The SEC’s notification came just hours after Sam Bankman-Fried was arrested in The Bahamas on December 12. Senator Ryan Pinder, the Bahamas’ Attorney General, said in a statement that the arrest came after the Bahamas received formal information from the US that it had filed criminal charges against SBF and would likely request his extradition.
According to Bahamian Prime Minister Philip Davis, both countries have a “common interest in holding accountable all people affiliated with FTX who may have abused the public trust and broken the law.”
According to a tweet from the United States Attorney’s Office for the Southern District of New York on December 12, officials in the Bahamas arrested Bankman-Fried based on a sealed indictment that the office planned to unseal “in the morning.”
The accusations have not yet been confirmed in detail, but they are believed to be related to wire and securities fraud, conspiracy to commit wire and securities fraud, and money laundering.
Grewal praised the SEC’s “law enforcement partners” for achieving Bankman-arrest Fried’s on federal criminal charges in his most recent statement.
