FTX founder Sam Bankman-Fried.
• The updated version of this story can be read HERE.
Former CEO of FTX Sam Bankman-Fried has been arrested, Attorney General Ryan Pinder has announced.
In a statement released on Monday evening, Mr Pinder said the 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.”
Police said that officers of the Financial Crimes Investigation Unit arrested Bankman-Fried shortly after 6pm on Monday at his apartment complex in Albany.
They said he was arrested in reference to various financial offences against laws of the United States, which are also offences against laws of The Bahamas.
He was taken into custody without incident and will appear in Magistrate Court on Tuesday.
The Attorney General’s statement in full:
“On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTX. 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.
“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act.
At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.
“Responding to SBF’s arrest, Prime Minister Davis stated, ‘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. 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.’
Comments
ted4bz 1 year, 11 months ago
What about the rest?
Baha10 1 year, 11 months ago
1st Domino falls …
TalRussell 1 year, 11 months ago
Hat lifted to Comrade Attorney General Ryan Pinder (AG) with the arrest development former FTX CEO Sam Bankman-Fried.
Tis right step the Bahamas reclaim some semblance of pride in spite of the the political message it sends others based locally.
But if arrested under same extradition law as Robert Vesco, well, going send his team lawyers scrambling to study if his turnover to US authorities will again be judged as an unlawful arrest, -- Yes?
ThisIsOurs 1 year, 11 months ago
Lol. This had nothing to do with what the Bahamas initiated or wanted to do. Left to them, Sam would have lived in obscurity for decades. They don't want FTX in the headlines. The evidence gathered, the indictment and arrest were the work of the US justice department. Our police dept didnt even interview the man till it was embarrassingly obvious that they hadn't interviewed him
Bonefishpete 1 year, 11 months ago
Guess he's no Robert Vesco.
TalRussell 1 year, 11 months ago
@Comrade Bonefish, Robert Vesco, got arrested in his office at his Vesco owned bank.
The Commonwealth Bank of Bahamas which may have after lots scrubbing, went on eventually resurface as BOB.
Vesco's extradition to US got refused by Bahamian Magistrate E E Osadebay.
And. Vesco, only dished about the grand sum $25 million in total during his stint in the Bahamas.
But sandwiches pocket change for Comrade Sam, -- Yes?
Baha10 1 year, 11 months ago
…. extraction by Black Hawk is Option 2 … don’t mess with the 🇺🇸!
TalRussell 1 year, 11 months ago
Correction: The Vesco owned bank was Bahamas Commonwealth Bank--- Yes?
killemwitdakno 1 year, 11 months ago
Charges not listed..
Alameda not arrested. Because they had data and his is held hostage?
Did the US send for Izmirlian ever?
Autism in Fox Hill? You gave regs for Sheldon to manage $32B and expected nothing to go wrong? I would've just forced him to be real and finish our Google campus (possibly needs to be through another company now). Not like we get credentialed and capable finance folks often. We're certainly short of IVY league professors as well.
Feel like I'm witnessing a grand theft of FTX like Baha Mar.
ThisIsOurs 1 year, 11 months ago
Wire fraud, money laundering.
ThisIsOurs 1 year, 11 months ago
Anyone on the SCB board who was also on the board during the reign of FTX needs to resign. Immediately. And I realize that some of them may be qualified good people. Post them elsewhere. This cannot be left to stand. The govt has waited too long to act on everything hoping the story would go away. It wont. He's charged with wire fraud and money laundering in this NEW industry that we lauded to the world and "nobody" had a clue??? Nobody realized he was investing funds for Bahamians? Nobody knew he was offering 12% interest to local banks for cash a full year ago?? Nobody thought that was strange?? Nobody knew he didn't have a certified Risk Manager on staff. It was the first question I asked when news of what happened broke and I'm no fin as nce expert but nobody knew? Nobody knew billions in CASH was being moved around from bank accounts that had customer funds??? Sorry, The Bahamas cant assume the Pontius Pilate position, somebody was grossly negligent. Brave Davis needs to start taking his duties as finance minister seriously. He cannot abdicate his responsibilities to the FS. He needs a team of qualified experts unafraid to speak truth advising him if we're to get anywhere. This makes us look extremely incompetent
ThisIsOurs 1 year, 11 months ago
This is going to get very bad for the Bahamas as the news of what "wasnt" done gets laid out in court in embarrassing detail. I wonder if any Bahamain officials will have to testify
ThisIsOurs 1 year, 11 months ago
And for Gods sake let noone start talking about crypto being so complex who could possibly have known. This story is ALL about governance, govt oversight and monitoring the movement of cash. Elements common to every business.
ThisIsOurs 1 year, 11 months ago
I wonder if someone at the firm out-Sammed Sam? He's a day trader who hit it big taking big risks
Porcupine 1 year, 11 months ago
And to think of all the stress and costs associated for Bahamians who have to dance through the Know Your Client crap to get $10k wired to them. All the while, this joker moves around millions and billions of dollars like nothing. Makes you wonder, is there is justice anywhere? Or, just for the rich? We'll watch the same two tiered justice system work here when the rest of the crap hits the fan.
ThisIsOurs 1 year, 11 months ago
I dont wish this on us, but maybe if there was a global class action lawsuit against the SCB for derelection of their fiduciary duty, people would stop treating these board appointments as political candy. ALL board memberships are for thinking, analytical strategic people with relevant experience, not your friend who used to be the lunch lady and was great support during the election campaign. (General statement, not saying the lunch lady was on the SCB board)
Proguing 1 year, 11 months ago
Now it gets interesting. He will probably cooperate to reduce his sentence. Get ready for some juicy revelations...
rqd2 1 year, 11 months ago
This has the earmarks of an organized money laundering scheme that had the full approval and protection of government.
His arrest hours before he was to testify is perfectly timed. The Challenger 300 jet that arrived last night direct from Burbank, right near Maxine Waters office, is questionable. Who was on that plane?
Who benefited from the charitable contributions made by FTX? Who benefited from the real estate transactions?
Once again The Bahamas was sold out. Hopefully the right honourable people involved will be caught. Ask yourself why didn't The Bahamas arrest SBF when they had the chance? The explanation from the AG (he doth protest too much) doesn't make sense, he knew the Americans would come and SBF would've been a nice token to trade.
Keep questioning the SandDollar and BlueCarbon contracts before the entire country is sold out from underneath you.
K4C 1 year, 11 months ago
I'm old enough to recall how Investors Overseas Service and Robert Vesco ROBED Bahamans, it's as if the Bahamas attracts these types
sheeprunner12 1 year, 11 months ago
Correction....... It's how the PLP attracts this type of vermin to suck their juice out of them.
Get it right ........ 🤬🤬
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