Bankman-Fried, FTX founder extradited to U.S. to face charges

Sam Bankman-Fried was extradited to the United States from The Bahamas to face fraud charges in connection with the demise of cryptocurrency exchange FTX.

After two of his former associates, Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty to similar charges and are now cooperating with the government, the 30-year-old American who lives in the Bahamas has been accused of committing one of the largest financial frauds in US history.

Bankman -Fried was previously arrested at his Bahamas home at the request of the US government. He was charged with defrauding customers and investors, money laundering, and illegal political campaign contributions. Meanwhile, regulators have revealed that they are also looking into him for fraud.

Bankman-Fried had earlier decided to agree to extradition in part out of a “desire to make the relevant customers whole”, according to the affidavit, which is dated 20 December.

The US Attorney’s Office for the Southern District of New York charged Bankman-Fried with eight criminal counts, including fraud, conspiracy, and money-laundering offenses, as well as illegal political contributions, which could result in 115 years in prison for Sam Bankman-Fried.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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