Former FTX CEO Sam Bankman-Fried Arrested in Bahamas After U.S. Files Criminal Charges
According to legal experts, if the federal government seeks wire or bank fraud charges, the former head of the bankrupted crypto trading firm could face life in prison without the possibility of supervised release.
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Sam Bankman-Fried, the founder and ex-CEO of the recently bankrupted crypto trading firm FTX was arrested in the Bahamas after the U.S. Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, MacKenzie Sigalos and Rohan Goswami report for CNBC.
According to legal experts, Bankman-Fried could face life in prison without the possibility of supervised release if the federal government seeks wire or bank fraud charges. In addition, the Securities and Exchange Commission filed a civil complaint against Bankman-Fried, alleging that he led a scheme to defraud FTX investors, netting Bankman-Fried over $1.8 billion.
