On December 13, SBF Bahamas, the former CEO of FTX who was supposed to attend a hearing, was suddenly arrested by local police. The Bahamas Attorney General’s Office announced the arrest of former FTX CEO Sam Bankman-Fried (SBF) by the Royal Bahamas Police Force, according to a statement released by Bahamas Attorney General Ryan Pinder KC. The Bahamas police arrested SBF after receiving official notification from the United States that criminal charges had been filed against SBF and that extradition of SBF may be sought. documents indicate that based on the notification received and the materials provided, it is appropriate for the Attorney General to seek the arrest and detention of SBF under the country’s Extradition Act
And on the same day, the U.S. government charged SBF, founder and former CEO of cryptocurrency exchange FTX, with a series of financial crimes, alleging that he knowingly defrauded customers and investors for his own and others’ profiteering, while playing a central role in the company’s bankruptcy. The charges outlined in the 13-page indictment could land SBF in prison for decades, facing up to 115 years in prison, according to U.S. Attorney’s spokesman Nicholas Biase
Meanwhile, three major U.S. Democratic political committees said they will return more than $1 million in political contributions to SBF after he was charged with violating campaign finance laws. The Democratic committees plan to return $815,000 of SBF’s contributions, according to a spokesman. The party’s Senate and House campaign committees will also set aside a total of $353,000 to be returned when they receive instructions during legal proceedings. SBF donated primarily to Democrats during the 2022 campaign, but he recently said he supported Republicans by secretly donating an equivalent amount through undisclosed donors.
In addition to those funds, U.S. federal prosecutors are seeking more information about political contributions to Democratic and Republican lawmakers from SBF, the former FTX CEO, and two executives who worked with him. Since SBF’s arrest, prosecutors have contacted colleagues at SBF and other companies he founded, as well as representatives of campaign committees. The U.S. Attorney’s Office for the Southern District of New York sent an email to a law firm representing a Democratic political group requesting information about contributions made by SBF and his associates. The campaign organization, the committee, and Rep. Hakeem Jeffries all received the email, the source said. After the collapse of FTX, Jeffries and other politicians “either returned FTX-related donations or donated the money to charity,” the sources said.
