Updated Dec 22, 2022 - Economy

Sam Bankman-Fried to face fraud charges after extradition to U.S.

FTX founder Sam Bankman-Fried being led by officers in Nassau, Bahamas, on Dec. 13.

Officers in Nassau, Bahamas, escort FTX founder Sam Bankman-Fried on Dec. 13. Photo: Mario Duncan/AFP via Getty Images

FTX founder Sam Bankman-Fried was in FBI custody on Wednesday night after agreeing to be extradited from the Bahamas to the U.S., American officials said.

Driving the news: Bankman-Fried was arrested by Bahamas officials last week after a U.S. criminal complaint was filed against him, accusing him of engaging in a scheme to defraud FTX customers.

  • He faces eight counts of fraud, conspiracy, campaign finance law violations and money laundering.
  • U.S. Securities and Exchange Commission filed a separate civil complaint, accusing him of "orchestrating a scheme to defraud equity investors in FTX" and seeking to ban him from the cryptocurrency industry.

What they're saying: Damian Williams, the U.S. Attorney for the Southern District of New York, said in a video posted online Wednesday night that Bankman-Fried was "in FBI custody and on his way back to the United States," where he'll appear before a federal court judge in New York City "as soon as possible."

The big picture: SBF's decision to agree to extradition paves the way for his appearance in a U.S. court for an arraignment and bail hearing.

  • Bankman-Fried faces a maximum of 115 years in prison if convicted on all criminal charges, though it's unlikely he will receive max sentences for all convictions.

Go deeper: Two major FTX figures plead guilty to federal charges

Editor's note: This article has been updated with comment from Damian Williams, the U.S. Attorney for the Southern District of New York.

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