The former CEO of failed cryptocurrency firm FTX, Sam Bankman\u002DFried, was arrested Monday in the Bahamas at the request of U.S. government.
Bankman-Fried was arrested Monday in the Bahamas, where he has been living, after the U.S. filed criminal charges that will be made public Tuesday, according to U.S. Attorney Damian Williams. The SEC complaint is separate.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Bankman-Fried was one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave money to Republicans. FTX grew to become the second-largest cryptocurrency exchange in the world.
The SEC complaint alleges that Bankman-Fried had raised more than $1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.
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