Bankman-Fried was arrested in the Bahamas on December 12th and subsequently dropped plans to fight extradition to the US. He has already pleaded not guilty to federal charges that include multiple wire fraud counts. Additionally, he faces a civil lawsuit from the Securities and Exchange Commission (SEC) as well as action from the Commodity Futures Trading Commission (CFTC). Prosecutors claim Bankman-Fried defrauded investors of nearly $2 billion, but the ex-CEO maintains he never tried to commit fraud and does not believe he is criminally liable for FTX’s downfall. Two executives, Caroline Ellison and Zixiao “Gary Wang,” have already pleaded guilty to their own fraud charges.
