Sam Bankman-Fried, Founder of FTX Arrested in Bahamas

Former CEO and founder of FTX Sam Bankman-Fried, was arrested in the Bahamas on Monday. According to CNN and congressional statutory maximum sentencing guidelines, Bankman-Fried could potentially face up to “115 years in prison if convicted on all eight counts against him in a federal indictment.”

The charges against Bankman-Fried reportedly include “wire fraud, wire fraud conspiracy, and conspiracy to commit money laundering,” all which have a maximum of 20 years of prison with them. Although it is unlikely that Bankman-Fried will be sentenced to the maximum years, it is likely that the judge on the case will have him serve his sentences for “each crime concurrently instead of consecutively.” He currently has been denied bail, and his next court hearing will be held on February 8th of 2023.