The SEC announces it has authorized charges against FTX founder Sam Bankman-Fried hours after his arrest in the Bahamas

© Provided by Markets Insider Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on December 8, 2021 in Washington, DC. Alex Wong/Getty Images

The US Securities and Exchange Commission said it will file charges against FTX founder Sam Bankman-Fried on Tuesday relating to violations of securities law.

The SEC made the announcement on Monday, shortly after Bahamian authorities arrest Bankman-Fried, the US Attorney’s Office Southern District of New York confirmed.

“We commend our law enforcement partners for securing the arrest of Sam Bankman-Fried on federal criminal charges,” Gurbir Grewal, the enforcement director for the SEC, wrote in a statement posted to Twitter. 

Bankman-Fried resigned as the CEO of FTX on November 11, the same day the exchange filed for Chapter 11 bankruptcy, as it failed to secure a rescue following an intense week-long liquidity squeeze. 

The SEC did not immediately respond to Insider’s request for comment sent outside regular business hours.

This is a developing story. Check back for updates.