Sam Bankman-Fried, the disgraced co-founder of digital-asset exchange FTX, was arrested in the Bahamas after the U.S. government filed a criminal indictment, following weeks of speculation that client funds were misused before his empire’s collapse.

Bankman-Fried is being held in custody pending an extradition process, the island nation’s attorney general, Ryan Pinder, said in a statement Monday. 

Federal prosecutors in Manhattan plan to unseal the case against him Tuesday morning, “and will have more to say at that time,” Damian Williams, U.S. attorney for the Southern District of New York, said in a separate statement. He didn’t elaborate on the allegations.

The Securities and Exchange Commission separately authorized civil charges relating to Bankman-Fried’s violations of securities laws, Enforcement Director Gurbir Grewal said in a statement. Those civil charges are expected to be filed publicly in Manhattan Tuesday, according to the statement. 

The White House declined to comment on the arrest and charges.

House Financial Services Committee Chairwoman Maxine Waters told reporters Monday that the panel still plans to hold its hearing on FTX’s collapse. “It’s important for the American public to understand FTX and what was going on,” she said.

Bankman-Fried has been facing investigations in the U.S. and the Bahamas, where the company was headquartered, into a range of possible misconduct. One key inquiry has been whether customer funds were lent out to trading firm Alameda Research, which Bankman-Fried also founded.  

More than 100 FTX-related entities filed for U.S. bankruptcy protections on Nov. 11. 

Bankman-Fried, 30, is being held at a local police station in the Bahamas and his arraignment is scheduled for Tuesday, according to a person familiar with the matter.

In media interviews since FTX’s collapse, Bankman-Fried has admitted major managerial missteps, but has also claimed that he never tried to commit fraud or break the law.

In his remarks prepared for a U.S. House hearing that Bankman-Fried was scheduled to appear at on Tuesday, he offered a blunt assessment of his plight. 

“I would like to start by formally stating under oath: I f—ked up,” Bankman-Fried said in draft copy of his remarks obtained by Bloomberg News. 

He added that the company’s new managers, led by restructuring expert John J. Ray III, has repeatedly rebuffed his offers to help sift through the wreckage of the collapsed crypto empire. Ray, who’s now leading the company, hasn’t responded to five of his emails, he said.

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