Late last year, FTX CEO Sam Bankman-Fried was arrested in the Bahamas and extradited to the United States, a seemingly fitting end to a saga marked by fraud, Ponzi scheming and eventual chapter 11 bankruptcy.

But, as most people know, corporate intrigue is rarely that cut-and-dry. Just because one figurehead falls under the judicial yoke, it doesn’t mean that the systemic problems existing underneath are in any way resolved or reformed. What about everyone around Bankman-Fried who abetted and facilitated his plan? Aren’t they also implicit in losing billions in customer/investor funds?

If you’re Adam Jacobs right now, the answer appears to be “no.” Let’s take a closer look.

The Backstory

As Tech Times reports, Adam Jacobs oversaw a string of failed businesses before he arrived at FTX. He was Chief Strategy Officer at, which itself was the center of a scandal (albeit a quieter one) involving customers unable to withdraw their funds. And he led several enterprises that crumbled almost as quickly as they emerged, leaving little more than a trace of digital presence.

In other words, he probably didn’t have the requisite qualifications to become the Global Head of Banking at FTX (then a prominent presence in the crypto trading sector). But he did get the job.

And while at FTX, Jacobs leveraged his role as Global Head of Banking and Payments to strike several partnerships. He was presumably instrumental in cementing the Silvergate partnership; Silvergate now faces a DOJ probe into their role in FTX’s fraud.

Then, as everyone knows by this point, FTX collapsed. The company was involved in a sophisticated ruse of undisclosed leverage and solvency, bilking customers and investors out of billions when its value dropped.

The Plot Thickens

Remember when we said that Jacobs struck partnerships during his time at FTX? One of those partnerships was with Nuvei, a publicly traded fintech out of Montreal that pulls in an annual revenue of around $725 million. The partnership was a fruitful one between two financial juggernauts.

On FTX’s creditor list, next to Nuvei, you will find Adam Jacobs listed as the FTX point of contact. He worked for FTX. He dealt with Nuvei. He was presumably the glue that held the two companies together.

The Move

So, it was remarkably strange when, just a couple of weeks ago, Nuvei announced that Adam Jacobs would serve as their new Vice President of Corporate Development. Fresh off the heels of a massive scandal (of which Jacobs’ was almost certainly a pivotal part), Jacobs lands an executive job with one of his former contacts.

What’s really behind the Ex-FTX exec’s move to Nuvei? Were Jacobs and Nuvei, the benefactors of Bankman-Fried’s fraud scheme, now evading justice and attempting to start fresh? Does Nuvei feel like it owes Jacobs something? Does it benefit Nuvei to placate Jacobs? These are all entirely reasonable questions to ask.

The Tech Times article might have unsealed the lid on the potential scandal, but it will take time and judicial efforts before the full story comes to light.