U.S. law enforcement officials took disgraced FTX founder Sam Bankman-Fried into custody on Wednesday to face criminal charges stemming from the collapse of the company.

The Wall Street Journal reported that Bankman-Fried was being flown to New York to face the charges in the Justice Department’s Southern District of New York.

FTX filed for bankruptcy last month after users discovered that the company was intertwined with sister firm Alameda Research; both were controlled by Bankman-Fried and a group of amateur executives working from a luxury penthouse in the Bahamas. The disgraced entrepreneur was arrested this week by authorities in the island nation, where his companies were headquartered, as U.S. securities regulators and federal law enforcement officials accused him of fraud.

Bankman-Fried’s attorneys have since tried to negotiate a bail agreement that would allow the 30-year-old to be released pending trial; they were unsuccessful trying to get him bail while he was kept in custody in a jail in the Bahamas.

A Manhattan federal grand jury charged Bankman-Fried with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations, the Department of Justice said in a statement.

Bankman-Fried faces up to 115 years in prison if convicted on all counts.

Prosecutors allege that Bankman-Fried misappropriated billions of dollars of customer funds deposited into the cryptocurrency exchange that he founded, FTX, and lied to investors and lenders about the company and about his cryptocurrency hedge fund Alameda Research.

Bankman-Fried and his co-conspirators were deceiving and conning customers of FTX from the inception of the company, prosecutors said. He allegedly used billions of dollars from customers for his own personal use, to repay loans owed by Alameda Research, and to donate millions of dollars to political campaigns. Bankman-Fried was the Democrats’ second largest donor this last political cycle, donating tens of millions of dollars to Democrat candidates and left-wing groups.

Bankman-Fried also defrauded lenders to Alameda Research and equity investors in FTX by hiding his misuse of customer deposits, prosecutors alleged. Bankman-Fried tried to conceal the millions he gave to politicians by making his co-conspirators make the contributions under their names, say prosecutors.

The head of the world’s largest automaker said this week that he remains skeptical of trying to move to only producing electric vehicles and that the majority of people who work in the auto industry agree with him.

Toyota Motor chief Akio Toyoda made the remarks while speaking to reporters during a visit to Thailand.

“People involved in the auto industry are largely a silent majority,” Toyoda said. “That silent majority is wondering whether EVs are really OK to have as a single option. But they think it’s the trend so they can’t speak out loudly.”

“Because the right answer is still unclear, we shouldn’t limit ourselves to just one option,” he added.

The remarks come as supply chain issues that were sparked by the coronavirus pandemic have continued to make it difficult for manufacturers to get the raw materials needed to make new cars, especially electric vehicles.

The Wall Street Journal reported that while some of Toyota’s rivals have jumped fully on board with electric vehicles — setting future dates at which point their companies would only produce electric vehicles — Toyota has diversified its future product offerings and is focused on making traditional gas cars, hybrids, and hydrogen-powered vehicles.

Jack Hollis, Executive Vice President of Sales at Toyota Motor North America, said earlier this year that the company does not believe that the demand for electric vehicles is as high as people think it is.

“I don’t think the market is ready. I don’t think the infrastructure is ready,” he said. “And even if you were ready to purchase one, and if you could afford it … (the price is) still too high … It took 25 years to get to less than 10% (market share) for hybrid … The consumer isn’t demanding (EVs) at that level. The consumer is not screaming, ‘30% or 40% by tomorrow.’”

With looming negative economic conditions in the U.S. on the horizon, combined with lowered gas prices, increasing interest rates, and high inflation rates, the market for electric vehicles could take even longer to expand.

Tesla CEO Elon Musk has also warned that the transition away from oil and gas is not as easy as people think and that society would be devastated overnight if it tried to stop using fossil fuels.

“At this time, we actually need more oil and gas, not less,” Musk said. “Realistically I think we need to use oil and gas in the short term, because otherwise civilization will crumble. One of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy. That will take some decades to complete.”