Beautiful Virgin Islands

Monday, Mar 04, 2024

Sam Bankman-Fried to reverse decision on contesting extradition

Sam Bankman-Fried to reverse decision on contesting extradition

Former FTX Chief Executive Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges.

Former FTX Chief Executive Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday.

The 30-year-old cryptocurrency mogul was indicted in federal court in Manhattan on Tuesday and accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

His decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Upon arrival in the United States, Bankman-Fried would likely be held at the Metropolitan Detention Center in Brooklyn, though some federal defendants are being held at jails just outside New York City due to overcrowding at the facility, said defense lawyer Zachary Margulis-Ohnuma.

At his initial court hearing in Manhattan, Bankman-Fried would be asked to enter a plea and a judge would make a determination on bail, Margulis-Ohnuma said. The attorney added that such a hearing must take place within 48 hours of Bankman-Fried's arrival in the United States, though it would likely be sooner.

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Any trial is likely more than a year away, legal experts told Reuters.

A spokesman for Bankman-Fried declined to comment. Bankman-Fried has acknowledged risk management failings at FTX but has said he does not believe he has criminal liability.


'BIGGEST FINANCIAL FRAUDS IN AMERICAN HISTORY'
It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

He was remanded on Tuesday to the Bahamas' Fox Hill prison after Chief Magistrate JoyAnn Ferguson-Pratt rejected his request to remain at home while awaiting a hearing on his extradition.

The U.S. State Department in a 2021 report said conditions at Fox Hill were "harsh," citing overcrowding, rodent infestation and prisoners relying on buckets as toilets. Authorities there say conditions have since improved.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals.

Damian Williams, the top federal prosecutor in Manhattan, described the collapse of FTX as one of the "biggest financial frauds in American history." He has described the office's investigation as ongoing, and urged people with knowledge of wrongdoing at FTX or Alameda to cooperate.

One top executive at FTX, Ryan Salame, told securities regulators in the Bahamas on Nov. 9 that assets belonging to the exchange's customers were transferred to Alameda to cover the hedge fund's losses, according to a document made public as part of FTX's bankruptcy proceedings in Delaware.

FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
I have a dream, MLK inspiring speech
Rob Schneider explains California reparations legislation.
Aretha Franklin, Marvis Staples - Oh Happy Day
Who knew badminton could get so intense?
BVI Freedom Song
Farmers break through police barriers in Brussels.
Billy Preston - You Can't Beat God Giving (Live)
London's Iconic British Telecom Tower Sold To Become Hotel
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Russia Claims UK Cultural Agency Spied for Ukraine
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Apple warns against drying iPhones with rice
Hello Dolly
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
German economy is in 'troubled waters' - ministry
Bob Marley - Get Up Stand Up
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Yes He Can
New video
What A Friend We Have In Jesus
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Unforgettable
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Touch The Hem Of His Garment
EU Commission wants anti-drone defenses at Brussels HQ
The Lord's Prayer
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
THE GOD MOVEMENT...BEAUTIFUL BVI
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Siyahamba
Prince William Urges End to Gaza Conflict
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
Ramblin' Rose
About 50-60% kids either chose to be YouTuber or influencer
Protoje - Who Knows ft. Chronixx
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
Pressure - Virgin Islands Nice
European Countries React to Navalny's Death by Summoning Russian Diplomats
Phil Wickham - House Of The Lord
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
My God Is Real (Yes, God Is Real)
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Cameron government knew Post Office ditched Horizon IT investigation
Louis Armstrong - When The Saints Go Marching In
EU Calls for Immediate Ceasefire in Gaza Conflict
Kanye West Sunday Service - hallelujah, salvation, and glory
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
Jonathan Nelson - I Believe (Island Medley
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
From The Virgin Islands Sqad Up
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Common, John Legend - Glory
EU and UK Announce Joint Effort on Migration
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
I have a dream, MLK inspiring speech
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Aretha Franklin, Marvis Staples - Oh Happy Day
Microsoft-backed OpenAI valued at $80bn after company completes deal
BVI Freedom Song
‘Alexei would want to tell Russia not to give up fighting’
Billy Preston - You Can't Beat God Giving (Live)
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Whisky Challenges China's Baijiu Market During New Year Celebrations
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
"Historic Step": Zelensky Signs Security Pact With Germany
Hello Dolly
"Historic Step": Zelensky Signs Security Pact With Germany
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Bob Marley - Get Up Stand Up
Joe Biden Accuses Putin of Causing Navalny's Death
Yes He Can
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
What A Friend We Have In Jesus
Tucker Carlson grocery shopping in Russia. This is so interesting.
Unforgettable
Julian Assange's Wife Warns of His Death if Extradited to US
Touch The Hem Of His Garment
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
The Lord's Prayer
Greece Legalizes Same-Sex Marriage and Adoption Rights
THE GOD MOVEMENT...BEAUTIFUL BVI
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Siyahamba
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×