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FTX founder Bankman-Fried’s Bahamas case to renew as extradition looms

by saravdalyan@gmail.com
December 21, 2022
in Business
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Reuters

Jared Higgs and Maria Alejandra Cardona

Revealed Dec 21, 2022  •  2 minute learn

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NASSAU — Proceedings are set to renew on Wednesday in Sam Bankman-Fried’s Bahamas courtroom case, after the founding father of the FTX cryptocurrency change signed papers paving the best way for his extradition to america, the place he faces fraud fees.

Federal prosecutors in Manhattan final week charged the 30-year-old cryptocurrency mogul with stealing billions of {dollars} in FTX buyer property to plug losses at his hedge fund, Alameda Analysis, in what U.S. Legal professional Damian Williams known as “one of many greatest monetary frauds in American historical past.”

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Bankman-Fried was arrested on a U.S. extradition request final week in The Bahamas, the place he lives and the place FTX is predicated. He initially mentioned he would contest extradition, however Reuters and different shops reported over the weekend that he would reverse that call.

It was not instantly clear what would happen at Wednesday’s listening to at Justice of the Peace Court docket in Bahamas capital Nassau, or when Bankman-Fried would depart the Caribbean nation for New York.

Bloomberg reported that Bankman-Fried would signal papers on Wednesday finalizing his waiver of rights to battle extradition and federal authorities had been set to take Bankman-Fried to america on a non-commercial aircraft, citing an individual conversant in the matter.

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Bankman-Fried’s U.S.-based protection lawyer, Mark Cohen, didn’t reply to a request for remark. Bankman-Fried has acknowledged risk-management failures at FTX, however has mentioned he doesn’t imagine he has felony legal responsibility.

A spokesperson for the U.S. Legal professional’s workplace in Manhattan declined to remark.

Wednesday’s listening to will observe a complicated sequence of occasions this week that left the standing of Bankman-Fried’s anticipated extradition unclear.

On Monday morning, following the information experiences he had agreed to be extradited, Bankman-Fried arrived on the courthouse in a black van marked “Corrections” carrying a blue go well with jacket and white shirt – a distinction to the informal apparel he was recognized for whereas working FTX.

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On the listening to, his native protection lawyer Jerone Roberts mentioned he was not knowledgeable of the aim of the continuing. After a short recess, Roberts mentioned his shopper had seen an affidavit outlining the fees in opposition to him, however wished entry to the complete U.S. indictment in opposition to him earlier than consenting to extradition.

The proceedings had been then adjourned. They’d been anticipated to renew on Tuesday morning, however Bankman-Fried’s authorized papers weren’t prepared in time, in keeping with Doan Cleare, The Bahamas’ performing commissioner of Corrections. Cleare advised Reuters Bankman-Fried signed these papers round midday on Tuesday.

Bankman-Fried rode a crypto growth to change into a billionaire a number of occasions over and an influential U.S. political donor, earlier than FTX’s crash worn out his wealth and tarnished his repute. The collapse was pushed by a wave of buyer withdrawals amid considerations over commingling of funds with Alameda.

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The $32 billion change declared chapter on Nov. 11, and Bankman-Fried stepped down as CEO the identical day.

He has since been detained at The Bahamas Division of Corrections in Nassau, often called Fox Hill jail. The U.S. State Division in a 2021 report described circumstances on the facility as “harsh,” citing overcrowding, rodent infestation and prisoners counting on buckets as bathrooms.

Native authorities say circumstances have since improved.

(Reporting by Jared Higgs and Maria Alejandra Cardona in Nassau Further reporting and writing by Luc Cohen in New York; Modifying by Noeleen Walder, Matthew Lewis and Mark Potter)

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