Topline
Disgraced FTX founder Sam Bankman-Fried has agreed to be extradited from the Bahamas to the U.S. to face a slate of criminal charges over fraud allegations, according to a source familiar with the matter, just hours after he abruptly backed off supporting extradition during a tumultuous court session.
FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police … [+]
Key Facts
Jerone Roberts, Bankman-Fried’s Bahamas-based attorney, told reporters his client has voluntarily agreed to be sent to the U.S. against the “strongest possible legal advice,” according to the New York Times.
Bankman-Fried was expected to agree to extradition in a court appearance Monday, which devolved into chaos when Roberts said he was “shocked” Bankman-Fried was in court and claimed the hearing was set without his knowledge.
Bankman-Fried initially told the court Monday he was prepared for extradition, but then reversed course, requesting to see a copy of his U.S. indictment before moving forward.
The judge overseeing the hearing ordered Bankman-Fried back to jail just 10 minutes after proceedings started.
What To Watch For
Bankman-Fried is expected to make another court appearance to formalize the extradition later in the week.
Key Background
Bankman-Fried has spent much of the past week at Nassau’s notorious Fox Hill Prison, which has had numerous problems in the past, including inadequate sanitation. He was taken into custody last Monday at his luxury apartment in the Bahamas at the request of U.S. authorities after federal prosecutors filed eight charges against him, including conspiracy to commit money laundering and to commit wire, securities and commodities fraud. He was denied bail in the Bahamas after a judge determined he was a flight risk. FTX filed for bankruptcy last month after the crypto firm lost billions of dollars in customer money in a failed attempt to prop up Alameda Research, a sister trading company. Bankman-Fried has denied criminal wrongdoing.
Surprising Fact
Forbes estimates Bankman-Fried’s net worth peaked at around $26.5 billion before the collapse of FTX. He claims the only asset he’s still aware of is a bank account with about $100,000 left in it.
Further Reading
Sam Bankman-Fried Is Denied Bail And Jailed Until February (Forbes)
No Extradition Yet: Sam Bankman-Fried Ordered Back To Bahamian Jail In Surprise Twist (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2022/12/19/sam-bankman-fried-agrees-to-us-extradition-after-chaotic-day-in-bahamas-court/