The next chapter in former FTX CEO Sam Bankman-Fried’s downfall is about to begin as reports indicate he is one step closer to returning to US soil to face criminal charges after signing the necessary documentation in the Bahamas where it has been installed for some years.
The Bahamas will ship Bankman-Fried to the US.
According to NBC News, Bankman-Fried signed the documents on December 20 that kicked off his extradition proceedings. The move was anticipated as he was said to have agreed in principle to be extradited to the US on Monday despite earlier reports that he planned to challenge the extradition.
He is now scheduled to appear in court on Wednesday morning to continue the extradition process. The Bahamas Department of Correctional Services confirmed the release. “He left here in a good mood. He was a happy, jovial person,” Doan Cleare, acting corrections commissioner at Fox Hill prison in the Bahamas, told The Tribune.
Life imprisonment for Sam Bankman-Fried?
The former FTX CEO faces a range of charges, including wire fraud, securities fraud and money laundering., in an indictment from the United States Attorney for the Southern District of New York. Prosecutors also allege that the cryptocurrency mogul misused client funds and misled investors. If he is found guilty on all counts, the former FTX executive could spend the rest of his life behind bars.
Bankman-Fried was detained by Bahamian police a month after FTX’s bankruptcy filing. His bail request was denied by Bahamas Chief Magistrate JoyAnn Ferguson-Pratt as rumors of Sam’s escape went viral at the time. The New York Post reported that his legal team is in talks with prosecutors to allow him to be released on bail after he is extradited to the US.
Bankman-Fried recently admitted that he made donations to Democratic and Republican candidates. Most notably, the Senate’s majority pro-Democrat PAC announced yesterday that he is looking to return $3 million in donations from the FTX founder. Former Texas Democratic gubernatorial candidate Beto O’Rourke last month returned the $1 million contribution she received from Bankman-Fried.
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