Sam Bankman-Fried will be extradited to the US, facing life in prison

The Bahamas government said that former FTX CEO Sam Bankman-Fried will be extradited to the US on the evening of December 21 (US time). According to CNN, if found guilty on all eight counts of fraud, cheating the former FTX CEO could face life in prison.

Bahamas Attorney General, Senator Ryan Pinder confirmed to CNN that former FTX CEO Sam Bankman-Fried will be extradited to the US.

Bankman-Fried will be extradited after the Foreign Minister of the Bahamas signs a surrender order authorizing his extradition to the United States.

Immediately after the verdict, Sam is said to have been moved directly to the airport to serve the extradition work to the US. The former CEO of FTX will take an undisclosed flight to the US on the evening of December 21 (US time).

Earlier, according to CNN, lawyers for Bankman-Fried were negotiating with federal prosecutors in New York about a bail agreement that would keep Sam out of custody when he returned to the US.

In Bahams, a judge here denied Bankman-Fried’s request to be released on bail and upheld a remand order while conducting legal proceedings regarding his extradition to the United States.

According to the indictment of the United States Attorney’s Office for the Southern District of New York (USA), Bankman-Fried has been involved in money laundering, financial mobilization violations and fraud since the company’s founding in 2014. 2019 or even earlier this time.

The US Securities Exchange Commission (SEC) said Bankman-Fried illegally used investors’ money to buy real estate for himself and his family.

CNN reported that Sam is currently being charged with fraud and fraud from three agencies, the US Department of Justice, the US Securities and Exchange Commission (SEC) and the Futures Trading Commission (CFTC). If found guilty on all eight counts, the former FTX CEO could face life in prison.

Source: CNN