FTX founder Bankman-Fried sent back to Bahamas jail

FTX founder Bankman-Fried sent back to Bahamas jail

FTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictment

FTX founder Sam Bankman-Fried was despatched back to a Bahamas jail Monday in a chaotic courtroom scene, after a described program for him to waive his extradition to the U.S. stalled. On the other hand, numerous media studies afterwards in the day said that he had informed his Bahamian attorney to carry on with extradition hearings, and he is now predicted back again in court docket afterwards this 7 days.

Stories more than the weekend indicated that Bankman-Fried would consent to extradition, but the previous crypto billionaire advised a different tale Monday, demanding to see a copy of his federal indictment prior to agreeing to return to the U.S. He will return to Fox Hill jail relatively than surrendering himself to U.S. custody.

Bankman-Fried’s legal staff signaled that they would struggle extradition previous week. CNBC and numerous other retailers claimed that Bankman-Fried had adjusted his mind and would as an alternative submit himself for extradition on Monday.

FTX founder Sam Bankman-Fried (C) is led absent handcuffed by officers of the Royal Bahamas Police Drive at the Nassau, Bahamas, courthouse on December 19, 2022. 

Kris Ingraham | Afp | Getty Photographs

In open court docket, chaos reigned. Bankman-Fried, 30, dressed in a blue fit and white button-down shirt, was visibly shaking. His Bahamian defense lawyer., Jerone Roberts, explained to the courtroom that he was “stunned” that Bankman-Fried was in court docket.

“I did not ask for him to be here this early morning,” the lawyer explained. Franklyn Williams KC, the Bahamian prosecutor, reported that he “understood that [Bankman-Fried] supposed to waive extradition,” according to an NBC News producer existing in the courtroom.

The FTX founder arrived at Bahamian courtroom in a convoy of police motor vehicles, heavily guarded, just just after 10 a.m. ET.

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Immediately after the listening to shut, the New York Occasions and Washington Write-up both equally described that Bankman-Fried agreed to extradition, citing Roberts. “We as counsel will put together the needed files to result in the courtroom,” Mr. Roberts informed the Instances. CNBC has not however been in a position to confirm these reports independently.

The go will come just times just after he was remanded to the health care unit of Bahamas’ infamous Fox Hill Prison.

The Point out Section in a 2020 report named the disorders at Fox Hill Jail “harsh,” citing “overcrowding, bad nourishment, inadequate sanitation, poor air flow, and insufficient professional medical care.”

Sam Bankman-Fried, founder of FTX, is escorted inside of of the Magistrate’s Courtroom in Nassau, Bahamas, on Monday, Dec. 19, 2022. 

Victor J. Blue | Bloomberg | Getty Pictures

Medical care in certain is spotty at the Bahamian prison, the report explained. The previous billionaire was transported from one of his various multimillion-greenback penthouse properties to the prison previous week — though Bankman-Fried was entitled to his personal place in the professional medical wing, Bloomberg reported.

Bankman-Fried faces existence in federal jail, devoid of the likelihood of supervised launch, if convicted on just a person of 8 offenses that prosecutors have charged him with.

His sentence could be diminished by mitigating components. Trial legal professionals and previous prosecutors say that, in exercise, several white-collar defendants are presented lesser sentences than what the rules dictate. So, even in substantial fraud situations, you can see life sentences drastically diminished.

Check out: Why Sam Bankman-Fried may choose to fall his fight from remaining extradited to the U.S.

Why Sam Bankman-Fried may decide to drop his fight against being extradited to the U.S.