Bahamian Judge Approves Extradition of Sam Bankman-Fried to US
A Bahamas judge has approved the transfer of Sam Bankman-Fried to the United States.
The decision came after the FTX founder’s lawyer said in court Wednesday (Dec. 21) that Bankman-Fried had waived his right to extradition proceedings, the Wall Street Journal reported Wednesday.
Bankman-Fried confirmed his lawyer’s statement, telling the judge, “Yes, I do wish to waive my right to formal extradition proceedings,” according to the report.
The lawyer then told the judge that Bankman-Fried is “anxious to leave” and requested that he be moved to the U.S. Wednesday, the report said.
Defendants who agree to extradition often do so in order to help themselves get a release on bail, receive leniency at the time of sentencing or escape harsh jail conditions, per the report.
Bankman-Fried has been in jail in the Bahamas since Dec. 12, when he was arrested by Bahamian authorities at the request of the U.S. government.
Upon returning to America, Bankman-Fried could be granted bail, assuming negotiations between his lawyers and federal prosecutors work out, according to a New York Times report.
Wednesday’s news comes two days after the extradition situation hit an unexpected snag. At a Monday (Dec. 19) hearing, Bankman-Fried appeared before an emergency hearing, only to see it adjourned with no ruling being given after his lawyer told the court he was not aware of his client’s plans.
Over the weekend, Bankman-Fried had reversed course and decided not to fight his extradition from the Bahamas to the U.S. These plans apparently caught his own legal team off guard, despite being widely reported.
In the U.S., Bankman-Fried faces charges from the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
A federal indictment released Dec. 12 revealed that he is being charged by the DOJ with eight counts that range from wire fraud to various conspiracy counts.
Separately, a civil complaint from the SEC charged Bankman-Fried with two counts of civil securities fraud and alleged that the FTX crypto empire was “fraudulent from the start” — going back to May 2019.
The CFTC has charged him and FTX with two counts of violating antifraud provisions in the Commodity Exchange Act.