FTX CEO Samuel Bankman-Fried to face extradition to US for fraud News
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FTX CEO Samuel Bankman-Fried to face extradition to US for fraud

Samuel Bankman-Fried Monday agreed to extradition to the US to face civil and criminal charges, his lawyer told local Bahamian news outlets. Bankman is currently being held in Fox Hill Prison, Bahamas and was denied bail due to posing a flight risk. Bankman-Fried’s lawyer Jerone Roberts told Eyewitness News Bahamas that his client volunteered for extradition and has the best interests of FTX’s clients in mind. He faces a total of 112 years imprisonment.

The CEO and co-founder of FTX Trading was arrested in the Bahamas on December 13 after the US Attorney brought eight criminal charges including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to defraud the Federal Election Commission and commit campaign finance violations. Each charge holds a maximum sentence of 20 years imprisonment. The charges were presented before a Bahamian magistrate judge. The Securities and Exchange Commission brought civil charges against Bankman early December under Section 77(q)(a) and Section 78(j)(b) of Title 8 of the United States Code.

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