Sam Bankman-Fried: Ex-FTX CEO to appear in court Monday to drop extradition fight

New York

Former FTX CEO Sam Bankman-Fried is expected to appear in a Bahamian court on Monday to reverse his decision to contest extradition to the United States, a person familiar with the matter told CNN.

Bankman-Fried is expected to agree to extradition to the United States, the person said. Reuters first reported that thanks to Bankman-Fried she would withdraw her extradition fight on Monday.

It is not yet clear what time Bankman-Fried will appear in court. If he waives extradition, he would likely return to the United States quickly. Once in the United States, he will appear before an American judge for an arraignment and bail hearing.

CNN has reached out to Bankman-Fried’s attorneys and the Attorney General of the Bahamas.

Last Tuesday, federal prosecutors in the Southern District of New York charged Bankman-Fried with eight counts of wire fraud and conspiracy. Bankman-Fried could face up to 115 years in prison if convicted of the eight charges against him, though he likely would not get the maximum sentence.

Additionally, U.S. market regulators filed civil lawsuits accusing Bankman-Fried of defrauding investors and clients, saying it “built a house of cards on a foundation of deception while telling investors it was one of the buildings safer crypto”.

Bankman-Fried remains in the Bahamas, where FTX was based, and was arrested Monday night. He was arraigned on Tuesday and a judge in the Bahamas denied his bail application, saying he was a flight risk. His extradition to the United States could take weeks.

Prosecutors allege that Bankman-Fried conspired with others in numerous schemes, including misusing client deposits at FTX that were used to cover the expenses of Alameda, Bankman-Fried’s hedge fund.

Bankman-Fried also allegedly defrauded lenders in Alameda by providing them with misleading information about the hedge fund’s financial condition.

The 14-page indictment also alleges Bankman-Fried conspired with others to violate federal election laws by making political donations to candidates and fundraising committees between 2020 and November 2022 above legal limits federal and on behalf of others.

– Allison Morrow contributed to this report.

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