When the Bahamas Attorney General’s workplace introduced that it had arrested former FTX CEO Sam Bankman-Fried, it famous that the previous FTX CEO was more likely to be extradited on the request of the United States. Just over per week later, that prediction has come true: Bankman-Fried signed extradition papers on Tuesday afternoon.
According to an unsealed indictment, Bankman-Fried is going through 8 counts of conspiracy to commit wire fraud, commodities fraud, securities fraud, and extra. Specifically, the SEC accuses the cryptocurrency founding father of “orchestrating a massive, years-long fraud” for “his own personal benefit and to help grow his crypto empire.” The Department of Justice has accused him of trying commodities and securities fraud, conspiring to defraud traders and breaking federal election legal guidelines for donating extra to political teams than is legally allowed.
Bankman-Fried originally planned to fight extradition, however indicated on Monday that he would reverse course. Now, he can be returning to the US to face these prices, a choice that may be simpler on him within the brief time period. When the previous CEO was first arrested within the Bahamas, he was denied bail and deemed a flight risk. In the United States, it is doable he might be launched on bail.
Bankman-Fried has beforehand mentioned that he “didn’t ever try to commit fraud,” and doesn’t believe he’s criminally liable for the autumn of FTX. The New York Times reviews {that a} defense lawyer representing Bankman-Fried within the Bahamas says that he is returning to the US as a result of he “wishes to put the customers right, and that is what has driven his decision.”
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