FTX founder Sam Bankman-Fried made the surprise decision to consent to extradition to the United States over the weekend, and on Monday he pulled another surprise by changing course and going back to a Bahamian prison. Photo courtesy of Wikimedia Commons
Dec. 19 (UPI) — FTX founder Sam Bankman-Fried made the surprise decision to consent to extradition to the United States over the weekend, and on Monday he pulled another surprise by changing course and going back to a Bahamian prison.
The fallen crypto mogul’s attorney said he would not agree to extradition from the Bahamas last week when he was arrested at one of his palatial homes. On Saturday, he indicated he would not contest extradition.
In open court in the Bahamas on Monday, Bankman-Fried requested a copy of his federal indictment. After seeing the indictment, the 30-year-old decided he would not surrender himself to extradition, which could have happened by the end of the day if he agreed, CNBC reported.
Bankman-Fried’s defense attorney was surprised that his client was in court on Monday as well. Prosecutor Franklyn Williams KC said he did not request Bankman-Fried’s presence but was of the understanding that he intended to waive his contention of extradition.
With the decision, Bankman-Fried was sent back to His Majesty’s Prison Fox Hill. The prison is notorious for its poor conditions, including inadequate sanitation practices, overcrowding and poor nutrition. A 2020 report by the U.S. State Department details “significant human rights issues” that were degrading to prisoners.
Bankman-Fried is being held in a private room in the medical wing of the prison.
The disgraced founder of crypto exchange FTX faces eight charges, including fraud, money laundering and campaign finance law violations. Three of the counts against him — two counts of wire fraud, and one count of conspiracy to commit money laundering — carry maximum 20-year sentences.
“We allege that the defendant conspired to defraud customers by misappropriating their deposits; to defraud lenders; to commit securities fraud and money laundering; and to violate campaign finance laws,” U.S. Attorney General Merrick Garland said.
