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FTX founder Bankman-Fried sent back to Bahamas jail

FTX founder Bankman-Fried sent back to Bahamas jail

FTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictment

FTX founder Sam Bankman-Fried was sent back again to a Bahamas jail Monday in a chaotic courtroom scene, just after a reported strategy for him to waive his extradition to the U.S. stalled. On the other hand, many media studies later in the day mentioned that he experienced instructed his Bahamian law firm to proceed with extradition hearings, and he is now envisioned again in court docket later this 7 days.

Stories in excess of the weekend indicated that Bankman-Fried would consent to extradition, but the previous crypto billionaire informed a distinct tale Monday, demanding to see a duplicate of his federal indictment ahead of agreeing to return to the U.S. He will return to Fox Hill jail instead than surrendering himself to U.S. custody.

Bankman-Fried’s legal team signaled that they would battle extradition final 7 days. CNBC and a number of other retailers claimed that Bankman-Fried experienced altered his thoughts and would rather post himself for extradition on Monday.

FTX founder Sam Bankman-Fried (C) is led absent handcuffed by officers of the Royal Bahamas Police Power at the Nassau, Bahamas, courthouse on December 19, 2022. 

Kris Ingraham | Afp | Getty Images

In open court, chaos reigned. Bankman-Fried, 30, dressed in a blue suit and white button-down shirt, was visibly shaking. His Bahamian defense lawyer., Jerone Roberts, advised the court docket that he was “shocked” that Bankman-Fried was in court.

“I did not request him to be right here this morning,” the legal professional stated. Franklyn Williams KC, the Bahamian prosecutor, stated that he “comprehended that [Bankman-Fried] meant to waive extradition,” in accordance to an NBC Information producer present in the courtroom.

The FTX founder arrived at Bahamian courtroom in a convoy of police vehicles, seriously guarded, just immediately after 10 a.m. ET.

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Following the hearing shut, the New York Moments and Washington Post equally reported that Bankman-Fried agreed to extradition, citing Roberts. “We as counsel will get ready the essential files to induce the court docket,” Mr. Roberts explained to the Instances. CNBC has not however been capable to validate these studies independently.

The shift arrives just times after he was remanded to the medical device of Bahamas’ infamous Fox Hill Prison.

The Condition Department in a 2020 report named the situations at Fox Hill Prison “severe,” citing “overcrowding, poor nutrition, insufficient sanitation, inadequate air flow, and insufficient professional medical treatment.”

Sam Bankman-Fried, founder of FTX, is escorted within of the Magistrate’s Court in Nassau, Bahamas, on Monday, Dec. 19, 2022. 

Victor J. Blue | Bloomberg | Getty Photographs

Medical treatment in distinct is spotty at the Bahamian prison, the report reported. The previous billionaire was transported from one particular of his a number of multimillion-dollar penthouse properties to the jail last week — while Bankman-Fried was entitled to his possess room in the professional medical wing, Bloomberg claimed.

Bankman-Fried faces lifetime in federal prison, devoid of the likelihood of supervised launch, if convicted on just just one of 8 offenses that prosecutors have charged him with.

His sentence could be minimized by mitigating elements. Demo attorneys and previous prosecutors say that, in follow, quite a few white-collar defendants are provided lesser sentences than what the rules dictate. So, even in substantial fraud circumstances, you can see life sentences substantially decreased.

Observe: Why Sam Bankman-Fried could make a decision to drop his fight against remaining extradited to the U.S.

Why Sam Bankman-Fried may decide to drop his fight against being extradited to the U.S.