Sam Bankman-Fried's decision to consent to extradition would pave the way for him to appear in US court to face wire fraud, money laundering, and campaign finance charges.
Former FTX Chief Executive Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday, December 19, to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday.accused of engaging in a scheme to defraud FTX customers
Upon arrival in the United States, Bankman-Fried would likely be held at the Metropolitan Detention Center in Brooklyn, though some federal defendants are being held at jails just outside New York City due to overcrowding at the facility, said defense lawyer Zachary Margulis-Ohnuma. “The missing money gives prosecutors strong arguments that he is a flight risk,” said former federal prosecutor and white-collar defense attorney Michael Weinstein. “I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions.”A spokesman for Bankman-Fried declined to comment. Bankman-Fried has acknowledged risk management failings at FTX but has said he does not believe he has criminal liability.
The US State Department in a 2021 report said conditions at Fox Hill were “harsh,” citing overcrowding, rodent infestation, and prisoners relying on buckets as toilets. Authorities there say conditions have since improved.
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