New York
CNN
—
Former FTX CEO Sam Bankman-Fried plans to appear in court in the Bahamas on Monday to overturn 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 It was first reported that Bankman-Fried thanked him for dropping his extradition on Monday.
It remains unclear when Bankman-Fried will appear in court. If he waives his extradition, he will likely return to the United States soon. Once in state, he will appear before a U.S. judge for an arraignment and bail hearing.
CNN has reached out to Bankman-Fried’s attorneys and the Bahamas Attorney General.
Last Tuesday, federal prosecutors for the Southern District of New York indicted Bankman-Fried with eight counts of fraud and conspiracy.bankman fried Up to 115 years in prison If found guilty on all eight counts against him, he probably won’t get the maximum sentence.
Additionally, U.S. market regulators have filed civil lawsuits against Bankman-Fried for defrauding investors and customers, stating that he is “one of the safest buildings in cryptocurrencies while telling investors that , built a house of cards based on deception.”
Bankman-Fried remained in the Bahamas, home of FTX, and was arrested last Monday night. He was arraigned on Tuesday and a Bahamas judge denied his bail request as a flight risk.
Prosecutors say Bankman-Fried colluded with others in numerous schemes, including misappropriating customer deposits held at FTX that were used to cover the costs of Bankman-Fried’s hedge fund, Alameda. It claims..
Bankman-Fried also allegedly defrauded lenders to Alameda by providing misleading information about the hedge fund’s financial health.
The 14-page indictment also alleges Bankman-Fried made political contributions to candidates and fundraising committees in the names of others, in excess of federal legal limits, between 2020 and November 2022. Alleges that he conspired with others to violate federal election law by doing so.
– Allison Morrow contributed to this report.
