Sunday, July 14, 2024

Sam Bankman-Fried agrees to US extradition ‘to put the customers right’: Report

Former FTX CEO Sam Bankman-Fried, currently in the custody of Bahamian authorities, has reportedly agreed to be extradited to the United States to face charges.

According to a Dec. 19 report from Reuters, Bankman-Fried’s legal team said it planned to prepare documents to have him reappear before the Bahamas Magistrate Court sometime this week. The former FTX CEO attended an emergency hearing of the court just hours earlier without any seeming adjudication or ruling — he returned to prison following the event.

“Mr. Bankman-Fried wishes to put the customers right, and that is what has driven his decision,” Jerome Roberts, on SBF’s legal team, was quoted as saying.

Bankman-Fried reportedly had wanted to see the indictment against him before he agreed to be extradited to the United States. He faces charges from the Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission related to defrauding investors and lenders as well as violations of campaign finance laws. He could be looking at a 115-year sentence if convicted.

Related: SBF’s legal battle still has “a lot to play out,” according to legal commentators

The former FTX CEO has been in the custody of Bahamian authorities since Dec. 12, when local police arrested him as part of extradition proceedings with the U.S. Until then, Bankman-Fried had been regularly giving interviews to major media outlets and was expected to testify before at least one congressional hearing.

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