FTX Co-founder seeks to overturn extradition decision
2022.12.18 01:41
FTX Co-founder seeks to overturn extradition decision
Budrigannews.com – On December 17, citing a person familiar with the situation, Sam Bankman-Fried, the former CEO of FTX, has reportedly reconsidered his earlier decision to contest extradition and is anticipated to appear in court in the Bahamas on December 19 to seek a reversal.
By consenting to removal, Bankman-Broiled would have the option to show up in a US court. Money laundering, conspiracy to defraud the United States, violating the campaign finance law, conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, and money laundering are among the charges against him.
The Bankman-Fried was denied bail on December 13 due to the “risk of flight,” which prompted the move. The lawyers for the former CEO argued that SBF was suffering from depression and insomnia and did not have a criminal record. On December 15, according to reports, a second bail application was made to the Bahamas Supreme Court.
Bankman-Fried could face 115 years in prison if found guilty. However, legal commentators told Cointelegraph that there is “a lot to play out” in the case until he receives a final sentence within the next few months or even years.
The former CEO of FTX has hired Mark Cohen, a former federal prosecutor, as his defense attorney. Cointelegraph reported that Cohen is a co-founder of the law firm Cohen & Gresser and a member of the defense team in the high-profile child trafficking case against Ghislaine Maxwell.
The only prison in the Bahamas is Fox Hill Prison, where Bankman-Fried is being held. In a report published in 2021 by the US State Department, Fox Hill conditions were described as “harsh” and overcrowded, with inadequate nutrition and sanitation. Correctional officers were alleged to have physically abused detainees.
More SEC accused of failing to control FTX
Ex-President of Alameda Exploration, an affiliated business of FTX, Caroline Ellison, has likewise framed a safeguard group. Ellison will be represented in an ongoing federal investigation by Stephanie Avakian, a former top crypto regulator with the United States Securities and Exchange Commission (SEC). At WilmerHale, Avakain currently serves as chair of the Securities and Financial Services department. She expanded cryptocurrency oversight in the Enforcement Division while working for the SEC.
