Hearing on FTX founder’s extradition to US set for Wednesday

Dec 20, 2022, 5:06 PM | Updated: Dec 21, 2022, 7:37 am
FTX founder Sam Bankman-Fried, second right, is escorted out of Magistrate Court toward a Correctio...

FTX founder Sam Bankman-Fried, second right, is escorted out of Magistrate Court toward a Corrections van, following a hearing in Nassau, Bahamas, Monday, Dec. 19, 2022. (AP Photo/Rebecca Blackwell)

(AP Photo/Rebecca Blackwell)

NEW YORK (AP) — Sam Bankman-Fried will have a hearing Wednesday in a Bahamian court on his possible extradition U.S. in the coming days to face criminal charges related to the collapse of cryptocurrency exchange FTX, a source familiar with the matter told The Associated Press.

The source spoke on condition of anonymity because they were not authorized to speak on the record. In a court in Nassau, Bahamas, on Monday, Bankman-Fried’s lawyers said he had agreed to be extradited to the U.S., but the necessary paperwork had not yet been written up.

It was not immediately clear when Bankman-Fried’s extradition could occur once it is approved by the Bahamian court.

Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.

The 30-year-old could potentially spend the rest of his life in jail.

Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, is being held in the Bahamas’ Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.

Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


              Journalists hoping for a comment on the case follow Jerone Roberts, left, a local defense attorney for FTX founder Sam Bankman-Fried, as he leaves Magistrate Court in Nassau, Bahamas, Tuesday, Dec. 20, 2022.(AP Photo/Rebecca Blackwell)
            
              Jerone Roberts, left, a local defense attorney for FTX founder Sam Bankman-Fried, leaves Magistrate Court in Nassau, Bahamas, Tuesday, Dec. 20, 2022.(AP Photo/Rebecca Blackwell)
            
              FTX founder Sam Bankman-Fried, second right, is escorted out of Magistrate Court toward a Corrections van, following a hearing in Nassau, Bahamas, Monday, Dec. 19, 2022. (AP Photo/Rebecca Blackwell)

AP

Associated Press

Austria expels 4 Russian diplomats based in Vienna

VIENNA (AP) — Austria’s government said Thursday that it has ordered four diplomats based in Vienna, including two at Moscow’s mission to U.N. agencies in the city, to leave the country. The Foreign Ministry said in a brief statement that two diplomats at the Russian Embassy had “engaged in acts incompatible with their diplomatic status” […]
2 hours ago
FILE - Adani Group Chairman Gautam Adani attends the "Invest Karnataka 2016 - Global Investors Meet...
Associated Press

Adani scraps $2.5B share sale after fraud claims hit stock

NEW DELHI (AP) — Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his flagship company’s $2.5 billion share offering following the loss of tens of billions of dollars in market value due to claims of fraud by a U.S.-based short-selling firm. Adani Enterprises canceled […]
2 hours ago
FILE - A Cathay Pacific airplane taxis at Hong Kong International Airport in Hong Kong on Nov. 25, ...
Associated Press

Hong Kong woos tourists with air tickets and vouchers

Hong Kong (AP) — Hong Kong will give away air tickets and vouchers to woo tourists back to the international financial hub, racing to catch up with other popular travel destinations in a fierce regional competition. During the pandemic, the city largely aligned itself with mainland China’s “zero-COVID” strategy and has relaxed its entry rules […]
2 hours ago
FILE - A man walks in front of the Bank of England, at the financial district in London, on Nov. 3,...
Associated Press

Bank of England poised for big rate hike to tame inflation

LONDON (AP) — The Bank of England is expected to raise interest rates by as much as half a percentage point Thursday as it seeks to tame the double-digit inflation fueling a cost-of-living crisis, public-sector strikes and fears of recession. The move would push the U.K.’s key rate to 4%. Economists suggest this may be […]
2 hours ago
FILE - New British Prime Minister Rishi Sunak waves after arriving at Downing Street in London, Tue...
Associated Press

Sunak marks 100 days as UK prime minister as problems mount

London (AP) — U.K. Prime Minister Rishi Sunak has angry unions to the left of him, anxious Conservative Party lawmakers to the right and, in the middle, millions of voters he must win over to avert electoral defeat. It’s a daunting situation for Sunak, who on Thursday marks 100 days in office, more than twice […]
2 hours ago
File - Security forces stand guard during a demonstration in front of the Iraqi central bank as cur...
Associated Press

Targeting Iran, US tightens Iraq’s dollar flow, causing pain

BAGHDAD (AP) — For months, the United States has restricted Iraq’s access to its own dollars, trying to stamp out what Iraqi officials describe as rampant money laundering that benefits Iran and Syria. Iraq is now feeling the crunch, with a drop in the value of its currency and public anger blowing back against the […]
1 day ago

Sponsored Articles

...
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
...
Quantum Fiber

How high-speed fiber internet can improve everyday life

Quantum Fiber supplies unlimited data with speeds up to 940 mbps, enough to share 4K videos with coworkers 20 times faster than a cable.
Hearing on FTX founder’s extradition to US set for Wednesday