AP

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 This material may not be published, broadcast, rewritten or redistributed.

AP

Police clear the area following a shooting at the Kansas City Chiefs NFL football Super Bowl celebr...

Associated Press

1 dead, many wounded after shooting at Kansas City Chiefs’ Super Bowl victory parade

One person died after 22 people were hit by gunfire in a shooting at the end of the Kansas Chiefs' Super Bowl victory celebration Wednesday.

7 days ago

This image from House Television shows House Speaker Mike Johnson of La., banging the gavel after h...

Associated Press

GOP-led House impeaches Homeland Security Secretary Mayorkas — by one vote — over border management

Having failed to impeach Homeland Security Secretary Alejandro Mayorkas the first time, House Republicans are determined to try again Tuesday.

8 days ago

Defense Secretary Lloyd Austin, right, and Kenya's Defense Minister Aden Duale, left, listen during...

Associated Press

Defense Secretary Lloyd Austin hospitalized with bladder issue

Defense Secretary Lloyd Austin has been hospitalized following symptoms pointing to an “emergent bladder issue."

10 days ago

Joel Osteen, the pastor of Lakewood Church, stands with his wife, Victoria Osteen, as he conducts a...

Associated Press

Woman firing rifle killed by 2 off-duty officers at Houston’s Lakewood Church run by Joel Osteen

A woman entered the Texas megachurch of Joel Osteen and started shooting with a rifle Sunday and was killed by two off-duty officers.

10 days ago

(Pexels photo)...

Associated Press

Baby in Kansas City, Missouri, dies after her mother mistakenly put her in an oven

An infant in Missouri died when her mother mistakenly put her down for a nap in an oven, a prosecutor said Saturday.

11 days ago

Former Arizona Department of Corrections boss Charles Ryan received probation on Feb. 9, 2024. (AP ...

Associated Press

Former Arizona corrections boss sentenced to probation over armed 2022 standoff with police

Former Arizona Corrections Director Charles Ryan was sentenced Friday to probation for his no-contest plea to a disorderly conduct charge stemming from a 2022 armed standoff at his Tempe home.

12 days ago

Sponsored Articles

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

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