Sam Bankman-Fried, founder and former director of FTX, is expected to tell a court in the Bahamas on Monday that he will not challenge the extradition to the United States.
From the Bahamas to the USA
He has been charged with fraud in the United States, but Reuters, citing an unnamed source, says Bankman-Fried still wants to face his fate at home.
On Tuesday, December 13, Bankman-Fried was arrested in the Bahamas. Because there? His former cryptocurrency exchange FTX is based in the Bahamas and SBF lives there with many colleagues. According to Reuters, he is currently behind bars at Fox Hill Prison after a judge rejected a request to stay home pending an extradition hearing.
“The Bahamas and the United States have a common interest in holding accountable all individuals associated with FTX who may have violated public trust and violated the law,” said Bahamian Prime Minister Philip Davis.
fraud and money laundering
When he was arrested Tuesday, it was an open secret that he was on behalf of the US. U.S. prosecutors also weren’t sure what the charge should be, or at least they haven’t been shared publicly yet.
It was eventually revealed that a US grand jury charged him with committing or conspiring to commit or conspiring to commit fraud against FTX clients and creditors and money laundering.
A grand jury in the United States is a jury of 12 to 23 individuals that, under United States criminal law, decides in closed session whether the evidence gathered by the prosecution supports the charge of a crime.
Using customer money for political donations
The Securities and Exchange Commission is accusing the disgraced cryptocurrency manager of defrauding investors. The SEC also alleges that Bankman-Fried used client money to make political contributions and fund an extravagant lifestyle.
Bankman-Fried is one of the largest political donors in US politics but has been accused of violating campaign finance laws. He allegedly donated millions of dollars illegally to political candidates and activist groups.
His donations to the Democratic Party total about $40 million, and he says he has given the same amount to Republicans.
Influence between Republicans and Democrats
at the invoice alleges that Bankman-Fried misreported political donations that actually came from Alameda Research, an investment firm he controlled, using client money. So the donations are not his. He would also have donated on behalf of others and apparently that is also illegal.
“These messages were disguised to appear from wealthy co-conspirators, when in reality the messages were funded by Alameda Research with money stolen from clients,” prosecutor Damian Williams told a news conference Tuesday.
“All this dirty money was used in the service of Bankman-Fried’s desire to buy bipartisan influence and influence the direction of public policy in Washington.”
If convicted on all charges, Bankman-Fried could face up to 115 years in prison.
Source: Btc Direct
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Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
