Sam Bankman-Fried, former FTX CEO, has reportedly reconsidered his earlier resolution to contest extradition and is predicted to seem in court docket within the Bahamas on Dec. 19 to hunt a reversal, Reuters reported on Dec. 17, citing an individual acquainted with the matter.
By consenting to extradition, Bankman-Fried would have the ability to seem in a United States court docket. He faces costs of conspiracy to commit wire fraud on clients and lenders, securities fraud, commodities fraud, cash laundering and conspiracy to defraud the US and violate the marketing campaign finance regulation.
The transfer follows the Bankman-Fried’s bail denial on Dec. 13 because of the “threat of flight.” The previous CEO’s attorneys argued that SBF doesn’t possess a prison file and was affected by despair and insomnia. A second software for bail was reportedly filed within the Bahamas Supreme Court docket on Dec. 15.
If convicted, Bankman-Fried may get 115 years in jail. Nevertheless, there’s a“ lot to play out” within the case till he will get a closing sentence inside the subsequent few months and even years, authorized commentators instructed Cointelegraph.
Associated: FTX ex-staffer: Extravagant expenditures and cult-like worshipping of SBF
Former federal prosecutor Mark Cohen has been employed by the previous FTX CEO to behave as his protection lawyer. As reported by Cointelegraph, Cohen is the co-founder of the regulation agency Cohen & Gresser and was a member of the protection group in Ghislaine Maxwell’s high-profile little one trafficking case.
Bankman-Fried is being held in Fox Hill Jail, the one jail within the Bahamas. In response to a U.S. State Division report launched in 2021, Fox Hill circumstances have been “harsh” and overcrowded, with poor sanitation and diet. Detainees have been alleged to have been bodily abused by correctional officers.
Ex-CEO of Alameda Analysis, a sister firm of FTX, Caroline Ellison, has additionally fashioned a protection group. Stephanie Avakian, a former prime crypto regulator with the US Securities and Alternate Fee (SEC), will symbolize Ellison in an ongoing federal probe. Avakian is at present chair of the Securities and Monetary Companies on the regulation agency WilmerHale. In her position on the SEC, she expanded cryptocurrency oversight on the Enforcement Division.