Regulation

Sam Bankman-Fried seeks to reverse decision on contesting extradition: Report

Sam Bankman-Fried, former FTX CEO, has reportedly reconsidered his earlier choice to contest extradition and is anticipated to look in court docket within the Bahamas on Dec. 19 to hunt a reversal, Reuters reported on Dec. 17 citing an individual conversant in the matter. 

By consenting to extradition, Bankman-Fried would be capable of 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 as a result of “threat of flight”. The previous CEO’s attorneys argued that SBF doesn’t possess a legal document and was affected by melancholy and insomnia. A second utility for bail was reportedly filed within the Bahamas Supreme Courtroom on Dec. 15.

If convicted, Bankman-Fried might get 115 years in jail. Nevertheless, there’s a “lot to play out” within the case till he will get a closing sentence throughout the subsequent few months and even years, authorized commentators advised Cointelegraph.

Relates: FTX ex-staffer: Extravagant expenditures and cult-like worshipping of SBF

A 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 keeping with a US State Division report launched in 2021, Fox Hill circumstances had been “harsh” and overcrowded, with poor sanitation and diet. Detainees had been alleged to have been bodily abused by correctional officers.

Ex-CEO of Alameda Analysis, a sister firm of FTX, Caroline Ellison, has additionally shaped a protection group. Stephanie Avakian, a former high crypto regulator with the US Securities and Trade Fee (SEC) will characterize Ellison in an ongoing federal probe. Avakain is presently chair of the Securities and Monetary Companies on the regulation agency WilmerHale. In her function on the SEC, she expanded cryptocurrency oversight on the Enforcement Division.

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