The former FTX CEO, who recently claimed that he has almost nothing left out of his massive fortune, originally told a court in the Bahamas that he wouldn’t waive his right to contest the extradition, indicating that he wanted to stay in the island nation. Extradition is usually a long-drawn-out process since it offers multiple appeal opportunities. However, it is unclear what made Bankman-Fried change his mind. Regulatory officials are already investigating the disgraced crypto company in the Bahamas, and a criminal investigation is also underway.
In the U.S., the Securities and Exchange Commission has charged him with “orchestrating a scheme to defraud equity investors.” In addition to the SEC, the Commodity Futures Trading Commission (CFTC) has filed its own legal challenge against Bankman-Fried, cornering him for the loss of over $8 billion in customer funds. He is accused of commingling customer funds to fund Alameda Research, political donations, and purchasing lavish properties.
The indictment, which led to the arrest of Bankman-Fried, was unsealed by the Attorney’s Office for the Southern District of New York (via DOJ), charging him with conspiracy to commit wire, securities, and commodities fraud, as well as conspiracy to commit money laundering and political campaign finance violations. United States Attorney Damian Williams recently called the FTX saga “one of the biggest financial frauds in American history.” As per CBS News, Bankman-Fried could face up to 115 years in prison. It was also recently reported that Bankman-Fried offered financial aid to a publication covering crypto news, which eventually led to its CEO resigning.
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