FTX founder extradited

Sam Bankman-Fried departing The Bahamas last night, in this picture provided by the Royal Bahamas Police Force.

As of Thursday, December 22, 2022

By PAVEL BAILEY

Tribune Court Reporter

pbailey@tribunemedia.net

EMBATTLED former FTX CEO Samuel Bankman-Fried was extradited to the United States yesterday after formally waiving his right to an extradition hearing.

The disgraced 30-year-old spent a week on remand at the Bahamas Department of Correctional Services (BDCS) before he reversed his earlier position of planning to fight his removal to the US.

Bankman-Fried faces several fraud charges in the United States, including wire fraud, money laundering, conspiracy to commit fraud and violating campaign finance laws.

He was arrested in The Bahamas on December 12 at the request of US authorities, due to an indictment against him.

During yesterday’s hearing before Magistrate Shaka Serville, an affidavit signed by Bankman-Fried was presented indicating he intended to comply with Section 17 of the Extradition Act. His attorney Jerone Roberts said “out of courtesy” he gave a copy of this document giving Bankman-Fried’s consent to extradition to his US lawyers.

The attorney then referred to Article 14 of the Extradition Act which applies the rule of specialty. Citing this legal clause he asked that the magistrate ensure that Bankman-Fried is only tried for the charges currently outlined in the diplomatic note sent to the Minister of Foreign Affairs.

This note indicated that Bankman-Fried faced eight fraud related charges before the Southern District of New York. These include two counts of wire fraud and two counts of conspiracy to commit wire fraud. He also faces charges of conspiracy to commit commodity fraud, conspiracy to commit security fraud, money laundering conspiracy and conspiracy to defraud the United States.

In once again citing the rule of specialty and saying that it has always been his client’s desire to put his customers right, Mr Roberts asked that the magistrate ensure that Bankman-Fried only face the charges he is currently listed in New York.

Magistrate Serville said that in his view, Section 17 of the Extradition Act mirrored those sentiments. The judge said that while it is improper of him to dictate litigation in another jurisdiction, he will do his due diligence to ensure Bankman-Fried’s rights are upheld.

Under oath Bankman-Fried affirmed that the affidavit given to the magistrate was the one prepared by his counsel and pointed out his signature on it. This document gave his written consent to extradition.

The defendant went on to verbally confirm he wished to waive his right to formal extradition proceedings and that he was doing so voluntarily.

When asked by the magistrate of his well-being since being on remand, Bankman-Fried said that he is in good health.

Upon hearing this Magistrate Serville told Bankman-Fried that he was satisfied that he was arrested in accordance with the Extradition Act and was not coerced into waiving his right.

As such he formally committed Bankman-Fried to federal custody, leading to him being flown to the United States by agents of the FBI last night.

In a statement yesterday, Minister of Foreign Affairs Fred Mitchell said he signed the warrant of surrender for Bankman Fried, which allowed his extradition to the United States.

In a separate statement, Attorney General Ryan Pinder said the written consent by Bankman-Fried to be extradited without formal extradition proceedings “satisfies the requirements” of the extradition treaty between The Bahamas and the US and this nation’s Extradition Act.

More like this story

killemwitdakno 1 year, 10 months ago

SMFT. Impatient. I would've given parole with a community service requirement to repay and assist another company or our CBDC with his talent. Bail could've began to cover his compensation to customers. His parents could've been assigned to UB. I believed Robin Hood was genuine. He took responsibility , he was overly willing to talk. The coin also could've been revived, backed by natural resources (but he admitted to green washing). The public would've been in support if royalties toward the sovereign wealth fund were in the DARE act.

$3T market chance gone, plus now affecting everything else. He was either a good match to giving culture or a counterfeit. He's not coming back after Fox Hill and neither is anyone willing to risk making a mistake in The Bahamas. He's probably gone with a ton of local financial info and evidence of PLP dealings too. I hope he wasn't a Nygard plant (Epstein lawyer? That was a intel opportunity deal as well).

Maybe Zelensky put in a word for him at the WH to get US bail ( was a major supporter against Russia 🙏).

I would've fought tooth and nail because we have to show that we are actually capable of hosting and regulating this market. There will be other cases requiring this exercise.

He has some mission to prove some things I take it. Being a Kanye and sacrificing himself to expose.

If they were in Freeport , Freeport's jail isn't Fox Hill.

Porcupine 1 year, 10 months ago

This isn't really a market. Many have pointed this out. We seem to be adverse to a day's pay for a day's work. Now living in a world where gambling is ranked along with actually producing something of value for society. As if the cultural consequences of this type of thinking isn't clear enough. We love our money and continue to say we are Christians. This sets the stage for wholesale hypocrisy and the descent of all morals. Look around. Am I wrong? Or, do you think this behaviour is normal? We celebrate and elevate the most greedy, abusive and dishonest among us. In our churches, in business, in politics. Why do the sociopaths rise to the top? Why do we continue to pitch schemes, instead of honest hard work? Don't see it, hey? Why do we continue to attract the "bad actors", as PM Davis calls them? Is it not clear? Education has been bought and sold in the US, where people from all over the world flock to study "business". Here in The Bahamas, we don't even pretend anymore. Our test scores prove it. So do the results evident in every facet of what we call our "society". The Bahamas most urgent existential crisis is rapidly rising sea levels. This is a fact. Yet, we are still stuck on marital rape and rooting for the FNM or PLP and don't seem to have the leadership for anything further. We have a national maturity level of an adolescent. Sad but true. These are choices we have made along the way. Nobody forced these failures upon us. We choose freely.

killemwitdakno 1 year, 10 months ago

Bahamians have long been father along than black Americans in holding one of our own accountable even when ridiculed by foreigners, the basis of governance, BUT this wasn't that case. This was sabotage of a win by competitors. Crypto isn't gaming, the SEC monitors it. This country got independence through the casino mafia that left Cuba for Freeport supporting Pindling don't forget.

You think the states won't still use his risk code patent from jail? They'll get the growth and we won't. There was a Dr. Burton hid out in Freeport for that reason. He didn't want the FDA to get his therapy and rid him. Today augmented therapy is a cancer cure.

Porcupine 1 year, 10 months ago

Sorry, the only thing I can say for sure is that we do not hold almost anyone accountable for their bad behaviour. What do black Americans have to do with this conversation? Is this a racial issue somehow? And yes, just because something is regulated doesn't mean crap. How are you missing the S&L crisis, the Great Depression, 2008 sub Prime crisis, and on and on? All "regulated" Quite simply, finance has proven that it does nothing for an economy, in fact, it merely takes money from the working people and redistributes it upward. And here, we do not tax those gains. The statistics on income inequality are there for all to see, if disposed to reading. It does not reflect anything other than greed. Financial gains should be taxed enough to run any government before a working person's salary is touched by any government. Only a money lover would argue otherwise. We're getting to the root of the problem, yes? A simple ignorance of common decency..

Bonefishpete 1 year, 10 months ago

So He turned out to be no Papillon?

TalRussell 1 year, 10 months ago

As thieving Sam Bankman-Fried was airborne aboard a FBI plane flying from the Bahamian Islands to the US where he faces thieving charges,

Upon landing he will be transported directly into the lockup of the Southern District of New York and he will appear in court before a judge in this district as soon as Thursday morning.

And, if you as a Bahamian, or someone close to you, associated or churches wit you, was conflicted by Sam Bankman-Fried, the message The Southern District of New York has. If you banked, lawyered, influenced others, participated/aided in crooked misconduct at/of FTX or Alameda, now is the time to jump ahead of it.

And they added. However nervous you be, we are moving quickly, our reach is long and our patience is not eternal, --- Yes?

ThisIsOurs 1 year, 10 months ago

What the man day, "come to us before we come to you"

ThisIsOurs 1 year, 10 months ago

I know how hard it is to lose weight. Its a whole deeper issue than just telling someone dont eat rice. But I do believe our military branches have an upper hand on most of us. Their job requires them to be fit. Look at those FBI guys compared to our senior offices. This shouldnt be. Netflix will not be kind to us

temptedbythefruitofanother 1 year, 10 months ago

Those are US marshals, making sure SBF don’t run across the tarmac at LPIA jump de fence and hoof it down JFK to the Baha Mar entrance and run up to the Sky Bar for a drink and an appetiser.

The marshals tend to not be as fat as the RBPF boyz who seem to need 4 inch buckles on their belts to hold in their massive guts (see picture)

ThisIsOurs 1 year, 10 months ago

US Marshals. ok. Imagine if he did make a run for it, could any of those officers catch him if both Marshalls tripped over their shoelaces? They need to do something to encourage a lifetime of fitness on the forces. Let the chefs work with UB to find a healthier way to make the things we like that also taste good. Maybe annual fitness contests over various disciplines, land and water, with some lucrative prizes. It could be the start of a mindset change for the country

Sign in to comment

OpenID

The Tribune