FTX co-founder Sam Bankman-Fried handed over to US authorities, en route to New York

[ad_1]

Fallen crypto mogul Sam Bankman-Fried left the Bahamas on Wednesday evening after being transferred to the United States.

Bankman-Fried boarded a flight to New York, where he will face fraud and other criminal charges related to the rapid implosion of his cryptocurrency exchange company FTX, reported the Wall Street Journal.

He will likely appear before a US judge on Thursday.

The suspected fraudster took off from Nassau’s Odyssey Airport and Bahamian media video shows he was escorted onto a private runway by a long police motorcade shortly before 7pm.

Hours earlier, the 30-year-old appeared outside the Nassau Magistrate’s Court building, where he confirmed to the judge that he was waiving his right to a lengthy extradition hearing.

Sam Bankman-Fried departed Nassau’s Odyssey Airport for New York on Wednesday. Getty ImagesThe former crypto mogul could spend the rest of his life behind bars if convicted.REUTERS

He said he consented to the extradition because he wanted to return the affected clients whole, according to court documents reversing his initial decision to fight the process.

The disgraced crypto kingpin was arrested last week by law enforcement in the Bahamas where he was living at the time after being charged in the Southern District of New York.

If he is not released on bail in New York, he is likely to be locked up in the notorious Brooklyn Metropolitan Detention Center pending trial.

Prosecutors allege Bankman-Fried hid FTX’s financial troubles from the public and defrauded investors of more than $1.8 billion.

The Securities and Exchange Commission accused Bankman-Fried of illegally using investors’ money to fund his Alameda Research hedge fund and buy real estate in his and his family’s name. He is also charged with wire fraud, money laundering and campaign finance charges.

US Attorney Damian Williams has called the Bankman-Frieds alleged crimes one of the biggest financial frauds in US history.

Bankman-Fried left the Nassau Magistrate’s Court building with a trash bag containing his personal effects, surrounded by guards with assault weapons, and entered a vehicle, according to Reuters.REUTERSA The police motorcade Bahamas escorted Bankman-Fried to the airport, local media reported. AFP via Getty Images

If found guilty, he faces a maximum of 115 years in prison.

FTX had been valued at $32 million before its sudden collapse on Nov. 11 when Bankman-Fried resigned as CEO and the company declared bankruptcy.

The ex-CEO admitted to several missteps, but insisted he had committed no crime.

Since his arrest on December 12, Bankman-Fried has been locked up in Fox Hill prison in the Bahamas, which is said to have been infested with rats, and which was reprimanded by the US State Department last year for being overcrowded and missing of plumbing.

Bankman-Fried, however, reportedly enjoyed special perks such as air conditioning and cable TV during his short time in prison.

With post wires

[ad_2]