Accused FTX founder Sam Bankman-Fried to return to US after hearing

Sam Bankman-Fried, co-founder of FTX, turns 19th on Monday 12th, 2022.

Tristan Wheelock | Bloomberg | Getty Images

FTX founder Sam Bankman-Fried signed extradition papers in the Bahamas and will return to the United States on Wednesday, a Bahamas prison official told NBC News.

Doan Cleare, acting corrections officer for the Bahamas, confirmed Tuesday that Bankman-Fried will fly to the United States on federal planes after his third courtroom hearing this week.

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A source familiar with the matter told CNBC that Bankman-Fried’s team does not anticipate any further problems with the process.

Bankman-Fried, his US attorney and his local Bahamian attorney have been at odds over the past two days, causing confusion and chaos in the Nassau courtroom.

Bankman-Fried faces eight federal charges including wire fraud, securities fraud and money laundering related to the collapse of its crypto exchange, which filed for bankruptcy last month.

The 30-year-old MIT graduate is now facing a lengthy trial and could possibly be released on bail during the trial.

The U.S. Attorney’s Office for the Southern District of New York argued that Bankman-Fried used $8 billion in client assets for extravagant real estate purchases and vanity projects, including stadium naming rights and millions of dollars in political donations.

Bankman-Fried is accused by federal law enforcement and financial regulators of what the SEC called one of the largest and “boldest” fraud attempts in recent memory. Replacement CEO John J. Ray described a “complete failure of corporate control” at the company.

Bankman-Fried was arraigned in federal court in New York on Dec. September and was arrested three days later by law enforcement agencies in the Bahamas at the request of US prosecutors. His legal team has since debated whether Bankman-Fried would agree to extradition.

SEE: Sam Bankman-Fried defied the advice of attorneys

Sam Bankman-Fried defies his lawyers' advice by agreeing to extradition to the United States

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