A judge ordered Bankman-Fried to be held at the Bahamas Department of Corrections until at least February 8, citing his “great” risk of flight after New York federal prosecutors unveiled charges against him over the collapse of his once high-flying crypto exchange, FTX.
Attorneys who specialize in extradition say time locked up overseas often encourages defendants to consent to being transferred to their home countries. Bankman-Fried is unlikely to convince a Bahamian court that the securities fraud and wire fraud he stands accused of are not illegal in the Bahamas, attorneys said.
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He was suppose to testify under oath to the house committee and it was the only chance the public could get some answers but he was arrested a day before because the Dems didn't want that to happen as he was their biggest donor
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International Finance: Sam Bankman-Fried arrested in Bahamas as US files FTX chargesThe disgraced co-founder of digital-asset exchange FTX was arrested in the Bahamas after the US government filed a criminal indictment, following weeks of speculation that client funds were misused before his empire’s collapse. Mmm 🤔🤔 - convenient. Couldn't have SBF mouthing off before House Republicans in less than 3 weeks. Possibly been lawyered up and well looked after as second largest donor to Dems in mid terms. Regime looking after their asset? Asking for a friend. What do u mean weeks of speculation? Client funds are gone, stolen ... Clients are not wondering if the money has been misused, they know for a fact cos it's not there... Ay man
Source: dailymaverick - 🏆 3. / 84 Read more »
Sam Bankman-Fried charged and accused of 'orchestrating a massive, years-long fraud' | Business InsiderThe US Securities and Exchange Commission accused Bankman-Fried of diverting billions of FTX's customer funds for 'his own personal benefit and to help grow his crypto empire.'
Source: BISouthAfrica - 🏆 34. / 51 Read more »