FTX founder Sam Bankman-Fried signs extradition papers, will return to US for charges

[BumRushDaShow]

Last edited Tue Dec 20, 2022, 07:03 PM - Edit history (1)

Source: ABC News

FTX founder Sam Bankman-Fried has now signed extradition papers in the Bahamas, where he lived in a multimillion-dollar mansion, after waffling on the decision since his initial court appearance last week.

The disgraced former CEO signed the papers to waive an extradition hearing from the Bahamas and will now be flown to the United States to face prosecution after the collapse of a company that was once valued at $32 billion, according to acting Commissioner of Corrections Doan Cleare.

Bankman-Fried, 30, had been expected in court Tuesday but did not appear, even as his lawyers and U.S. consular officials waited for two hours. That followed a confusing hearing Monday at which Bankman-Fried declined to waive extradition. The judge sent him back to jail and declared the day’s proceeding a waste of time.

Bankman-Fried is now due back in court Wednesday and, with extradition papers signed, should be clear for transfer to New York, where federal prosecutors have charged him in an eight-count indictment with stealing billions from customers of and investors in FTX.

Read more: https://abcnews.go.com/International/ftx-founder-sam-bankman-fried-signs-extradition-papers/story?id=95621512

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Article updated.

Original article -

FTX founder Sam Bankman-Fried has now signed extradition papers in the Bahamas, where he lived in a million-dollar mansion, after waffling on the decision one day prior.

The disgraced former CEO signed the papers to waive an extradition hearing from the Bahamas and will now be flown to the United States to face prosecution after the collapse of a company that was once valued at $32 billion, according to acting Commissioner of Corrections Doan Cleare.

This is a breaking story. Please check back for updates.

[Crowman2009]

1. I hope this is the beginning of the end for crypto currency.

People dismissed me when I said we should invest in savings bonds and credit union CDs instead. The crypto pricks thought I was behind the times. Well I still have my money with a pretty good interest rate. So who's laughing now?

[ananda]

2. All my money is credit union affiliated.

And I'm not sorry.

[FakeNoose]

3. Does this mean his dad is taking half the blame on this?

I'm guessing the father had as much to do with this massive swindle as his son did. The fact that Sam the son agreed to come back home, I'm thinking maybe his dad talked him into it. Maybe he's going to turn himself in?

[BumRushDaShow]

4. Almost sounds like they are going to seek a plea deal...

He had other family members involved in some aspects of this too.

I had posted the below in the LBN OP for when he was first arrested -

The Parents in the Middle of FTX’s Collapse

The FTX founder Sam Bankman-Fried’s mother and father, who teach at Stanford Law School, are under scrutiny for their connections to their son’s crypto business.

By David Yaffe-Bellany, Lora Kelley and Kenneth P. Vogel
Dec. 12, 2022, 8:01 p.m. ET

At the height of its corporate power, the cryptocurrency exchange FTX convened a group of athletes and celebrities for a charity event in March at the Miami Heat’s N.B.A. arena. Local high school students competed for more than $1 million in prizes, pitching “Shark Tank”-style business ideas to a panel of judges that included David Ortiz, the former Boston Red Sox slugger, and Kevin O’Leary, an actual “Shark Tank” host. But the event’s organizer was a figure better known in academic circles — Joseph Bankman, a longtime tax professor at Stanford Law School and the father of Sam Bankman-Fried, the now-disgraced founder of FTX.

(snip)

He and his wife, the Stanford Law professor Barbara Fried, were more than just supportive parents backing their child’s business. Mr. Bankman was a paid FTX employee who traveled frequently to the Bahamas, where the exchange was based. Ms. Fried did not work for the company, but her son was among the donors in a political advocacy network that she orchestrated.

(snip)

Mr. Bankman was deeply involved in FTX. In its early days, he helped the company recruit its first lawyers. Last year, he joined FTX staff in meetings on Capitol Hill and advised his son as Mr. Bankman-Fried prepared to testify to the House Financial Services Committee, a person familiar with the matter said. FTX employees occasionally consulted him on tax-related matters, the person said.“From the start whenever I was useful, I’d lend a hand,” Mr. Bankman said on an FTX podcast in August.

Mr. Bankman visited the FTX offices in the Bahamas as often as once a month, a person who saw him there said. Among the much-younger staff, he cultivated an avuncular persona, regaling employees with stories from his son’s youth, the person said. He and Ms. Fried stayed in a $16.4 million house in Old Fort Bay, a gated community in Nassau, the capital of the Bahamas; the couple’s names appear on real estate documents, according to Reuters, though Mr. Bankman-Fried has said the house was “intended to be the company’s property.”

(snip)

Lots more: https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html

No paywall

His sister (who had an org that worked with OIC) and brother (who had an org donating towards the pandemic response) also had some connections.