Sam Bankman-Fried Returns to U.S. To Face Criminal Charges

Sam Bankman-Fried
Sam Bankman-Fried

FTX’s disgraced founder Sam Bankman-Fried signed extradition papers in the Bahamas and will fly to the U.S. on Wednesday, a Bahamas prison official told NBC News.

Doan Cleare, Bahamas’ acting commissioner of corrections, confirmed on Tuesday that Bankman-Fried will head back to the U.S. on federal aircraft following his third courtroom hearing this week.

Bankman-Fried faces eight federal charges, including wire fraud, securities fraud and money laundering, related to the downfall of his crypto exchange.

The 30-year-old MIT graduate now faces a long trial process and could possibly be free on bail while proceedings unfold.

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

Bankman-Fried stands accused by federal law enforcement and financial regulators of perpetrating what the SEC described as one of the most “brazen” frauds in recent memory. Replacement CEO John J. Ray described a “complete failure of corporate control” at the company.