Extradition Mission – FTX’s “SBF” May Leave Bahamas 👮‍♂️

Extradition Mission – FTX’s “SBF” May Leave Bahamas

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is set to be extradited to the US to face criminal charges. Bankman-Fried has been indicted on eight counts, including fraud and conspiracy, in relation to the collapse of FTX. He is accused of using billions of dollars of FTX customers’ funds for personal use and repaying loans owed by his crypto hedge fund, Alameda Research. He is also alleged to have defrauded lenders and investors by hiding his misuse of customer funds and making illegal political contributions funded by Alameda; disguising the true source of the funds to evade reporting requirements and contribution limits. Bankman-Fried has admitted responsibility for FTX’s collapse but denies committing fraud.

​​​​Bankman-Fried’s extradition plans were discussed in a court hearing on Monday, during which his local lawyer, Jerone Roberts, appeared to be at odds with his US legal team. Roberts agreed to draft the necessary documents after speaking with Bankman-Fried and his US lawyers but said he needed to review documents, including the US indictment, before his client could decide whether to waive any objections to his transfer to the US. The judge granted a request for Bankman-Fried and Roberts to confer with Bankman-Fried’s US lawyers. If extradited, Bankman-Fried is expected to appear in federal court in New York, where he will be arraigned and enter a plea. He may initially be held in federal jail, although his lawyers could apply for him to be released on bail. The case has been assigned to US District Judge Ronnie Abrams.

What do you think about the extradition? And will SBF be jailed in the US?

Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:

More Posts

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community.The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results.Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such.Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.