sambankmanfried

Embattled crypto-knight Sam Bankman-Fried is reportedly facing a security risk after three men drove into a metal barricade outside of his home in California, his lawyers filed in a Manhattan federal court.

“You won’t be able to keep us out,” the unidentified men said to a security guard as they got back in the vehicle and drove away.

Christian Everdell from New York law firm Cohen & Gresser said the 30-year-old disgraced one-time billionaire and his parents are targets of “actual efforts to cause harm to them,” requesting that US District Judge Lewis Kaplan reject the notion to unseal documents revealing the guarantors of Bankman-Fried’s $250,000,000 bail.

The men have not been identified neither did his lawyers reveal when the incident occurred but only said “recent.”

The scare comes after customers of the fallen crypto exchange and bankrupt FTX, demand billions of dollars allegedly defrauded by Bankman-Fried. At last court hearing, it was revealed a million customers were affected and many lost their life savings.

Bankman-Fried lives in the home with his parents Joseph Bankman and Barbara Fried since December when he was extradited from the Bahamas to New York, where he was released on bail when his parents put up their 1.8 million dollar home as equity.

The 30-year-old was accused of his involvement in some shady dealings of funneling billions of dollars to his sister company Alameda Research.

He pleaded not guilty and returns to court in October to face trial.

Though FTX Founder Sam Bankman-Fried was unable to get bail in the Bahamas, he secured a hefty $250 million bail in New York, which was described as “the largest-ever pretrial bond.”

When he went to court last week in the Bahamas, a judge feared he could flee the country and denied him bail as he was ordered to jail at the Bahamas Department of Corrections. But when he was extradited to New York, a US judge easily granted him bail, which was surprising considering the billions of dollars lost on his platform and the alleged funneling of money from FTX to his sister company.

The former billionaire previously stated in a media interview that he only had $100,000 left in his bank account after filing bankruptcy on his $32 billion crypto exchange, FTX. So when he was released on a $250 million bond, many were surprised.

What are the terms of Sam Bankman-Fried’s bail?

• Judge Gabriel Gorenstein said Bankman-Fried would be released to his parents’ home in California with “strict” supervision.
• He was released on a ‘recognizance bail’ which means he signed a commitment to return to court on Jan 3, when he will enter his plea of ‘guilty’ or ‘not guilty’ and be arraigned.
• The ‘personal recognizance bond’ is based on Bankman-Fried’s promise with his parents’ promise to pay $250 million if he fails to show up for court.
• His parent’s home, reportedly worth $4 million, was put up as equity, with their signatures along with two other people with “considerable” assets.
• Bankman-Fried wears an electronic monitoring bracelet.
• He must submit to mental health counseling.
• The 30-year-old can only travel within and between the Northern District of California and the Southern and Eastern Districts of New York.
• He can not open any new lines of credit of more than $1,000 while awaiting trial.

Unprecedented

Bankman-Fried did not have to pay any cash, but a simple commitment made him a free man. Typically, defendants on bond are charged 10-15 percent of the bail in cash or must commit to collateral in the full amount of the bond and if he or she fails to show up to court, the pledged collateral is forfeited.

Photo credit: Epoch Times

Former crypto-darling and billionaire Sam Bankman-Fried left the Bahamas on Wednesday around 8 pm, bound for the United States to face fraud charges in a New York court.

The extradition was the conclusion of his stay in the Bahamas since establishing his multibillion-dollar crypto headquarters in the Bahamas. And it marks the end of a tumultuous week since his arrest last Monday.

He intended to fight the extradition but eventually reversed the decision which landed him at Odyssey Aviation where he was carried by US Marshalls to New York, where he is detained.

He is represented by high-profile lawyer Mark Cohen who could apply for bail. It remains to be seen if it will be granted.

Bankman-Fried’s handover at Odyssey Aviation, Bahamas

Bankman-Fried’s arrival in New York, USA

Photo credit: The Royal Bahamas Police Force and Fox News

After former FTX Founder Sam Bankman-Fried signed extradition papers to face criminal charges in the United States, he will be handed over to US Marshalls.

The Bahamas judge Shaka Serville has approved all of the legal requirements for the extradition and was satisfied that Bankman-Fried was not “forced, coerced or threatened” into making the decision.

The 30-year-old  will be handcuffed and placed on board a plane with an escort from the FBI and the United States Marshals Service which have already arrived in the Bahamas. They will then carry him to La Guardia or JFK Airport.

He will either go to the federal detention facility or a Manhattan courtroom in the Southern District of New York. If he is sent to court, there will be an initial hearing and arraignment before a judge and he will enter a plea to the 8 charges against him.

Following a tumultuous week since his arrest in the Bahamas,  he is expected to arrive in the United States on Wednesday evening and will contest allegations that he funneled billions of dollars from his fallen exchange FTX, to his trading fund company, Alameda Research.

“Yes, I do wish to waive my right to such formal extradition proceedings,” he told the court on Wednesday morning.

His defense lawyer Jerone Roberts said his client was “anxious to leave” the Bahamas and requested that the “rule of specialty” be imposed which based on the Bahamas and US extradition treaty, states that a person can only be tried on the charges for which they are extradited.

Photo credit: Reuters

Former FTX CEO Sam Bankman-Fried will be extradited to the United States following a back-and-forth in Bahamian courts.

The now disgraced crypto knight who has become known as the mastermind behind one of the biggest financial schemes had planned to fight the extradition, then apparently folded. But when he appeared in court, his lawyer and the prosecutor seemed shocked to learn about the decision. Bankman was carried back to prison but returned a short time later, agreeing to face a US court.

Bankman-Fried’s lawyer Jerone Roberts said the fallen crypto king “wishes to put the customers right and that is what has driven his decision to be voluntarily extradited to the United States.”

Bankman-Fried would have to sign an extradition paper as he prepares to be handcuffed, placed on board a plane with an escort from the US Marshals Service, carried to La Guardia or JFK Airport, and sent to the Southern District of New York courthouse.

Bankman-Fried is expected to appear in Bahamian court again on Tuesday morning to complete the extradition process.

He was arrested by Bahamian authorities last week Monday around 6 pm at the request of the US government, and spent a week in Bahamian prison after he was denied bail.

Prime Minister Philip Davis who became an acquaintance of Bankman-Fried said at the time of his arrest, “The Bahamas and the United States have shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

He is wanted in New York for eight criminal charges– conspiracy, fraud, money laundering and violation of the fiance law, and could be sentenced to 115 years in prison. And more could be pending. All of this comes after the implosion of his 32-billion-dollar crypto empire and revelations that he diverted customer monies to his trading company, Alameda Research.

The 30-year-old crypto darling who has permanent residency in the Bahamas was in the country since 2021 when he moved the exchange from Hong Kong, China.

His high-profile attorney Mark Cohen represents him as he attempts to beat the charges.

Photo credit: Reuters

Sam Bankman Fried, former FTX CEO was sent back to prison today after some apparent confusion at his court hearing. It was expected that he would appear in the Bahamas court today to be extradited to the United States. However, when he arrived, no one seemed to know that he was coming.

The Daily Mail reported that the 30-year-old tapped his foot nervously and clenched and unclenched his hands before the judge arrived.

After the judge’s arrival, his lawyer Jeron Roberts told the court, “I did not request him to be here this morning.”

It is reported that Prosecutor Frankly Williams seemed surprised too, stating that the government of the Bahamas neither the government of the United States knew that Bankman-Fried would appear before a judge today.

“We are here for a certain purpose,” he said, then asked if Bankman-Fried can “tell us why he is here.”

The court was adjourned for 45 minutes for Roberts to speak with Bankman-Fried on the sidelines.

After the adjournment, Bankman-Fried was sent back to the Bahamas Department of Corrections, and no final decision was made regarding his extradition.

Sources familiar with the matter said over the weekend, that the fallen crypto genius would appear in court on Monday to willfully return to the US after a short stint at the correctional facility.

His extradition to the US means he could be sentenced to an estimated 115 years in prison. US prosecutors accused him of “one of the biggest financial frauds in US history.”

Bankman-Fried was initially expected to return to court for a bail hearing on January 7 and an extradition hearing on February 8.

Photo credit: Reuters

Though prosecutors in the United States have charged former FTX CEO Sam Bankman-Fried with fraud, conspiracy, money laundering, and violations of campaign finance law, the Bahamas has yet to convict the 30-year-old of a single crime.

Bankman-Fried lived in the Bahamas since 2021, after establishing the headquarters of his billion-dollar company in the country after the move from Hong Kong, China. He became a generous donor and was the face of the Bahamas’ future investment in the crypto industry.

The permanent resident was given the approval to set up the exchange here. But the alleged crimes were committed under the noses of the regulatory body, the Securities Commission Bahamas.

Three weeks ago, before the US charges were filed, Attorney General Ryan Pinder in a televised national address announced that the Commission and the Royal Bahamas Police Force were investigating Bankman-Fried’s handling of customer funds in FTX.

From that day to this, no charges have been filed. Neither has it been stated whether or not they found any sign of wrongdoing at the exchange.

However, unsealed court documents in the US, revealed that the former co-CEO at FTX Digital Markets Ryan Salame, tipped off the executive director of the Securities Commission of the Bahamas, Christine Rolle, and informed her that the fallen crypto-knight possibly committed fraud when he funneled billions of dollars from FTX to Alameda Research.

Rolle then alerted Bahamas Police Commissioner Clayton Fernander for an investigation into the matter. Still no word from the Commissions or the police force.

Bankman-Fried was arrested last week Monday in the Bahamas at the request of the US government based on an extradition treaty between the two countries. The US has since provided sufficient evidence that he committed a crime in their country.

Photo credit: Reuters

Sam Bankman Fried, former FTX CEO is expected to appear before a judge in the Bahamas on Monday instead, to be extradited to the United States to face 8 criminal charges of fraud and conspiracy, a source close to the matter said.

The fallen billionaire and crypto genius is thinking of willfully deciding to return to the US after he initially petitioned to not waive his rights to be extradited, and was placed in the custody of prison guards at the infamous Bahamas Department of Corrections (Fox Hill Prison) where he sits watching movies and reading news articles about himself as he attempts to adapt to his new life, far removed from his luxurious life in Albany.

It is not known what spurred him to reconsider the extradition fight, but the former ‘crypto darling’ whose extradition hearing was scheduled for February 8, could be sentenced to 115 years in a US prison where prosecutors labeled his dealings at FTX as “one of the biggest financial frauds in US history.”

Michael Zweiback, a Los Angeles-based criminal lawyer who spoke on the matter earlier in the week said after extradition, “he will be placed in handcuffs and put on board a plane with an escort from the US Marshals Service and brought to La Guardia or JFK Airport and brought straight to the SDNY courthouse (the Manhattan federal court).

“He can sign extradition paperwork tomorrow and be there within a week,” he said.

Bankman-Fried and his lawyers attempted to get bail since his arrest last Monday, but were denied and were expected to seek another hearing on January 7 so that he no longer sits in the medical area of the prison where officials say he remains in “good spirits.”

The Washington Post reported that the former billionaire said, “It’s okay, I will deal with it,” when asked by guards how he felt watching news reports about himself splattered around the globe in recent days.

It is unclear if the Bahamas will press charges against Bankman-Fried and attempt to hold him. But its Securities Commission Executive Director Christina Rolle revealed to Commissioner Police Clayton Fernander that it was made aware of possible fraud when his Digital Markets Co-chief Executive Officer Ryan Salame alerted the board about funds being diverted from FTX to Alameda Research, to cover losses.

Billions of dollars are reportedly missing amidst the bankruptcy of the exchange, as customers and investors await the outcome of this big financial scandal.

The Sam Bankman-Fried saga is getting worse and he is now facing a slew of charges in the US after his arrest and a request for extradition was filed in the Bahamas. His criminal charges range from fraud to money laundering while the Bahamas conducts its own investigations after the implosion of FTX, the world’s second-largest crypto exchange.

But before he is extradited, Bankman-Fried must appear before a Bahamas court for proceedings and waive his rights to be extradited.

What is extradition and what is the agreement between the Bahamas and the US?

Extradition is when one country hands over a suspect to face trial for alleged crimes.

It is a process and the circumstances were established by a treaty signed in 1990.

Whenever the US wants to put a suspect before its court, its prosecutors ask the Bahamas government.

The suspect is sent to a Bahamas court where the judge examines the request made and is convinced that the suspect is indeed wanted by the USA.

What is Sam Bankman-Fried Accused of?

Eight charges were levied against the 30-year-old crypto genius: Conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, conspiracy to defraud the United States and violation of campaign finance laws.

Before the charges were filed, Bankman-Fried denied he defrauded investors in media interviews and chalked up losses to accounting errors.

But today, a South District New York Court stated that he defrauded investors in “good old fashion embezzlement,” and described it as “a house of cards” that crumbled. Customers lost $8 billion said Gretchen Lowe of the Commodity Futures Trading Commission.

Bankman-Fried plans to put up a fight to avoid extradition by not waiving his rights.

If Bankman-Fried had waived his rights or agreed to the extradition, the Bahamas would have been able to immediately extradite him.

His rejection on Tuesday may delay the extradition but his attempts, most likely, won’t be successful.

It’s unknown now how quickly the extradition would happen.

His next extradition hearing is scheduled for February 8, 2023.

Former FTX CEO Sam Bankman Fried, now facing a litany of criminal charges in the US, was expected to testify before US Congress on Tuesday, fielding questions from the House Financial Services Committee on the billions of dollars missing from his cryptocurrency platform. Instead, he stood in a Bahamas court under arrest and fighting extradition, as new CEO John Ray III showed up on Capitol Hill alone, revealing the spectacular underpinnings of FTX, the now troubled exchange.

The public anticipated Bankman-Fried’s appearance, whether in-person or virtually, since Chairwoman Maxine Waters posted the request to Twitter, appealing for the former billionaire to account for the missing massive cash which belonged to his customers and investors.

The arrest of Bankman-Fried was rapid and shocking. The dramatic turn of events now meant US lawmakers will no longer grill him on Capitol Hill.

Congressman William Timmons (Republican-South Carolina), also a former prosecutor, questioned the “bizarre” move by the prosecutors of the South District of New York.

“Why 36 hours before testifying…did the South District New York send an arrest warrant to facilitate the arrest to preclude his [Sam Bankman-Field] testimony?” he asked.

Ray agreed that Bankman-Fried’s testimony to Congress would have “absolutely” been helpful to understanding the case.

Bankman-Fried was arrested on Monday night in the Bahamas, by request from the US government, one day before the congressional hearing. US Prosecutor Damian Williams threw eight charges of conspiracy, fraud, money laundering, and campaign violation at the 30-year-old crypto darling.

“I believe it was a decision made by the DOJ to prevent Sam Bankman-Fried from coming here to answer questions in front of people,” Timmons asserted.

His testimony “would be great for the case,” he continued. “I just don’t understand it.”

“I look forward to figuring out why they did that.”

Bankman-Fried was the second biggest donor to the Democratic party, even giving millions to President Joe Biden when he campaigned against Donald Trump. It is reported that he hoped to influence crypto regulations.

FTX, once valued at $32 billion imploded in a matter of weeks after documents were leaked that Bankman-Fried was funneling cash to his sister company Alameda Research, and the exchange had a gap of $8 billion in losses.

Bankman-Fried quickly filed for bankruptcy on November 11 and the man who was once lauded for his billion-dollar crypto successes became the villain of the financial market with only a meager $100,000 reportedly left in his bank account.

Photo credit: Keith Gomez