Former FTX CEO Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to challenge his extradition to the United States, a person familiar with the matter told CNN.
Bankman-Fried should agree to his extradition to the United States, the person said. Reuters first reported that Bankman-Fried would withdraw his extradition fight on Monday.
It remains unclear what time Bankman-Fried will appear in court. If he waives his extradition, he will likely soon return to the United States. Once in the United States, he will appear before a US judge for an arraignment and bail hearing.
CNN has reached out to Bankman-Fried’s attorneys and the Bahamian Attorney General.
Last Tuesday, federal prosecutors in the Southern District of New York charged Bankman-Fried with eight counts of fraud and conspiracy. Bankman Fried could face up to 115 years in prison if convicted of all eight counts against him, though he likely won’t get the maximum sentence.
On top of that, US market regulators filed civil lawsuits accusing Bankman-Fried of defrauding investors and customers, saying he “built a house of cards on a foundation of deception while telling investors that it was one of the most secure buildings in crypto.”
Bankman-Fried remains in the Bahamas, where FTX was based, and was arrested last Monday night. He was arraigned on Tuesday and a Bahamian judge denied his bail request, saying he was a flight risk. His extradition to the United States could take weeks.
Prosecutors allege Bankman-Fried conspired with others on numerous schemes, including the misuse of client deposits held in FTX that were used to cover expenses for Alameda, Bankman-Fried’s hedge fund. .
Bankman-Fried also allegedly defrauded Alameda lenders by providing them with misleading information about the hedge fund’s financial condition.
The 14-page indictment also alleges that Bankman-Fried conspired with others to violate federal election laws by making political donations to candidates and fundraising committees between 2020 and November 2022, beyond federal legal limits and on behalf of others.
– Allison Morrow contributed to this report.