FTX founder Bankman-Fried was sent back to Bahamas jail in the day of courtroom chaos

Bankman-Fried

December 21, 2022: -On Monday, FTX founder Sam Bankman-Fried was sent back to a Bahamas jail in a chaotic courtroom after a reported plan to waive his extradition to the U.S. stalled. Therefore, multiple media reports later in the day stated that he had told his Bahamian lawyer to proceed with extradition hearings, and he was expected back in court.

Reports more than the weekend indicated that Bankman-Fried would consent to extradition. Still, the former crypto billionaire told a minor story, demanding to see a copy of his federal indictment before agreeing to come back to the U.S. He returned to Fox Hill jail rather than surrender himself to U.S. custody.

Bankman-Fried’s legal team signalled that they would fight extradition in the previous week. CNBC and several other outlets report that Bankman-Fried is changing his mind and would rather submit himself for extradition.

In open court, chaos is resigning. Bankman-Fried, 30, which dressing in a blue suit and white button-down shirt, was shaking. His Bahamian defence attorney., Jerone Roberts added that the court that he was “shocked” that Bankman-Fried was in the court.

“I did not please him to be here this light,” the attorney added. Franklyn Williams KC, the Bahamian prosecutor, stated that he “understood that intended to waive extradition,” according to an NBC News producer in the courtroom.

The FTX founder is arriving at Bahamian court in a convoy of police vehicles, guarded, just following 10 a.m. ET.

After the hearing, the New York Times and Washington Post reported that Bankman-Fried consented to extradition, citing Roberts. “We, as counsel, is preparing the necessary documents triggering the court,” Mr Roberts told the Times.

The move comes just days following his was remanded to the unit of Bahamas’ notorious Fox Hill Jail.

The State Department, in a 2020 report, cited the conditions at Fox Hill Prison as “harsh,” which cited “overcrowding, poor nutrition, inadequate sanitation, poor ventilation, and inadequate medical care.”

Medical care is spotty at the Bahamian prison, the report said. Bloomberg reported that the former billionaire was transported from one of his multimillion-dollar penthouse homes to the jail last week though Bankman-Fried was entitled to his room in the medical wing.

Bankman-Fried faces state in federal prison, without the possibility of supervised release, if sentenced on just one of eight offences that prosecutors have charged him with.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts

Noodle.ai | Make Profit Not Waste | Stephen Pratt

Supply chain leaders, including VPs, often find themselves making bets with unknown financial consequences. Having started with largely infeasible plans generated by deterministic “one-number” planning systems, compounded by unexpected supply or demand disruptions, they are forced into last-minute adjustments to meet operational and financial goals.

Intelichain | Revolutionary Supply Chain Planning Solutions | Roei Aviram

Unsurprisingly, today’s supply chain faces numerous issues, including sustainability, technology, global economic and political instability, talent management, and supply chain resilience. Advanced forecasting algorithms and predictive analytics are used in supply chain management to help organizations of all sizes make better decisions by providing insights into what’s going on in their business at any given moment and predicting future trends.

GAINS | Empowering Companies to Make the Right Decision | Bill Benton

Ensuring the right products are in the right place and at the right time is critical for companies also dealing with supply chain constraints and a high degree of variability. Uncertainty has become the name of the game and the only way to effectively optimize inventory through continuous, data-driven assessments, planning, and decision-making.

Extensiv | Creating the Future of Omnichannel Fulfillment | Sheridan Richey

Food Huggers, a consumer brand that designs products to reduce waste at home, may be in an enviable position now but before they found Extensiv Order Manager, managing booming orders and staying on top of inventory was a huge operational challenge. The business has inventory spread across multiple geographically distributed warehouses, with orders received via multiple sales channels, including Shopify storefronts and Amazon.

FTX founder Bankman-Fried was sent back to Bahamas jail in the day of courtroom chaos