FTX founder Sam Bankman-Fried agrees to extradition, returns to Bahamas prison

Dec. 19 (UPI) -- FTX founder Sam Bankman-Fried agreed to extradition from the Bahamas to the United States in an eventful court appearance on Monday.

The fallen crypto mogul's attorney said he would not consent to extradition from the Bahamas last week when he was arrested at one of his palatial homes. On Saturday, he indicated he would not contest extradition.

In open court in the Bahamas on Monday, Bankman-Fried's defense attorneys requested a copy of his full indictment, with one attorney remarking that they were "shocked" to learn their client was in court. The Washington Post reports attorney Jerone Roberts was on his way to the prison where Bankman-Fried is being held to speak with him when he was informed that his client was preparing to submit himself to extradition in court.

Roberts said Monday's proceedings were moving too quickly and without his counsel. He requested a recess to speak with his client, which he was granted. After discussion, he confirmed that Bankman-Fried will consent to extradition despite "the strongest possible legal advice" against doing so.

Bankman-Fried is expected to return to court later this week with his date for extradition undetermined.

Until he is extradited, Bankman-Fried remains in His Majesty's Prison Fox Hill. The prison is notorious for its poor conditions, including inadequate sanitation practices, overcrowding and poor nutrition. A 2020 report by the U.S. State Department details "significant human rights issues" that were degrading to prisoners.

Bankman-Fried is being held in a private room in the medical wing of the prison.

The disgraced founder of crypto exchange FTX faces eight charges, including fraud, money laundering and campaign finance law violations. Three of the counts against him -- two counts of wire fraud, and one count of conspiracy to commit money laundering -- carry maximum 20-year sentences.

"We allege that the defendant conspired to defraud customers by misappropriating their deposits; to defraud lenders; to commit securities fraud and money laundering; and to violate campaign finance laws," U.S. Attorney General Merrick Garland said.