Securities attorney Andrew Stoltmann discusses the charges against FTX founder Sam Bankman-Fried and what's next for the former crypto CEO on 'Kennedy.'
The founder and former CEO of FTX will have a hearing Wednesday in a Bahamian court on his possible extradition U.S.
Sam Bankman-Fried faces criminal charges related to the collapse of the cryptocurrency exchange, a source familiar with the matter told The Associated Press.
The source spoke on condition of anonymity because they were not authorized to speak on the record.
Bankman-Fried's lawyers said that their client had agreed to be extradited to the U.S., but the necessary paperwork had not yet been written up.
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The founder and former CEO of cryptocurrency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas, Dec. 19, 2022. (REUTERS/Marco Bello / Reuters Photos)
Earlier reports said his defense lawyer told the court that his client was holding off on agreeing to extradition until he had seen the indictment facing him in the U.S.
It was not immediately clear when Bankman-Fried’s extradition could occur once it is approved by the Bahamian court.
In total, Bankman-Fried faces charges of conspiracy to commit wire fraud on customers; committing wire fraud on customers; conspiracy to commit wire fraud on lenders; committing wire fraud on lenders; conspiracy to commit commodities fraud; conspiracy to commit securities fraud; conspiracy to commit money laundering, and conspiracy to defraud the U.S. and violate campaign finance laws.
FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022. (MARIO DUNCANSON/AFP via Getty Images / Getty Images)
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Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government.
The 30-year-old could potentially spend the rest of his life in jail.
Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk.
This illustration photo shows a smartphone screen displaying the logo of FTX, the crypto exchange platform, with a screen showing the FTX website in the background. ( Olivier Douliery /AFP via Getty Images / Getty Images)
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Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.
FOX Business' Anders Hagstrom and the Associated Press contributed to this report.
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