SBF returns to the US for a number of criminal charges • ExamPaper

Nine days after being arrested in the Bahamas on a handful of criminal charges from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), former FTX CEO Sam Bankman-Fried returns to the United States to to confront them.

Bankman-Fried was being held at Fox Hill Jail of the Bahamas Department of Correctional Services after being denied bail and was scheduled to remain there until his next hearing on February 8, 2023. But he was now able to arrive in New York as soon as Wednesday afternoon. to be arraigned in Federal District Court in Manhattan, according to numerous reports.

The charges came after the Bankman-Fried crypto exchange, which was once one of the largest in the world, collapsed last month as a liquidity crisis unfolded and the company withheld withdrawals. The allegations include wire fraud, securities fraud and money laundering.

Bankman-Fried on Tuesday signed documents surrendering himself to the US, according to Doan Cleare, acting corrections commissioner in the Bahamas. He is expected to sign a separate group of documents on Wednesday finalizing his waiver of rights to challenge extradition to the US in Nassau Magistrate’s Court.

According to Bloomberg News, Bankman-Fried will be taken back to the US in a private jet along with FBI agents. He is scheduled to go from jail to court on Wednesday morning.

His arrival in the US could hasten prosecutors and lawmakers alike to delve deeper into the FTX collapse and discover what really happened to the once-valued $32 billion company.

When asked last week whether the entities will file charges against other individuals allegedly involved in the collapse of the FTX, Damian Williams, U.S. Attorney for the Southern District of New York, said at the event: “I can only say this: it is clear that we are not ready.” No new charges have been announced since then.

On December 13, the US House Financial Services Committee held a hearing on the collapse of FTX with one witness: FTX’s new CEO, John J. Ray III. During the four-hour hearing, Ray answered a number of questions from government officials and shared some new information about the situation, which you can read about here.

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