Disgraced cryptocurrency tycoon Sam Bankman-Fried is expected to reverse his decision to contest extradition from the Bahamas to the US, where he is facing fraud charges, Reuters reported.
from the Justice Department that Bankman-Fried was charged with defrauding investors out of $1.8 billion.
Once he’s back on US soil, Bankman-Fried would likely be held at Brooklyn’s Metropolitan Detention Center, although some federal defendants are being held at other jails just outside of New York City due to overcrowding, defense lawyer Zachary Margulis-Ohnuma told the news outlet.Within 48 hours of his return to the United States, Bankman Fried would appear in a Manhattan court to enter a plea and a judge will make a determination regarding his bail, according to Margulis Ohnuma.
Any possible trial would be more than a year away, legal experts said. He faces a maximum of 115 years in prison if convicted.Bankman-Fried, once estimated to be worth $32 billion, has acknowledged risk management failings at FTX but has said he does not believe he has criminal liability.REUTERS
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