Sam Bankman-Fried is set to extradite him to the United States

Sam Bankman Friedthe disgraced cryptocurrency executive, will soon return to the US to confront him fraud charges in federal court after telling a judge in the Bahamas on Wednesday that he agreed to extradite him.

Mr. Bankman-Fried could arrive in New York on Wednesday afternoon to face charges of wire fraud, securities fraud, money laundering and campaign finance violation. Once in New York, he will stand trial in federal district court in Manhattan, though the exact timing of the proceedings remains unclear. The charges stemmed from the collapse of Bankman-Fried’s cryptocurrency exchange, FTX, which was based in the Bahamas until bankruptcy last month.

Mr Bankman Freed, 30, has been held in the Bahamas since his arrest at his luxury apartment complex on December 12. In the Magistrates Court on Wednesday, he confirmed that he had signed documents allowing his extradition. His lawyer, Jerron Roberts, said Mr Bankman-Fried was “eager to leave” the Bahamas and had hoped to travel as early as Wednesday.

In court, Mr. Bankman-Fred told the Justice of the Peace, Shaka Servill, that he was “doing well”. When asked if he was healthy, Mr. Bankman-Fried replied, “Yes.”

Mr. Bankman Fried was wearing a white shirt and a blue suit with a plastic bag on his lap. He arrived after eating a breakfast of toast and jam at Fox Hill, the notorious Bahamian prison where he was held last week, according to the facility’s director, Duane Clare.

Once Mr. Bankman is handed over to Fred, Mark Cohen, a New York attorney, is expected to oversee his criminal defense.

Even before the delivery, Mr. Bankman Fried’s legal team in the United States was negotiating a possibility Bail package with the Federal Public Prosecution Service. Under the terms discussed, Mr. Bankman-Fried could be released on bail on very restrictive terms, including home confinement and electronic monitoring.

A federal judge must approve any bail arrangement.

The extradition of Mr Bankman Fred to the United States will mark the end of an extraordinary week of legal maneuvering in the Bahamas.

On Monday, Mr. Bankman-Fred appeared before the Magistrates’ Court, where he was expected to agree to his extradition to the United States. But hearing turned into a mess Where Mr. Roberts questioned whether his client would voluntarily proceed with the transfer.

By the end of the Monday, Mr. Roberts had reversed his position, and announced in a hastily arranged press conference that Mr. Bankman-Fried had agreed to turn him in after all.

The back-and-forth delivery marked a new twist in the legal drama that began in early November, when a run on deposits exposed an $8 billion hole in FTX accounts. Federal prosecutors charged Mr. Bankman-Fried with defrauding clients, investors and lenders by funneling billions in customer funds to a crypto-trading firm called Alameda Research, which was closely associated with FTX.

Since founding FTX in 2019, US prosecutors and regulators say, Mr. Bankman-Fried has orchestrated a massive fraud, using client money to fund luxury property purchases in the Bahamas, investments in other companies, political contributions, and a glamorous marketing campaign.

Mr. Bankman-Fried stepped down as CEO of FTX when the company filed for bankruptcy in November. He was indicted less than a month later by a grand jury in the United States District Court for the Southern District of New York.

Damien Williams, the US Attorney for the Southern District of New York, said the investigation is continuing and that additional charges could be brought.

Mr. Williams is expected to hold a press conference on Wednesday afternoon to discuss the Mr. Bankman-Fried case.

William K. Rachbaum And the Benjamin Weiser Contribute to the preparation of reports.