Former FTX founder Sam Bankman-Fried was arrested by the Bahamas authorities on the request of the U.S. authorities to extradite him. Nevertheless, former federal prosecutor Renato Mariotti expects the extradition will take weeks to finish.
Right here’s What Occurs Subsequent After Sam Bankman-Fried Extradition
Former federal prosecutor Renato Mariotti asserts that the U.S. Division of Justice wouldn’t have proceeded with the case in the event that they weren’t assured about extraditing Sam Bankman-Fried.
“It’s inconceivable to me that the Justice Division would have charged this case except they have been assured that they might extradite him,” Renato Mariotti advised CNBC on December 13.
Nevertheless, he believes the extradition course of might take weeks to finish. It might additionally take months if Sam Bankman-Fried doesn’t cooperate with the Bahamas authorities.
U.S. federal prosecutors must safe an arrest warrant first and supply sufficient proof to the Bahamas authorities earlier than they’ll extradite Sam Bankman-Fried. Extradition might take time, possibly years to complete, because of the magnitude of alleged crimes.
Furthermore, Mariotti thinks a trial within the U.S. “might not happen for years.” Extra fees will complicate the already complicated case and would want extra time to get in movement. “I might say late 2023 is the earliest a trial would happen.”
A Life Sentence For SBF?
Regardless of attending many interviews, SBF hasn’t accepted committing fraud or knowingly commingle buyer funds. Lawmakers additionally expressed their satisfaction at Bankman-Fried’s arrest.
In response to Braden Perry, a accomplice at regulation agency Kennyhertz Perry, SBF could possibly be behind bars for years if convicted on any of the fraud fees. Nevertheless, the size of any potential sentence is tough to foretell. Wire fraud instances have a minimal sentence starting from zero to 6 months, however the quantity stays a important issue.
Sam Bankman-Fried might face a life sentence in federal jail. Nevertheless, many white-collar defendants are “sentenced to lesser sentences than what the rules dictate.”
The U.S. Home Monetary Providers Committee will hear from the newly appointed FTX CEO and restructuring professional John Jay Ray III. He confirmed that the commingling of funds had occurred between FTX and Alameda Analysis.
Additionally Learn: Disgraced FTX Founder SBF Arrested, Will He Testify Earlier than U.S. Congress?