Bahamas Hands Over FTX Founder Sam Bankman-Fried to U.S.

The Bahamas has now sent disgraced former FTX CEO Sam Bankman-Fried back to the United States. After his extradition, the former crypto mogul will be facing criminal charges related to the collapse of his crypto exchange empire.

Bankman-Fried was seen leaving a Magistrate Court in Nassau, being escorted by authorities to a black SUV on Wednesday. He was then transported to a private airfield in Nassau where he is expected to be sent back to the United States. He is expected to land in New York before facing a judge in court on Thursday, according to the Associated Press.

The man known as "SBF" was arrested by Bahamian authorities last week after the United States government filed a request for his extradition. Ryan Pinder, Attorney General of the Bahamas, stated that he hopes the extradition of the former FTX CEO would satisfy the requirements of the extradition treaty between the Bahamas and the U.S.

Bahamas Judge Denied Sam Bankman-Fried Bail

According to the Financial Times, Sam Bankman-Fried tried to apply for bail as soon as he was arrested, However, a Bahamas judge denied his request as he posed a flight risk and that he should remain in jail.

The former FTX CEP then spent his time in what many human rights activists regard as one of the worst prisons on the planet, which is the Fox Hill Prison. It is infamous for having poor sanitation, as well as being infested by rats and insects.

Once back on U.S. soil, however, his attorney is expected to ask that he be granted bail. However, if found guilty, Sam Bankman-Fried could potentially spend the rest of his life in prison.

SBF was originally scheduled to testify to the US House financial services committee before he was arrested at his luxury penthouse by Bahamian police.

The Crimes Sam Bankman-Fried Will Be Facing Once Extradited to the U.S.

Once regarded as the "King Of Crypto," Sam Bankman-Fried is accused of committing "one of the biggest financial frauds in US history." The Securities and Exchange Commission alleges that he illegally used money from investors to buy real estate on his behalf, as well as his family's.

According to CNBC, SBF would be facing eight federal charges once he is back in the United States. These include wire fraud, securities fraud, and money laundering, all of which are related to the collapse of FTX.

The court has assigned a new chief executive for the now-bankrupt FTX named John Ray. He told the court, "This isn't sophisticated whatsoever, this is just plain old embezzlement."

SBF, along with FTX and Alameda, was also charged with fraud and material misrepresentations by the Commodity Futures Trading Commission. It alleged that a computer code written by FTX effectively allowed Alameda to withdraw billions of dollars in customer assets from the company.

SEC Chairman Gary Gensler stated that SBF built a "house of cards on a foundation of deception" and convinced investors that it was "one of the safest buildings in crypto." He also accused the former FTX CEO of defrauding venture capitalists and other equity investors.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: 'So Disrespectful': Dem Lawmaker Lambasts Sam Bankman-Fried - Forbes Breaking News