Disgraced FTX founder and former CEO Sam Bankman-Fried is reportedly ready to “face the music” and be extradited to the US, where he faces a series of financial crime charges related to his actions at the now-defunct company.
FTX filed for bankruptcy last month after users discovered the company was affiliated with sister company Alameda Research; both were controlled by Bankman-Fried and a group of amateur executives working out of a luxury penthouse in the Bahamas. The disgraced entrepreneur was arrested this week by authorities on the island nation where his companies are headquartered, as US securities regulators and federal law enforcement officials accused him of fraud.
Bloomberg News reported that SBF “will waive US extradition” to charges of conspiracy to commit metal fraud, wire fraud, commodity fraud conspiracy, securities fraud conspiracy, money laundering conspiracy and conspiracy. defrauding the Federal Election Commission and committing campaign finance violations.
A prison officer described SBF as “a bit arrogant” and appeared to be “terribly scared” at the prison in the Bahamas known as Fox Hill, which a prison officer previously described as “unfit for humanity”.
The disheveled 30-year-old reportedly spends his days watching entertainment shows and reading news about himself.
A 2021 US State Department report on the prison described internal conditions as “severe due to overcrowding, poor nutrition, inadequate sanitation, and inadequate medical care.”
“Prisoners reported infrequent access to nutritious meals and long delays between daily meals,” the report said. “The maximum security cells for men measured approximately six feet by 10 feet and held up to six people without mattresses or toilets. The prisoners removed the human waste with a bucket. The prisoners complained about the lack of beds and bedding. Some detainees developed bedsores from lying on the bare ground. Sanitation was a general problem and the cells were infested with rats, maggots and insects. The government claimed to provide maximum security prisoners with toilets and showers for one hour a day.”
“Individuals held in prisons complained that they were deprived of medical care and food,” the report said. “Access to and access to medical and psychological help was rare. Prisoners constantly complained that the prison authorities did not take their health problems seriously. Sick male inmates and male inmates with disabilities had inadequate access to the medical center.”
Today’s tour of the prison.
— Jasper Williams-Ward (@jasperward94) November 28, 2022
Ben Zeisloft contributed to this report.