Crime Alert: He Will Now Surrender to the United States

( – Sam Bankman-Fried, the young man accused of committing the most significant financial scam since Bernie Madoff, reportedly will abandon his extradition fight and surrender to United States law enforcement authorities this week.

Bankman-Fried is currently locked up in a Bahamian prison where he is being held without bail.

According to the New York Post in “Sam Bankman-Fried reverses decision to fight extradition to US: report“:

“Disgraced cryptocurrency tycoon Sam Bankman-Fried has decided not to contest extradition from the Bahamas to the US where he is facing fraud charges.

“The fallen 30-year-old FTX mogul was arrested Monday night after the Bahamian government received formal notification from the Justice Department that Bankman-Fried was charged with defrauding investors out of $1.8 billion.

“He is expected to announce his decision when he appears in court on Monday, a source familiar with the case told Reuters.” [emphasis added]

Bankman-Fried’s current incarceration may have led him to decide he’d prefer to be locked up in the United States instead of the Bahamas.

“It’s unclear what led the fallen tech mogul to change his mind, however, he is being held at the Bahamas’ notorious Fox Hill Prison — known to be overrun with rats and maggots and so bad that a warden has called it “not fit for humanity.”

“Bankman-Fried spent Wednesday night in the infirmary of the Nassau prison that has been condemned by human rights officials for its inadequate medical and sanitary conditions to inmates.” [emphasis added]

If convicted of the current charges he faces in the United States, Bankman-Fried could end up living the remainder of his life behind bars, as did Madoff.