Former FTX founder Sam Bankman-Fried was arrested by the Bahamas authorities at the request of the U.S. authorities to extradite him. However, former federal prosecutor Renato Mariotti expects the extradition will take weeks to complete.
Here’s What Happens Next After Sam Bankman-Fried Extradition
Former federal prosecutor Renato Mariotti asserts that the U.S. Department of Justice wouldn’t have proceeded with the case if they weren’t confident about extraditing Sam Bankman-Fried.
“It is inconceivable to me that the Justice Department would have charged this case unless they were confident that they could extradite him,” Renato Mariotti told CNBC on December 13.
However, he believes the extradition process could take weeks to complete. It could also take months if Sam Bankman-Fried doesn’t cooperate with the Bahamas authorities.
U.S. federal prosecutors need to secure an arrest warrant first and provide enough evidence to the Bahamas authorities before they can extradite Sam Bankman-Fried. Extradition could take time, maybe years to finish, due to the magnitude of alleged crimes.
Moreover, Mariotti thinks a trial in the U.S. “may not occur for years.” More charges will complicate the already complex case and would need more time to get in motion. “I would say late 2023 is the earliest a trial would occur.”
A Life Sentence For SBF?
Despite attending many interviews, SBF hasn’t accepted committing fraud or knowingly commingle customer funds. Lawmakers also expressed their satisfaction at Bankman-Fried’s arrest.
According to Braden Perry, a partner at law firm Kennyhertz Perry, SBF could be behind bars for years if convicted on any of the fraud charges. However, the length of any potential sentence is difficult to predict. Wire fraud cases have a minimum sentence ranging from zero to six months, but the amount remains a critical factor.
Sam Bankman-Fried could face a life sentence in federal prison. However, many white-collar defendants are “sentenced to lesser sentences than what the guidelines dictate.”
The U.S. House Financial Services Committee will hear from the newly appointed FTX CEO and restructuring expert John Jay Ray III. He confirmed that the commingling of funds had occurred between FTX and Alameda Research.
Also Read: Disgraced FTX Founder SBF Arrested, Will He Testify Before U.S. Congress?
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