Former U.S. Attorney Marc Litt took part in “Fox & Friends Weekend” to discuss the background of extradition and how SBF’s ex-girlfriend is reportedly cooperating with officials.
The girlfriend of disgraced FTX founder Samuel Bankman-Fried was reportedly working with federal officials, it was revealed, shortly after he was arrested in the Bahamas in connection with the collapse of his crypto empire.
Former U.S. attorney Marc Litt, who was involved in the prosecution of Bernie Madoff, took part in “Fox & Friends Weekend” on Sunday to discuss the report alleging that Caroline Ellison, CEO of Alameda Research, was collaborating with officials in connection with the charges.
“It wouldn’t surprise me at all,” Litt told Will Cain of the report. “She was the CEO of a company that appears to be deeply involved in the alleged fraud, and she is… in the crosshairs of the government… and she must make a choice.”
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“There is a bit of a race to the prosecution at the moment because the government needs employees,” he continued. “It is in her best interest to twist her story and tell her story before anyone the government talks to points to her, so that she has every reason to cooperate and get the benefits of cooperation.”
Bankman fried was arrested Monday and was charged Tuesday in Manhattan federal court with fraud, money laundering and campaign finance charges in connection with an alleged plan to embezzle billions of dollars in client funds deposited at international cryptocurrency exchange FTX and mislead investors and lenders into FTX and to Alameda Research, the cryptocurrency hedge fund he also founded. Bankman-Fried’s ex, Ellison, was the latter’s CEO.
(EDITOR’S NOTE: Best Quality Available) Sam Bankman-Fried, founder of FTX, left for Magistrate’s Court in Nassau, Bahamas, with his mother Barbara Fried on Tuesday, December 13, 2022. Bankman-Fried was denied bail by a judge, leaving the disgraced co-f (Katanga Johnson/Bloomberg via Getty Images/Getty Images)
Bankman-Fried, who was arrested in the Bahamas, is expected to appear in a courtroom in the Bahamas on Monday to reverse course and agree to extradition.
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Litt explained his role as a defendant in the extradition process and why he could challenge the proceedings that delayed his imminent return to the United States.
“The defendant has rights,” Litt said. “There is a process to follow, and the defendant faces a difficult choice. He can decide to challenge extradition or he can waive that process and voluntarily come to the United States.”
He might decide to fight extradition if he feels that delay is his friend or if he feels there is a chance that the country he is in will not extradite him in full or will not extradite him on certain charges that may override him. waiting,” he said. continued.
TOPSHOT – FTX founder Sam Bankman-Fried (C) is handcuffed and led away by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022. – Disgraced cryptocurrency tycoon Sam Bankman-Fried was hit with multiple criminal charges (MARIO DUNCANSON/AFP via Getty Images/Getty Images)
But Litt also said that in this particular case it might be in his best interest to decide to fight extradition if he wants the chance to defend himself as best he can.
“On the other hand, if it is almost inevitable that he will be extradited and if delay is not his friend, which I believe is the case here, he may decide to voluntarily waive extradition and come to the United States,” he said. said Litt. “It’s very hard to defend yourself against these kinds of accusations from prison, from prison. It’s doubly hard to do that when you’re abroad.”
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Bankman-Fried was the Democratic Party’s second-largest donor during the 2022 midterm elections, awarding candidates nearly $40 million.
Officials have been in contact with both Democratic and Republican campaigns regarding those donations since the FTX implosion.
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Danielle Wallace of FOX Business contributed to this report.