Sam Bankman-Fried will be flown from the Bahamas to the United States on Wednesday night, after consenting to his extradition at a court hearing earlier in the day.
Federal prosecutors in Manhattan last week charged the 30-year-old cryptocurrency mogul with stealing billions of dollars in FTX customer assets to plug losses at his hedge fund, Alameda Research, in what U.S. Attorney Damian Williams called “one of the biggest financial frauds in American history.”
Bankman-Fried left the courthouse Wednesday surrounded by guards with assault weapons and entered a vehicle.
The Bahamas’ attorney general’s office confirmed Bankman-Fried’s extradition in a statement Wednesday evening.
The Office of the Attorney General of The Bahamas announced the extradition to the United States of Sam Bankman-Fried (“SBF”), the former CEO of FTX. SBF will depart from The Bahamas for the United States tonight. <a href=”https://t.co/WttWmNpIw4″>pic.twitter.com/WttWmNpIw4</a>
Bankman-Fried was arrested on a U.S. extradition request last week in the Bahamas, where he lives and where FTX is based. He initially said he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse that decision.
Bankman-Fried decided to agree to extradition in part out of a “desire to make the relevant customers whole,” and recoup as much money as possible for investors and customers, according to the affidavit, which is dated Dec. 20.
Dressed in a suit, Bankman-Fried stepped up to the witness box in court, where he spoke clearly and steadily as he was sworn in.
“Yes, I do wish to waive my right to such formal extradition proceedings,” he told judge Shaka Serville.
FTX founder charged with multiple financial crimes
The U.S. government has charged Samuel Bankman-Fried, the founder of now-defunct cryptocurrency exchange FTX, with a host of financial crimes after being arrested in the Bahamas. He faces decades in prison if convicted.
Bankman-Fried’s defence lawyer said his client had eaten, was in good health and was “anxious to leave.”
The judge said he was satisfied that all legal requirements for extradition had been met and that Bankman-Fried had not been “forced, coerced or threatened” into making the decision.
“I therefore formally commit you to custody while you await your extradition,” Serville said.
The hearing was adjourned after the statements.
Officials with the FBI and the United States Marshals Service — which handles transportation of individuals in U.S. custody — had arrived in Nassau, a person familiar with the matter said on Wednesday morning.
During Wednesday’s hearing, Bankman-Fried’s lawyer requested that the “rule of speciality” be followed. This rule, which is in the Bahamas’ extradition treaty with the United States, says a person can be tried only on the charges for which they are extradited.
Proclaims innocence
Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.
Bankman-Fried rode a crypto boom to become a billionaire several times over and an influential U.S. political donor, before FTX’s crash wiped out his wealth and tarnished his reputation. The collapse was driven by a wave of customer withdrawals amid concerns over commingling of funds with Alameda.
He has since been detained at the Bahamas Department of Corrections in Nassau, known as Fox Hill prison. The U.S. State Department in a 2021 report described conditions at the facility as “harsh,” citing overcrowding, rodent infestation and prisoners relying on buckets as toilets.
Local authorities say conditions have since improved.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
