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Refusal to bail FTX founder Fred Bankman may increase the chance of him being extradited by Reuters

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© Reuters. Sam Bankman Fried, who founded and led FTX until a liquidity crisis forced the cryptocurrency exchange to declare bankruptcy, outside the Magistrates Court building after his arrest in Nassau, Bahamas on December 13, 2022. REUTERS/Dante Carrier

by Jack Quinn

(Reuters) – FTX founder Sam Bankman-Fred’s failure to secure bail in the Bahamas on Tuesday raises the possibility that he will agree to be extradited to the United States to face fraud charges, legal experts said.

A judge has ordered Bankman Fried held at the Bahamas Department of Corrections until at least February 8, citing his “high” escape risk after federal prosecutors in New York unveiled charges against him over the collapse of his once-enjoyed cryptocurrency exchange. , FTX.

Before bail was denied, Bankman-Fried’s attorney said his client had not waived his right to extradition proceedings. If he resists removal, experts said, the process could take up to a year or more of hearings and appeals with little hope of success in the end.

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The facility where Bankman-Fried is being held is also known as Fox Hill Prison. Bankman-Fried’s attorney did not immediately respond to a request for comment.

Extradition lawyers say that time spent abroad often encourages defendants to agree to transfer to their home countries.

“The extradition process can take a year or more,” said David Haas, a US attorney who has defended people facing extradition. Usually people don’t want to sit in a prison abroad. That tends to be a major factor in whether someone defies delivery.”

A Bahamas corrections official said Tuesday that Bankman-Fried will initially be held in the facility’s medical ward until staff determine a suitable place for him. Bankman-Fried is scheduled to appear before another Bahamas justice of the peace on February 8.

Like most extradition treaties, the United States-Bahamas Agreement requires that the alleged offenses be considered crimes in both countries. It is unlikely, the lawyers said, that Bankman-Fried would convince a Bahamas court that the securities and wire fraud he is accused of are illegal in the Bahamas.

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“Bahamian law generally mirrors US law in these matters,” said criminal defense attorney Jack Sharman. “I don’t expect differences in law to be a big problem for extradition.”

Bankman-Fried could also argue that he would not get a fair trial in the United States, that he would face an unfair sentence there or be subjected to inhumane treatment, factors the Bahamas court would have to consider before releasing him for extradition.

This has helped some of the defendants delay extradition, most notably WikiLeaks founder Julian Assange, who for years fought extradition from the UK to the US to face charges of leaking classified military intelligence.

But US prosecutors recently won positive rulings in Assange’s extradition proceedings by providing assurances that he would remain safe in custody. It is possible that the authorities of the United States and the Bahamas will broker a similar agreement, Haas said.

There is usually a diplomatic component. “All of this is dealt with through treaties,” Haas said.

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.

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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

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“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

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It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

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The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,’” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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