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by Mike Caswell
Prosecutors in Boston have extradited Vancouver's Marco Babini, who was wanted in the United States for the manipulation of a supposed biotech listing. The government claimed that Mr. Babini and others planned a scheme that included kickbacks, paid tout sheets and manipulative trading. Mr. Babini is the final defendant in the case, with his co-accused having received five months of house arrest after pleading guilty.
Mr. Babini made his first appearance in a U.S. court on Monday, July 10, during a hearing in Boston. The appearance was a brief one, with prosecutors requesting that Mr. Babini be held in prison. For his part, Mr. Babini requested a detention hearing (meaning that he intends to seek release on bond). The judge ordered Mr. Babini held in custody, and directed that a detention hearing be scheduled, at which time Mr. Babini may argue for his release.
Monday's appearance comes nearly eight years after prosecutors first charged Mr. Babini, with the delay arising largely from efforts to extradite him from Canada. The details of his extradition battle are not publicly available, as a judge in the Supreme Court of British Columbia imposed a publication ban in the case. What is known is that the matter took years to resolve. The judge ordered Mr. Babini's extradition in 2021, but a subsequent appeal delayed the case yet again. That delay only ended after Mr. Babini abandoned the appeal on May 19, 2023, clearing the way for federal officials to send him to the U.S.
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