Shamed crypto king firm Sam Bankman-Fried led away in handcuffs after judge in the Bahamas denies him bail
14 December 2022, 08:02 | Updated: 14 December 2022, 10:49
The former CEO of sham crypto firm FTX Sam Bankman-Fried has been denied bail by a judge in the Bahamas.
US authorities charged Bankman-Fried, who likes to be known by his initials SBF, with ‘one of the biggest financial frauds in US history’ on Tuesday.
Last month, FTX filed for bankruptcy in the US, leaving thousands of people who have invested in it unable to withdraw their money. They’ve now been warned to expect a ‘small fraction’ back of what they initially put in.
Bankman-Fried, 30, faces eight criminal charges in America including wire fraud, money laundering and conspiracy to fraud as well as civil charges including misleading investors who put more than $1billion into his company.
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If he is convicted at court, he faces spending 155 years in jail.
On Tuesday, his legal team begged the judge to release him on bail under the condition that he would wear and ankle tag and report daily to police until he next appears at court.
But the judge in this case decided that because of his finances and the seriousness of the charges against him he is a ‘fight risk and would be held on remand.
He was also ordered to hand his passport over to authorities on Monday.
The judge granted him time to speak with his attorney and his parents before he was hauled away to the Bahamas Department of Corrections’ notorious Fox Hill Prison.
He was led away in handcuffs by a team of six police officers, and refused to answer any questions by reporters waiting outside.
Bankman-Fried is due back at court on February 8. It’s understood that he will fight the decision to be extradited to the US.
Meanwhile, US Attorney Damian Williams told reporters at a press conference on Tuesday that there will be more charges coming his way.
Williams added: “It’s so hard to compare these things but…this is one of the greatest financial frauds in American history.”
