- FTX founder Sam Bankman-Fried (SBF) was arrested yesterday by the Bahamian authorities.
- A Bahamian judge has denied FTX founder bail citing flight risk.
- SBF’s lawyers argued their client needs to take medications for ADHD and allergies frequently.
A day after the dramatic arrest of the FTX founder Sam Bankman-Fried (SBF) by the Bahamian authorities, SBF has been denied bail by a Bahamian judge. SBF is facing multiple charges including conspiracy, wire fraud and others that could lead to a total of about 115 years in prison.
Immediately after SBF was arrested, his attorney made an application for the release of his client for a $250,000 cash bail along with an ankle bracelet. The SBF lawyers argued that SBF needed to take his ADHD and allergy medications frequently with even the court having to halt the proceedings for him to take his doses timely.
However, Chief Magistrate Joyann Ferguson-Pratt denied SBF bail saying:
“Risk of flight is so great that Samuel Bankman-Fried ought to be remanded in custody. I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond.”
Extradition to the US
Following the denied bail release, SBF will remain in Bahamian prison awaiting the extradition hearing scheduled for February 8 where he is expected to be sent to the US. SBF lawyers have however said they would fight any plans to have him sent to the US where the hearing on the FTX collapse has already started.
The federal prosecutors in Manhattan have outlined eight criminal charges that SBF faces on account of wire fraud, conspiracy, and misusing billions of dollars in customers’ funds. There are also civil charges announced by the US Securities and Exchange Commission (SEC).
In total, a spokesperson for US prosecutors said that the charges against SBF would amount to up to 115 years in prison.