A judge in the Bahamas has ruled against former FTX CEO Sam Bankman-Fried being released on bail.
Bankman-Fried was detained in the Bahamas on charges related to violating campaign finance laws related to the 2022 midterms.
No Bail for Crypto Fraudster and Dem Megadonor Bankman-Fried, Judge Sayshttps://t.co/7lsVcDWYJZ
— Washington Free Beacon (@FreeBeacon) December 14, 2022
"The day's events capped a stunning fall from grace in recent weeks for Bankman-Fried, who amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year," the Free Beacon reported.
"In an indictment unsealed on Tuesday morning, U.S. prosecutors said Bankman-Fried had engaged in a scheme to defraud FTX's customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC," it added.
Chief Magistrate Joyann Ferguson-Pratt yesterday denied bail for Sam Bankman-Fried after hearing hours of arguments by lawyers and remanded him to the Bahamas Department of Correctional Services until February 8, 2023. https://t.co/z7OMyNDx7J
— Nassau Guardian (@GuardianNassau) December 14, 2022
"I am of the view, the considered view, that the risk of flight is so great that Bankman-Fried ought to be remanded into custody," Chief Magistrate Joyann Ferguson-Pratt said.
She said any conditions that she could set for bail "cannot satisfy the risk of Bankman-Fried's flight."
"So in coming to my decision, I am not satisfied that there are any conditions I can place on Bankman-Fried to sufficiently satisfy me because of his access to substantial finances that he would not or could not abscond," Ferguson-Pratt added.
The judge added that the matter would be decided when he returns to court, currently scheduled for Feb. 8, 2023.
Bankman-Fried's attorney had suggested a $250,000 cash bail and ankle monitor as an option. The judge denied the request.
The case will certainly remain in headlines as GOP leaders in Congress seek testimony in the new year.
Source: Washington Free Beacon
