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Sam Bankman-Fried denied bail in Bahamas on FTX fraud charges

Sam Bankman-Fried denied bail

A magistrate judge in the Bahamas on Tuesday denied bail to FTX co-founder Sam Bankman-Fried and said he should be remanded to Bahamian custody until February 8, 2023, hours after a US federal criminal indictment against Bankman-Fried alleging a massive fraud at FTX was unsealed in New York City.

Bankman-Fried was arrested Monday evening by Bahamas law enforcement acting on a request from the United States Attorney for the Southern District of New York. Regulators from the Commodity Futures Trading Commission and the Securities and Exchange Commission also unveiled expansive allegations of fraud and deception by the one-time billionaire.

Bankman-Fried was charged with several counts in federal court, including wire fraud, securities fraud, money laundering, and campaign finance violations.

Reuters reported that Bankman-Fried lowered his head and hugged his parents, who are both Stanford Law professors. They have remained by his side throughout the ascent and stunning collapse of one of the world’s largest crypto exchanges.

Bankman-Fried’s parents were animated during the proceedings, at times laughing or putting their fingers in their ears, according to Coindesk.

This is breaking news. Please check back for updates.

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