- Former FTX CEO Sam Bankman-Fried was marched out of court in the Bahamas after a judge there denied him bail and remanded him to the medical unit of HMP Fox Hill, where he’ll be jailed until Feb. 8, 2023.
- Bankman-Fried has been charged in the U.S. over multiple counts of fraud and conspiracy, and faces charges from the SEC and the CFTC as well.
Philip Davis, the prime minister of the Bahamas, once touted FTX’s arrival in the Bahamas as an example of the professionalism of Bahamian securities regulators in ensuring “good actors, as opposed to bad actors, come into this space.”
Less than nine months after Davis lauded FTX founder Sam Bankman-Fried’s move to the island nation, Bahamian financial crimes officers spirited the former billionaire from his multimillion-dollar penthouse apartment and into government custody, pending extradition.
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In court on Tuesday, Bankman-Fried had swapped his signature FTX T-shirt and shorts for a blue jacket and a white button-down, as lawyers pleaded for a judge to allow him to be released on $250,000 bail with an ankle monitor.
Bankman-Fried’s parents watched on as a Bahamian magistrate judge quashed any chance of Bankman-Fried’s return to his house. Citing a “great” risk of flight, the Bahamian justice remanded Bankman-Fried back to jail until his next scheduled hearing on Feb. 8, 2023.
His parents, Joseph Bankman and Barbara Fried, gave him a parting hug before Bahamian law enforcement moved Bankman-Fried out of the courtroom and away to the notorious HMP Fox Hill prison where, according to Reuters, he’s housed in the medical unit.
Source: Finance - cnbc.com
