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24h Vol: $64,863,278,229
Seeking Alpha 2022-12-13 23:02:53

Bahamas judge denies bail for FTX founder Sam Bankman-Fried

Bahamas judge denies bail for FTX founder Sam Bankman-Fried
Disgraced FTX ( FTT-USD ) founder and former CEO Sam Bankman-Fried, who was arrested Monday evening, was denied bail in the Bahamas Tuesday amid flight risk, CNBC reported. A magistrate judge in the Bahamas said Bankman-Fried should be remanded into custody until February 8, 2023. That comes shortly after various agencies filed charges against the 30-year-old, including counts of conspiracy and wire and securities fraud. SBF was said to have asked attorney's that he be released on a $250K bail, bringing to attention his need for certain medication he takes regularly, including Zyrtec. "This morning, we unsealed an eight-count indictment charging Samuel Bankman-Fried, FTX's founder, with a series of interrelated fraud schemes that contributed to FTX's collapse," U.S. Attorney Damian Williams said during a press conference , as quoted by CoinDesk. Earlier, SBF planned to tell Congress that FTX US "remains solvent."
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