A decide in the Bahamas has denied disgraced FTX founder Sam Bankman-Fried’s request for bail, contacting the former billionaire a flight risk. The determination arrived hours following Bankman-Fried notified the Bahamanian courts that he intended to combat any extradition order to the U.S.
Bahamas Chief Magistrate JoyAnn Ferguson-Pratt on Tuesday denied the Bankman-Fried’s petition to be launched on $250,000 bail, as a substitute purchasing Bankman-Fried to be despatched to the country’s division of corrections.
Previously, Bankman-Fried’s legal group had declared in Bahamas Justice of the peace Court docket that he would combat extradition to the United States, ought to it be requested. Ryan Pinder, the Bahamas’ lawyer general and minister of legal affairs had mentioned in a statement Monday that his business was notified that the U.S. “is very likely to request his extradition.”
The U.S. and The Bahamas have experienced an extradition treaty in place considering the fact that 1994, which permits possibly state to extradite defendants for costs that would be viewed as crimes in the two nations around the world and which carry jail sentences of a calendar year or longer. The system is ordinarily administrative, with no requirement or option to argue guilt or innocence.
Bankman-Fried has an extradition hearing established for February 8, 2023.
Bankman-Fried was arrested by Bahamian law enforcement on Monday at the request of U.S. authorities, ending months of speculation about what would develop into of the former CEO.
In the United States, Bankman-Fried is currently going through federal felony expenses from the Justice Office, which include conspiracy to dedicate wire fraud on shoppers and lenders conspiracy to dedicate commodities and securities fraud income laundering and conspiracy to defraud the United States and violation of campaign finance rules.
Look at Live: SEC Enforcement Director Gurbir S. Grewal with @SDNYnews at the 2pm press convention asserting the indictment of Samuel Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange.
The Securities and Exchange Fee launched an formal indictment before long afterward, stating that Bankman-Fried orchestrated a plan to defraud fairness investors in FTX. The company said the investigation relating to the alleged misconduct is ongoing.
In an job interview with journalist Tiffany Fong last month, Bankman-Fried said he had donated to both equally Democrat and Republican candidates. The GOP donations, he said, were being supported with dim funds to stay clear of media scrutiny.
“Bankman-Fried and his co-conspirators produced tens of millions of bucks in political contributions funded by Alameda Analysis to federal political candidates and committees in advance of the 2022 election,” a Office of Justice spokesman claimed. “To conceal the simple fact that people contributions were being compensated for working with cash from a company and to evade contribution restrictions and reporting prerequisites, Bankman-Fried prompted contributions to be noted in the names of co-conspirators relatively than in the identify of the accurate source of the money.”
In its indictment, the U.S. Justice Office said that every single of the 8 rates towards Bankman-Fried carries a greatest of 20 decades in federal prison. In accordance to prosecutors, that implies Bankman-Fried altogether faces a maximum sentence of 115 several years if identified guilty on all counts.
Keep on top of crypto news, get each day updates in your inbox.