A Bahamas decide has denied disgraced FTX founder Sam Bankman-Fried’s bail request, calling the previous billionaire a fugitive threat. The choice got here hours after Bankman-Fried notified a court docket within the Bahamas that it meant to oppose an extradition order to the US.
Bahamas Chief Justice of the Peace Joyan Ferguson Pratt on Tuesday refused to dismiss Bankman-Fried’s petition on $250,000 bail, ordering Bankman-Fried to be despatched to the nation’s Division of Corrections as an alternative. .
Bankman-Fried’s attorneys had beforehand declared within the Bahamas Justice of the Peace’s court docket that they’d oppose extradition to the US if requested. Bahamas Legal professional Basic and Minister of Justice Ryan Pinder stated in a press release Monday that his workplace had been notified that the US “is prone to demand his extradition.”
The USA and the Bahamas have had an extradition treaty since 1994, which permits both nation to extradite defendants for expenses which might be thought of crimes in each international locations and carry a jail sentence of 1 yr or extra. The method is normally administrative, with no requirement or alternative to plead responsible or harmless.
Bankman-Fried plans to carry a handover listening to on February 8, 2023.
Bankman-Fried was arrested by police within the Bahamas on Monday on the request of US authorities, ending weeks of hypothesis concerning the destiny of the previous CEO.
In the US, Bankman-Fried is at present going through federal felony expenses from the Division of Justice, together with conspiracy to wire fraud towards prospects and lenders. Commodity fraud and securities fraud conspiracy; cash laundering and conspiracy to defraud the US, and violations of marketing campaign finance legal guidelines;
Watch Stay: With SEC Enforcement Director Gurbir S. Grewal @SDNY News At a 2 p.m. press convention saying the indictment of Samuel Bankman-Fried, the founding father of the now-bankrupt cryptocurrency trade FTX.
Stay right here: https://t.co/Us9QMzkM9F
— U.S. Securities and Change Fee (@SECGov) December 13, 2022
The Securities and Change Fee issued a proper indictment shortly thereafter, accusing Bankman-Fried of orchestrating a scheme to deceive FTX fairness traders. The company stated an investigation into the alleged wrongdoing is ongoing.
In an interview with journalist Tiffany Fong final month, Bankman-Fried stated he donated to each Democratic and Republican candidates. was supported by
A Justice Division spokesperson stated, “Bunkman-Fried and his co-conspirators made tens of millions of {dollars} in political contributions Alameda Analysis funded federal political candidates and committees forward of the 2022 election. “So as to conceal the truth that these contributions have been paid utilizing funds from firms and to keep away from contribution limits and reporting necessities, Bankman-Fried sought the title of the true supply of the contributions.” I’ve made positive it is reported by the title of the co-conspirators as an alternative of the funds.”
Within the indictment, the US Division of Justice stated every of the eight expenses towards Bankman-Fried carries a most sentence of 20 years in federal jail. In response to prosecutors, this implies Bankman-Fried faces as much as her 115-year sentence if discovered responsible on all counts.
