Disgraced FTX founder Sam Bankman-Fried has been denied bail while fighting extradition to the U.S. from the Bahamas, where he was arrested after being charged in one of the biggest financial frauds in U.S. history, reports Daily Mail.
Prosecutors argued Tuesday that Bankman-Fried should not be granted bail, insisting that he is a flight risk, and SBFs parents tried to console him after the judge denied his request not to go to jail, according to Eyewitness News, a local news outlet in the Bahamas.
Bankman-Fried, alleged to have defrauded $1.8 billion from investors, has been in the Bahamas for weeks. Prosecutors also argued he hid $300 million in a Brazilian fund in September months ahead of the FTX meltdown all as a ploy to take care of himself in the event of an FTX failure.
The thirty-year old Bankman-Fried told Chief Magistrate Joyann Ferguson-Pratt he couldn’t go to jail due to his vegan diet and being “depressed.” His lawyers sought a bail of $250,000.
Bankman-Fried was denied bail, and will be in custody at Fox Hill Prison—known for being overcrowded and lack of sanitation—until February 8 when he is likely to be extradited to the United States.
Bankman-Fried faces 155 years in prison on eight counts of money laundering and fraud. During Tuesday proceedings, Bankman-Fried’s mother, a Stanford law professor, laughed when prosecutors referred to him as a “fugitive.” Bankman-Fried wants to have an extradition hearing.
Contending he was merely incompetent, Bankman-Fried was due to testify in Congress the day after his arrest, saying he could repay all of the people who have lost money “tomorrow” if his assets were unfrozen.
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