FTX Founder Faces Eight Criminal Charges to 115 Years of Prison

A day after FTX founder Sam Bankman-Fried was arrested by the Bahamian authorities, SBF has been denied bail by the judge.

Soon after his arrest, SBF’s attorney requested to release his client after paying $250,000 in cash along with an ankle bracelet. However, Chief Magistrate Joyann Ferguson-Pratt said that there’s a major flight risk behind releasing SBF. She added:

“Risk of flight is so great that Samuel Bankman-Fried ought to be remanded in custody. I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond.”

As a result, SBF will continue to remain in The Bahamian prison until the extradition hearing on Feb 8, to send him to the U.S. However, after his arrest, SBF’s lawyers said that they would fight plans to send him to the U.S.

FTX Founder Could Face 115 Years of Prison

The federal prosecutors in Manhattan slapped eight criminal charges on SBF on account of wire fraud and conspiracy. There have been allegations of misusing billions of dollars in customers’ funds. This is over and above the civil charges announced by the U.S. Securities and Exchange Commission (SEC).

Nicholas Biase, a spokesperson for U.S. prosecutors, said that the maximum potential exposure from these charges is 115 years. During the proceedings on Tuesday, Sam Bankman-Fried appeared with his parents in the courtroom.

During the proceedings, SBF’s lawyers said that their client needs to take medications for ADHD and allergies frequently. The court also had to halt the proceedings at one point so that SBF could take his doses timely.

SBF was given 15 minutes with his parents before being taken away by the authorities. However, regular meetings with parents won’t be possible citing Covid protocols. As per the judge’s order, the Bahamian authorities have moved SBF to the Bahamas Department of Correctional Services facility, commonly known as Fox Hill.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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