FTX founder Sam Bankman-Fried was denied bail by a judge in the Bahamas on Tuesday.
Sam Bankman-Fried was arrested in the Bahamas on Monday and charged with 8 counts of money laundering and fraud.
Billions are still ‘missing’ from Sam Bankman-Fried’s collapsed Ponzi scheme.
Bankman-Fried on Tuesday told the magistrate he couldn’t go to jail because he’s a vegan and depressed.
The judge denied his bail and he was taken to the overcrowded jail.
The Daily Mail reported:
Disgraced FTX founder Sam Bankman-Fried has been denied bail as he fights extradition to the United States in the Bahamas after being charged with one of the ‘biggest financial frauds in American history’.
Bankman is accused of defrauding investors out of $1.8billion by convincing them his trading platform FTX was safe to use. He has been holed up in the Bahamas for weeks, but today was denied bail after prosecutors argued in court that he was a flight risk.
They claimed he hid $300million in a Brazilian fund in September, months before the collapse of his crypto trading platform, as a means of setting himself up for an escape when the inevitable happened.
SBF, 30, protested, telling Chief Magistrate Joyann Ferguson-Pratt he couldn’t go to jail because he is vegan and ‘depressed.’
She however denied him bail, remanding him in custody until February 8. He will spend his detention at Fox Hill, The Bahamas’ only prison. The jail is known for overcrowding and unsanitary conditions.