The court has "said no" to Sam Bankman-Fried's bail request and will hold him in Fox Hill prison (Bahamas) until February 8, 2023.
During the Dec. 13 trial, Sam Bankman-Fried's lawyer asked for bail for his client, arguing that Sam was depressed, sleepless, had no criminal record and had not fled the Bahamas when there were still many ways back.
Former FTX CEO Sam Bankman-Fried's bail application was denied by a magistrate judge in the Bahamas. Bankman-Fried to be sent to the Bahamas Department of Correction till Feb. 8, judge says pic.twitter.com/USBBKKJykc
— Reuters Legal (@ReutersLegal) December 13, 2022
The lawyer asserted:
"Sam hasn't taken Adderall and antidepressants since his arrest."
Earlier in the day, police escorted Bankman-Fried's parents to his Albany home to retrieve Adderall. Bankman-Fried testified in court, he also used the Emsam patch for depression, as well as 10 mg of Adderall every 4 hours.
The lawyer said the SBF is willing to monitor and report all activities to the local police if released on bail, and offers $250,000 bail.
However, trial judge JoyAnn Ferguson-Pratt denied the request, fearing Sam's escape and decided to detain the former FTX CEO at the Justice Department until February 8, 2023. As such, Sam will spend the coming days at Fox Hill, the Bahamas' only prison, known for its harsh detention conditions and the fact that inmates take their own lives is not uncommon here.
According to the indictment filed in U.S. District Court for the Southern District of New York, Bankman-Fried is facing a total of 8 charges from the Department of Justice, the U.S. Securities and Exchange Commission (SEC) and the U.S. Asset Futures Trading Commission (CFTC), including:
- Conspiracy to cheat customer deposits;
- Fraud of customer deposits;
- Conspiracy to defraud creditors' money;
- Fraud of creditors' funds;
- Conspiracy to commit property fraud;
- Securities fraud conspiracy;
- Money laundering conspiracy;
- Conspiring to defraud the United States and violating the Financial Act.
According to some sources, with all the above serious charges, Sam could be sentenced to up to 165 years in prison.
Sam has been officially "handcuffed" since the morning of Dec. 13 at the request of the U.S. and it is likely that Washington will request extradition. A 1994 agreement between the U.S. and the Bahamas allows for the extradition of defendants if they violate them in both countries. The SBF on Dec. 10 said it would testify before Congress on Dec. 13, but said it would not help.