National

Former FTX CEO Remanded

NASSAU, BAHAMAS – Former FTX CEO Samuel Bankman- Fried’s bail application has been denied and tonight he is behind bars at The Bahamas Department of Corrections.

Published

1 year ago

December 13, 2022

Berthony McDermott

NASSAU, BAHAMAS – Former FTX CEO Samuel Bankman-Fried’s bail application has been denied and tonight he is behind bars at The Bahamas Department of Corrections.

The former FTX CEO appeared before Chief Magistrate Joyanne Ferguson-Pratt after local authorities received notification from the United States that they have filed criminal charges against him and is likely to request his extradition.

When asked by Ferguson-Pratt if he will waive his right to extradition, Bankman-Fried, who was dressed in a navy-blue suit and brown shoes said, “I am not waiving”.

That prompted the question of whether the court had jurisdiction to hear a bail application, which resulted in an hours-long back and forth between council for both sides.

However, in the end the Chief Magistrate ruled that she could hear the bail application.

In that application, Bankman-Fried’s attorney Jerone Roberts told the court his client suffers from depression, insomnia and attention deficit disorder and takes EMSAM MAO, Zyrtec and Adderall.

He added that the former crypto executive has demonstrated he is not a flight risk by his investments and actions.

He also suggested his client be outfitted with an ankle monitor or be given a curfew or daily reporting to a police station and a cash bail.

He added Bankman-Fried had no prior or pending convictions in any jurisdiction and had every opportunity to leave the country but didn’t, noting that he wanted to help fix things for local crypto customers.

Franklyn Williams, who is representing the U.S., argued that Bankman-Fried’s property is only relevant if he is found guilty, noting that these properties could be subject to forfeiture.

He continued the need for meds which can be purchased over the counter is not a reason for bail.

He argued the 30-year-old has revealed his intention not to appear before U.S. Congress physically, adding that he cannot fight charges here.

He also read a sworn affidavit which alleges he still has access to funds that could aide him in relocating to another country.

In her ruling, Chief Magistrate Ferguson Pratt said she’s of the view the risk of flight is so great that Bankman-Fried ought to be remanded, adding that any conditions cannot sufficiently satisfy that.

Bankman-Fried’s parents were in court for today’s proceedings. His father was holding his head several times while his mother was seen chuckling at times.

The former FTX CEO returns to court on February 8, 2023 where the matter will be transferred to Magistrate Shaka Servil.