Embattled FTX founder Sam Bankman-Fried was denied bail in a Bahaman court on Tuesday after being arrested on Monday, with the judge saying he could attempt to flee the country.
The judge in the court ruled that Bankman-Fried should be held in custody in the Bahamas until Feb. 8, 2023, per CNBC.The report also said Bankman-Fried's legal team is preparing to fight an extradition order that would send him back to the United States from the Caribbean country.
Bankman-Fried has been indicted on eight charges by the U.S. District Court for the Southern District of New York and is set to be extradited to the U.S. for trial. He was arrested after charges were filed in the U.S. The charges include those relating to wire fraud, commodities fraud, securities fraud, money laundering, defrauding the U.S., and violating campaign finance laws.
The Securities and Exchange Commission also charged Bankman-Fried with"fraud in connection with the purchase of sale and securities" and"fraud in the offer or sale of securities."The denial of bail to Bankman-Fried comes as authorities also accuse him of making political donations under other people's names in violation of multiple campaign finance laws.
Bankman-Fried's criminal charges come nearly a month after his cryptocurrency company FTX collapsed, leading him to leave the company. FTX had the third-largest cryptocurrency exchange by volume before it went bankrupt.
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