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The founder and former CEO of the now <\/span>insolvent Crypto exchange<\/a><\/span>, Sam Banknan Fried, has been denied bail by the presiding Judge of the Bahaman Magistrate Court where SBF is being tried. The denial was on the grounds that Sam Bankman-Fried\u2019s bail request was because he posed a \u201cflight risk.\u201d<\/span><\/p>\n The Bahaman Magistrate Court, presided on by Judge Joyann Ferguson-Pratt, has ordered the remand of SBF in the country\u2019s correctional facility till the 8th of February 2023, when the extradition hearing will be continued. <\/span><\/p>\n This injunction was made after SBF\u2019s lawyer had pleaded with the court to consider releasing him on a $250,000 bail. He further argued that bail is necessary for SBF to be able to monitor his health, keep to his vegan diet and take his routine medication. One of his medications is Zyrtec, an over-the-counter allergy medication, Emsam patches which SBF claims to use for his depression and Adderall. <\/span><\/p>\n The prosecuting counsel argued that granting Bankman-Fried bail would violate the existing <\/span>extradition agreement<\/a><\/span> with the US, which requires all defendants to be held in custody pending the extradition trial. SBF also revealed to the court that he would not defer his right to fight the extradition attempt, hinting that he will attempt to remain in the Bahamas. <\/span><\/p>\n Debunking the flight risk claim, Jerome Roberts, SBF\u2019s lawyer, argued that his client posed no flight risk pointing out that he owned properties in the Bahamas, had had his passport with him for about three weeks before his detention on Monday, and could have bolted if he wanted to. <\/span><\/p>\n Roberts also argued that instead of denying his client bail, the court could order the use of electronic monitoring devices that would track the movement of this client and will curtail his movement. <\/span><\/p>\n Roberts was rebuffed by Judge Ferguson-Pratt, who asserted that someone who was determined could find a way to leave the nation.<\/span><\/p>\n SBF got <\/span>arrested<\/a><\/span> on Monday evening after the Royal Bahamas Police Force was informed of a secret indictment by American prosecutors. Earlier on Tuesday, the Southern District of New York U.S. The Attorney\u2019s Office unveiled the <\/span>indictment<\/a><\/span>, revealing that authorities accused the former FTX CEO of wire fraud, conspiracy to launder money, and campaign finance violations, among other things.<\/span><\/p>\n The US Attorney, Damian Williams, during a <\/span>press conference,<\/a><\/span> stated that upon the collapse of FTX, which resulted in the loss of customer assets, the Department of Justice had teamed up with the FBI and the Security Exchange Commission to assess the situation and \u201cto begin the process of seeking justice.\u201d He further revealed that the team has \u201c\u2026unsealed an eight-count indictment charging Samuel Bankman-Fried, FTX\u2019s founder, with a series of interrelated fraud schemes that contributed to FTX\u2019s collapse.\u201d<\/span><\/p>\n In addition to the indictment of SBF by a grand jury in the US last Friday, which led to his arrest, the SEC and CFTC filed a lawsuit against Bankman-Fried for alleged securities and commodities fraud. <\/span><\/p>\n Investigations into Bankman-Fried and FTX are being conducted on both a civil and criminal level by Bahamas government officials.<\/span><\/p>\n Read also;<\/span><\/p>\n Zprize announces inaugural competition results<\/a><\/p>\n<\/blockquote>\nSBF is not a flight risk<\/span><\/h2>\n
SBF\u2019s arrest <\/span><\/h2>\n
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