San Bankman-Fried denied Bail in the Bahamas for FTX Fraud Accusations

  • After Sam Bankman-Fried was arrested Monday on fraud charges, a judge in Bahamas denied him bail.
  • According to reports, the former CEO of FTX was taken into custody and held until February.
  • He was charged Tuesday by US authorities with multiple counts of fraud.

A magistrate judge in Bahamas denied FTX founder Sam Bankman-FriedBail hearing on Tuesday, following his Monday arrest on fraud allegations 

The judge ruled that the former CEO and founder at the crypto exchange platform was a flight risk and placed him in custody until February. 

Authorities in the Bahamas detained Bankman-FriedThis week, we acted on a request by US officials. A US federal criminal indictment unsealedBankman-Fried was charged with Tuesday multiple countsIncluding wire fraud, money laundering and campaign finance violations.

Bankman-Fried was also charged by the Securities and Exchange Commission on Tuesday. They claim that he defrauded investors and customers. 

According to Reuters, Bankman-Fried said that he could fight extradition to the US. Bahamian prosecutors requested that he not be granted bail in the event he did. 

This story is in the final stages of being written. Keep checking back for more updates. 

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