FTX founder Sam Bankman-Fried charged with fraud
Chief Magistrate of the Commonwealth of The Bahamas Joyann Ferguson-Pratt has denied bail for Sam Bankman-Fried.
Ferguson-Pratt said Bankman-Fried posed a flight risk considering his access to “substantial finances”.
Bankman-Fried's next court hearing is the morning of February 8th.
Ferguson-Pratt said Bankman-Fried would get an opportunity to spend a few minutes with his family and attorneys before being taken into custody.
Sam Bankman-Fried is willing to pay $250,000 cash bail and will not object to bail conditions
Chief Magistrate of the Commonwealth of The Bahamas Joyann Ferguson-Pratt has ruled the court has jurisdiction to consider bail.
Samuel Bankman-Fried's attorney said he's willing to pay $250,000 cash bail and will not object to conditions including wearing an ankle monitor or reporting to authorities daily.
Bankman-Fried's passport was turned over to police upon arrest last night, his attorney said.
The former FTX CEO has long suffered from depression, insomnia, and attention deficit disorder (ADD), he added.
Bankman-Fried told the court he is currently taking medication.
The chief magistrate asked if there was family in court. SBF's parents and a woman stood up. The judge asked if one of them could get Bankman-Fried's prescription drugs at home.
'One of the biggest financial frauds in American history'
US Attorney Damian Williams ended the Tuesday afternoon news conference assuring reporters that there would be more to come in the Southern District of New York's prosecution of Sam Bankman-Fried.
"It's so hard to compare these things but...this is one of the biggest financial frauds in American history," he said.
US attorney: 'You can commit fraud in shorts and T-shirts in the sun'
In a moment of levity in an otherwise straight-laced, sober press conference, US Attorney Damian Williams was asked about Sam Bankman-Fried, the 30-year-old accused of orchestrating a massive fraud, not fitting the profile of a typical white-collar criminal.
“You can commit fraud in shorts and T-shirts in the sun,” Williams quipped.
Williams declined to say whether future indictments are coming but noted the investigation is ongoing.
“We are not done,” he said. “Extradition is ongoing in the Bahamas.”
US attorney lays out fraud charges against Sam Bankman-Fried
Damian Williams, the US Attorney for the Southern District of New York, told reporters Tuesday that his team's investigation into fraudulent schemes around FTX and Alameda Research is moving quickly, reiterating charges laid out in the indictment against the crypto exchange's founder, Sam Bankman-Fried.
The charges include wire fraud, conspiracy and campaign finance violations.
"From 2019 until earlier this year, Bankman-Fried and his co-conspirators stole billions of dollars from FTX customers," Williams said. "He used that money for his personal benefit, including to make personal investments and to cover expenses and debts of his hedge fund, Alameda Research."
SBF is also charged with violating campaign finance laws "by causing tens of millions of dollars in illegal campaign contributions to be made to candidates and committees associated with both Democrats and Republicans," Williams added.
"And all of this dirty money was used in service of Bankman-Fried's desire to buy bipartisan influence and impact the direction of public policy in Washington."
Williams implored the public to come forward if they believe they were affected by the years-long schemes.
