Former FTX chief Sam Bankman-Fried has filed a recent and new bail software earlier than the Bahamas Supreme Court docket after a Bahamian Justice of the Peace choose denied his first bail request earlier this week. That is as per a supply aware of the newest growth within the ongoing case, as reported by the information company Reuters. The supply, who requested to be saved nameless, stated that the brand new bail software was filed on Thursday (December 15). Bankman-Fried was despatched on remand to a Bahamas detention centre, Fox Hill Jail, after his first bail software was denied by Chief Justice of the Peace JoyAnn Ferguson-Pratt.
The applicant had requested to be allowed to stay at house as he awaits his US extradition listening to. Prices of monetary crimes have been imposed on him in the US. The US prosecutors have stated that Bankman-Fried tried to defraud FTX’s clients by misappropriating their deposits to pay for the bills of his crypto hedge fund, Alameda Analysis LLC.
In accordance with the Bahamas broadcaster Eyewitness Information, the bail software could possibly be heard on January 17 earlier than the Supreme Court docket. He’s at the moment being held on the Bahamas Division of Corrections, Fox Hill Jail, till his subsequent listening to, which is scheduled to happen on February 8. He can be produced earlier than one other Bahamian Justice of the Peace choose.
Media reviews counsel that he amassed a fortune price greater than $20 billion on the FTX Crypto Change, which witnessed an unprecedented collapse.
He was pressured to step down as FTX CEO in November of this 12 months as his crypto change agency filed for chapter. This occurred following the full collapse and failure of the company, as merchants rushed to withdraw $6 billion from the agency in simply 72 hours. In accordance with media reviews, he has been accused of secretly utilizing about $10 billion in buyer funds to assist his buying and selling enterprise. US Lawyer Damian Williams has described the autumn of FTX as one of many “greatest monetary frauds in American historical past.”
Bankman-Fried had earlier stated that he thought he didn’t have any prison legal responsibility. In November, he stated, “I did not ever attempt to commit fraud.” Nevertheless, in his written testimony, earlier, he stated, “I wish to begin by formally stating, beneath oath: I tousled.”
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