Former FTX CEO Sam Bankman-Fried’s (SBF) bail was denied by Bahamian magistrate judge Joyann Ferguson-Pratt. She ordered the next hearing for his extradition to the United Nations to be held on 8 February 2023.
SBF’s attorney suggested a bail amount of $250,000 for his release but the judge did not agree to the suggestion, media reports said.
Denial of bail means SBF will spend Christmas and New Year in Bahamas’ Fox Hill prison, notorious for being overcrowded and lack of amenities including potable water.
SBF’s lawyer, Jerome Roberts, argued before the judge that SBF is not a flight risk as he owns real estate in The Bahamas. As per the extradition treaty between the Bahamas and the US, the prosecutors argued, the defendant should be held in custody until the extradition proceedings are over. SBF’s medical condition and medication were also figured in the bail arguments. But judge Ferguson-Pratt didn’t and denied bail to SBF.
“I am of the view that the risk of flight is so great that Mr. Bankman-Fried ought to be remanded to custody,” she said.
SBF was arrested by the Bahamas authorities on Monday at the request of the US government that hinted that the FTX founder will be charged for criminal activities including wire and securities fraud.
