Sam Bankman-Fried Files New Application for Release on Bail

According to Reuters, the disgraced founder of FTX, Sam Bankman-Fried, has reportedly submitted another application to the Bahamas Supreme Court, requesting approval to be released on bail.

SBF’s Attorneys Have Submitted a Second Bail Application

Sources close to the matter revealed the application was filed on Thursday, but the hearing is scheduled for January 17th. Until released or extradited to the United States, Bankman-Fried remains remanded at the Bahamas Department of Corrections, as ordered by the presiding judge, Chief Magistrate JoyAnn Ferguson-Pratt.

Shortly after SBF’s arrest on December 13, his attorneys attempted to secure a release for him with $250,000 bail. The application was filed on the grounds that Bankman-Fried had no criminal record and he suffered certain health-related issues. However, the effort was futile, as the presiding judge turned down the request, citing a “risk of flight.”

The judge adjourned the case to February 8, 2023, wherein Bankman-Fried shall be facing a court hearing for his extradition to the United States. According to reports, the US authorities had ordered the arrest of Bankman-Fried in the Bahamas on charges relating to his actions towards the collapse of FTX.

Disgraced FTX’s Founder Could Face Up To 115 Years in Prison

Among the US agencies to charge Bankman-Fried is the Commodity Futures Trading Commission (CFTC), which slammed the former FTX chief executive officer with fraud charges and funnelling customers’ assets to Alameda Research. The US securities regulator or SEC also charged SBF with “orchestrating a scheme to defraud equity investors” of the cryptocurrency exchange.

SBF also faces about eight charges from the Southern District of New York (SDNY), which could see him receive a 115-year jail sentence if convicted of all charges.

(By Ibiam Wayas)

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