The Bahamian court rejected the bail petition by FTX founder Sam Bankman-Fried (SBF), citing a high flight risk. Reuters reports.
The former head of the bankrupt exchange will remain in custody until February 8, 2023.
Authorities of the jurisdiction detained SBF on December 13 at the request of the United States government. His lawyers, at the first appearance in court to face charges, filed a bail petition for $250,000, according to Bloomberg. The proposal envisaged SBF wearing an electronic bracelet.
During the hearing, attorney Jerome Roberts stated that the client intends to fight extradition to the United States. Another defence counsel, Mark Cohen, noted that the team is “considering all legal options”.
In the United States, prosecutors charged the head of the bankrupt exchange in eight criminal offenses, including conspiracy and wire fraud. Under the counts, SBF could face up to 115 years in prison.
The founder of FTX also faced lawsuits from U.S. regulators. SEC accused SBF of organizing a fraudulent scheme, deceiving investors and misusing client funds. CFTC charged him with violations of the Commodity Exchange Act.
In November, a Canadian resident filed a lawsuit against SBF and the NBA’s Golden State Warriors for misleading advertising.
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