The ex-FTX SBF CEO’s bail application was rejected by a judge in the Bahamas. SBF’s attorneys had previously requested his release on a $250,000 bond. The judge said the SBF would be sent to the Bahamas Department of Corrections.
The grounds for bail were that the SFB was “depressed” and “insomniac”. Since Sam is considered a fugitive risk, he will be held in custody until at least February 8 next year.
As was updated in an earlier Coincu News article, Yesterday, the former FTX executive was arrested by the US Department of Justice, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. (CFTC) charges after he was arrested on December 12 by Bahamas police.
Sam could face up to 115 years in prison if convicted on all eight counts, but any sentence will depend on a number of factors, US prosecutors said.
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