Shortly after his arrest, SBF’s lawyer asked that his client be released after paying $250,000 in cash and an electronic bracelet. However, Chief Magistrate Joyann Ferguson-Pratt said that SBF’s release posed a major flight risk. She added:
“The risk of flight is so great that Samuel Bankman-Fried should be remanded. I am not satisfied that there is any condition that I could impose on Samuel Bankman-Fried that he would be sufficiently satisfied, because of his access to substantial finances, that he would not and could not abscond.”
As a result, SBF will remain in Bahamian prison until his extradition hearing on February 8, to be sent to the United States. However, after his arrest, SBF’s lawyers said they would oppose plans to send him to the United States.
FTX founder faces 115 years in prison
Federal prosecutors in Manhattan have charged SBF with eight counts of wire fraud and conspiracy. There were allegations of misappropriating billions of dollars in customer funds. The charges are in addition to civil lawsuits announced by the U.S. Securities and Exchange Commission (SEC).
Nicholas Biase, a spokesman for U.S. prosecutors, said the maximum potential exposure associated with the charges is 115 years. During Tuesday’s proceedings, Sam Bankman-Fried appeared with his parents in the courtroom.
During the proceedings, SBF’s attorneys said their client must take frequent ADHD and allergy medication. The court also had to interrupt the proceedings at one point so that SBF could take his doses in a timely manner.
SBF was allowed 15 minutes with his parents before being taken away by authorities. However, regular meetings with parents will not be possible due to Covid protocols. In accordance with the judge’s order, Bahamian authorities transferred SBF to the Bahamas Department of Corrections facility, commonly known as Fox Hill.