Breaking: SBF denied bail by Bahamas Magistrate Court judge

Sam Bankman-Fried’s software for bail has been denied in a Bahamas Justice of the Peace Court docket on Dec. 13, with presiding Decide JoyAnn Ferguson-Pratt highlighting a “threat of flight.”

The counsel for Bankman-Fried had requested bail be set at $250,000 earlier on Dec. 13, arguing that the 30-year-old crypto government suffered from “despair” and “insomnia,” doesn’t possess a felony file, and didn’t flee the Bahamas regardless of “ample alternative” to take action.

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The counsel representing SBF additionally claimed that their consumer hasn’t been taking medicines, together with “Adderall” and “anti-depressants,” since his arrest. The legal professionals additionally mentioned that SBF doesn’t object to digital monitoring or reporting to a neighborhood police station if granted bail.

Nevertheless, regardless of choose Ferguson-Pratt earlier stating the SBF had a proper to request bail, the choose denied the request from Bankman-Fried’s legal professionals, ordering the crypto government to be held in custody on the Bahamas Division of Corrections till Feb. 8, 2023.

The case has been adjourned to the mentioned date.

FTX UPDATE: SBF leaves Justice of the Peace’s courtroom. He might be remanded to The Bahamas Division of Corrections till his matter resumes on Feb 8, 2023. pic.twitter.com/dqXsHeNXSK

— Eyewitness Information Bahamas (@ewnewsbahamas) December 13, 2022

Bankman-Fried was taken into custody on Dec. 12 by the Royal Bahamas Police Power following a proper notification from the USA authorities that it has filed felony prices in opposition to him — together with eight counts of economic and elections fraud. 

Associated: ‘You’ll be able to commit fraud in shorts and T-shirts within the solar,’ says SDNY lawyer on SBF indictment

Since then, a number of extra prices in opposition to Bankman-Fried have come to gentle from numerous regulatory authorities, together with the U.S. Securities and Trade Fee, and a lawsuit from the U.S. Commodity Futures Buying and selling Fee.

Replace (Dec. 13, 8:05 pm UTC): Added info concerning SBF’s request for bail

Replace (Dec. 13, 9:55 pm UTC:)  Added replace concerning the denial of SBF’s bail software.