Arrested by police in the Bahamas and sued by U.S. authorities, including regulators SEC and CFTC, Sam Bankman-Fried, former CEO of bankrupt crypto exchange FTX, faces 115 years in prison on fraud charges, Bloomberg reports.
The shock is severe for the “Bernie Madoff of cryptos” who until now lived in a $40 million luxury penthouse apartment, he will indeed spend Christmas in the Fox Hill detention center in the Bahamas, one of the worst prisons in the world.
The 30-year-old deposed FTX CEO appeared in a Bahamian court where the judge declared that Sam Bankman-Fried’s risk of flight is too “great”.
SBF’ was denied bail and left in handcuffs to be taken to the Bahamas Department of Corrections (BDCS), known as Fox Hill Prison.
Accused of embezzling billions of dollars and now branded a “thief” by many ruined clients and investors, ‘SBF’ will have to wait in jail until February 8, 2023 for a hearing that will lead to his extradition to the United States.
Bahamian prison authorities said the former FTX CEO, Detainee 1472, will first be housed in the infirmary before being placed in a cell like other inmates at the prison.
“He will be in the infirmary for orientation purposes and then we will determine the best place to place him,” said Doan Cleare, a Bahamas corrections employee.
Sam Bankman-Fried will now have time to prepare his defense with his lawyers.
“Mr. Bankman-Fried is reviewing the charges with his legal team and considering all his legal options,” said Mark S. Cohen, one of SBF’s defense attorneys.