Attorney Sam Bankman-Fried suggested he put on bail and wear an ankle bracelet instead of being in a prison in the Bahamas.
An attorney for FTX co-founder Sam Bankman-Fried has proposed that his client pay $250,000 bail and wear an ankle bracelet to be allowed to leave his Bahamas cell. .
The offer was made on Tuesday in Bankman-Fried’s first court appearance since his arrest in the Bahamas. His US passport was confiscated when he was detained at his luxury penthouse on Monday night.
Wearing a blue suit and white shirt for the impeachment proceedings, Bankman-Fried sometimes appeared shaky and restless. His parents were in the courtroom because their 30-year-old son was often referred to as a “runaway”.
Earlier on Tuesday, federal prosecutors in Manhattan revealed they had charged Bankman-Fried with eight counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars client funds before his crypto empire collapsed spectacularly last month.
During the hearing in the Bahamas, Bankman-Fried’s attorney Jerome Roberts said his client planned to fight extradition to the United States to face the charges.
“Mr. Bankman-Fried is reviewing the allegations with his legal team and considering all of his legal options,” said Mark Cohen, another Bankman Fried attorney in a statement. .
In addition to criminal charges, Bankman-Fried also faces a series of civil charges from US regulators. The Securities and Exchange Commission said Tuesday that he ran a years-long scheme to defraud investors and mix up client funds.
The Commodity Futures Trading Commission claims Bankman-Fried and other FTX executives borrowed hundreds of millions of dollars from trading firm Alameda Research, also founded by Bankman-Fried, to purchase real estate and donate to politicians.
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