EconomyForex

Uncertain conditions await Bankman-Fried at Bahamas detention center

2 Mins read
Sam Bankman-Fried, founder and former chief executive officer of now-bankrupt crypto exchange FTX. — WIKIMEDIA COMMONS

Prisoners faced rodents and a lack of toilets in the Bahamas detention center where Sam Bankman-Fried will be held, according to a 2021 US State Department report, though local authorities says conditions have since improved.

The 30-year-old Mr. Bankman-Fried arrived at a Bahamas court on Tuesday for his first in-person public appearance since the spectacular collapse of cryptocurrency exchange he founded.

He did not waive a hearing on his extradition to the United States to face charges of misappropriating funds and violating campaign laws, apparently in hopes of obtaining bail, but was instead remanded to the Bahamas Department of Correctional Services until Feb. 8 by Chief Magistrate JoyAnn Ferguson-Pratt.

Bahamian Commissioner of Correctional Services Doan Cleare said preparations were being made for him to be housed in the medical department. That would mean he will be in a sick bay that can hold about five people, Cleare said.

“He will be in sick bay for orientation purposes and then we will determine where best to place him,” Mr. Cleare said in a telephone interview on Tuesday.

The US State Department in a 2021 report described conditions at the facility, also known as Fox Hill Prison, as “harsh,” citing overcrowding, rodent infestation and prisoners relying on buckets as toilets.

Mr. Cleare said on Tuesday that prison conditions have greatly improved thanks to a renovation program that has built new cells.

“The facilities, most of them have been renovated,” Mr. Cleare said. “We have one more to go and we don’t have any issues with rodents.”

Larry Levine, the founder of Wall Street Prison Consultants, which advises those convicted of white collar crimes on how to get into better prisons, said that Mr. Bankman-Fried should not fight extradition.

“There is no advantage to him staying, he’ll be sent to the US eventually anyway,” Levine said.

US prosecutors on Tuesday accused Mr. Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, of fraud and violating campaign finance laws, saying he made illegal campaign contributions to Democrats and Republicans with “stolen customer money.”

Mark S. Cohen, Bankman-Fried’s lawyer, said in a statement that his client was considering all of his legal options.

Mr. Bankman-Fried has apologized to customers and acknowledged oversight failings at FTX, but said he does not personally think he has any criminal liability. — Reuters

Related posts
EconomyForex

Samsung Care+ Premium is the perfect addition to make household investments last

3 Mins read
Samsung ensures your TVs and appliances stay at their best with extended protection and proactive, expert care As premium devices become essentials…
EconomyForex

Cash remittances hit 7-month high at $3.18 billion in July

2 Mins read
PHILIPPINE STAR/ MIGUEL DE GUZMAN By Katherine K. Chan FILIPINOS ABROAD sent more money home in July, hitting a seven-month high as…
EconomyForex

Peso to rise as Fed woes drag dollar

4 Mins read
BW FILE PHOTO THE PHILIPPINE PESO is expected to end the year stronger against the US dollar as the greenback remains under…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *