Sam Bankman-Fried Denied Bail in Bahamas

A Bahamas judge on Tuesday denied disgraced former CEO Sam Bankman-Fried bail, and he will be remanded to custody, according to reports.

Bankman-Fried was denied bail on Tuesday, as the judge reportedly believes the former FTX CEO could be a flight risk. He will likely remain in the Bahamas Department of Corrections until February 8, spending the holidays in jail.

Bankman-Fried’s attorney reportedly asked for his client to be let out on bail, as Bankman-Fried “suffered from depression, insomnia, and ADD [Attention Deficit Disorder] for over a decade.”

Bankman-Fried was charged with eight counts ranging from wire fraud to money laundering, and conspiracy to commit fraud on the United States.

Prosecutors are charging Bankman-Fried with:

• Conspiracy to Commit Wire Fraud on Customers
• Wire Fraud on Customers
• Conspiracy to Commit Wire Fraud on Lenders
• Wire Fraud on Lenders
• Conspiracy to Commit Commodities Fraud
• Conspiracy to Commit Securities Fraud
• Conspiracy to Commit Money Laundering
• Conspiracy to Defraud the United States and Violate Campaign Finance Laws

As the legal case against Bankman-Fried continues, the former CEO whined about the loss of his fortune and blamed others for the collapse of the digital currency exchange FTX.

He wrote in prepared testimony to the House Financial Services Committee:

I fucked up. I know that it doesn’t mean much to say that I’m sorry. And so I’m dedicating as much of myself as I can to doing right by customers. When all is said and done, I’ll judge myself primarily by one metric: whether I have eventually been able to make customers whole. If I fail our customers in this regard, I have failed myself.

He also blamed the current CEO, John Ray, Binance leader Changpeng Zhao, and others for the collapse of FTX.

Ray testified before the Financial Services Committee on Tuesday that the scandal behind the collapse of FTX is just “plain old embezzlement.”

U.S. House Committee on Financial Services/YouTube

Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.