SBF has more chances to get bail when in the U.S.
Top FOX Business journalist Eleanor Terrett said former FTX CEO Sam Bankman-Fried (SBF) might finally be released on bail in the United States.
Terret noted that two sources familiar with the matter told FOX Business that the FTX founder has agreed to be extradited to the United States in search of bail from the Bahamas, where he was arrested last week.
According to Terrett, SBF may arrive in the United States today. She added that Bankman-Fried could secure bail following pre-conditions between his lawyers and Southern District of New York (SDNY) prosecutors.
“Two sources have informed Fox News he’s expected to be released on bail per pre-conditions his lawyer made with SDNY prosecutors in exchange for agreeing to extradition,” Terret noted.
The top FOX Business journalist added that SBF would be arraigned at a federal court in Manhattan, where he will get a new bail hearing after his previous requests were denied in the Bahamas. She noted that multiple sources expect the founder of FTX to be released on bail in the United States.
Adding detail here: Bankman-Fried will be arraigned at a federal court in Manhattan where he’ll have a new bail hearing. While multiple sources say he’s expected to be released on bail, it will ultimately be up to the judge to decide.
— Eleanor Terrett (@EleanorTerrett) December 20, 2022
SBF’s Previous Bail Applications Rejected
The development comes days after Bankman-Fried’s bail request was denied in the Bahamas. Since SBF was arrested in the Bahamas on December 13 over fraud and money laundering charges, his lawyers have made significant moves to have him released on bail.
However, all attempts to secure bail for the incarcerated chief of the bankrupt crypto exchange have ended in futility. Last week, Chief Magistrate JoyAnn Ferguson-Pratt did not grant SBF’s request to be released on a $250K bail.
After denying his bail request, SBF filed a new bail application in the Bahamas Supreme Court. News Bahamas reported that SBF’s new bail application in the country’s Supreme Court will be heard on January 17, 2023.
SBF is still remanded at Fox Hill Prison in the Bahamas, a 1,000-person correctional facility. In 2021, the U.S. Justice Department stated in a report that the conditions at Fox Hill Prison were harsh, with inadequate sanitation, poor nutrition, and extreme overcrowding. SBF’s counsel revealed in a previous bail filing that the exec was sick due to the conditions of the correctional facility.
It is worth noting that SBF is currently facing criminal and civil lawsuits from U.S. regulators following the collapse of FTX. SBF’s legal woes surged after the SEC and CFTC joined SDNY prosecutors to charge the former FTX CEO.