SBF is spending Christmas in jail after the Bahamas deny him parole

On December 13, 2022, authorities in the Bahamas refused parole to Sam Bankman-Fred, also known as SBF, after US lawmakers indicted him on eight counts of financial fraud.

As reported by Reuters, Chief Justice of the Bahamas Joy Ann Ferguson-Pratt has denied Sam Bankman-Fried’s attorney’s request for parole citing a “high” possibility that he could become a fugitive.

Therefore, SBF, now Prisoner 1472, must spend Christmas in a correctional facility in the Bahamas, per Judge Ferguson Pratt’s order, and remain there until at least February 8, 2023.

Sam Bankman-Fried risks 115 years in prison

SBF faces a maximum penalty of 115 years in prison. Reuters reports that the scope of the case is so large that it may vary depending on what new evidence emerges against the defendant.

Mark S. said: Cohen, one of the SBF’s defense attorneys, said they are reviewing all allegations of fraud made against the SBF and the legal team appointed by the defendant.

“Mr. Bankman-Fried is reviewing the allegations with his legal team and considering all of his legal options.”

His extradition hearing has been set for February 8, 2023.

Sam Bankman-Fried conspiracy to defraud

Merrick Garland, the U.S. Attorney, said Sam Bankman-Fred conspired to defraud FTX customers and misappropriate their deposits for his personal benefit, making him liable for multiple charges, including money laundering and securities fraud.

“We claim that the defendant conspired to defraud customers by misappropriating their deposits; to deceive lenders; to commit securities fraud and money laundering; and to violate campaign finance laws,

Damian Williams, the US Attorney for the Southern District of New York, said Sam Bankman-Fred donated “tens of millions of dollars in illegal campaign contributions” to Democratic and Republican politicians alike with “money stolen from clients”. He also added that the collapse of FTX was one of the “largest financial frauds in American history”.

US regulators must take strong action against the SBF

Alexander N. said: Green, a member of the US House of Representatives from Texas’ 9th District, said during today’s hearing that many people have been harmed by the SBF, so they have an obligation to “send a message” to those who want to harm others that the United States will not tolerate such a thing.

He added that he finds it hard to believe they are engaging in “unconscious stupidity”, criticizing the SBF’s various interviews and media appearances and conveying that he did not commit fraud but was simply a bad manager.

As the lawyers say, “Ignorance of the law does not exclude from compliance,” so it is likely that the ignorance that SBF wanted to preach through its interviews about using its users’ money to its advantage will not be used in court.

SBF’s message to spend Christmas in prison has surfaced after the Bahamas refused parole first on CryptoPotato.

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