SBF denied bail

Shortly before 5 p.m. today, Chief Magistrate Joyann Ferguson-Pratt refused to grant bail to former FTX CEO Sam Bankman-Fried, who was arrested at his Albany apartment last evening. 

After hours of legal wrangling in the South Street court, the magistrate said she is of the view that the flight risk is so great that Bankman-Fried ought to be remanded to custody. 

The magistrate remanded him to the Bahamas Department of Correctional Services until February 8, 2023. 

He was represented by attorney Jerone Roberts.

Police said he was arrested in reference to various financial offenses against laws of the United States, which are also crimes in The Bahamas. 

The Americans are seeking to have him extradited to face charges there. 

Earlier in the day, he contested the extradition.

SBF moved FTX to The Bahamas last year and broke ground on FTX headquarters in western New Providence earlier this year.

His crytocurrency exchange collapsed in dramatic fashion last month. 

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