Sam Bankman-Fried will be held at the Fox Hill Prison in the Bahamas after his bail request was denied. In 2021, the US State Department published a report about this detection center, saying that it was infested by rodents and the prisoners had no access to toilets. However, the local authorities have said that the conditions at the prison have improved.
Bankman-Fried to be held at one of the worst prisons
On Tuesday, the former FTX CEO appeared at a Bahamas court, marking his first public appearance since the FTX fallout. His lawyers advocated for a bail settlement, but Chief Magistrate JoyAnn Ferguson-Pratt denied it. According to the judge, Bankman-Fried was a risk of flight.
Bankman-Fried will remain in custody until February 8, 2023, when his case will be heard again. The 30-year-old will be detailed at Fox Hill Prison, which does not have a good reputation for prisoner conditions.
The Bahamian Commissioner of Correctional Services, Joan Cleare, said preparations were underway to have Bankman-Fried detailed in the medical department. Cleare noted that this department is like a sick bay that hosts around five people. The commissioner noted that Bankman-Fried would remain in sick bay for orientation, after which the detention center would determine the best place for him.
In 2021, the US State Department released a report about the condition of prisoners at the facility. The report noted that the prisoners faced harsh conditions such as overcrowding, rodent infestation, and using buckets as toilets. However, Cleare has said that the detention center was no longer the same, as a renovation program had significantly improved the prison conditions.
The commissioner noted that most of the facilities had been renovated and that there was no problem with rodents. However, in November, the Nassau Guardian released a film on the facility showing that some prisoners were still living in old cells with poor conditions. The film also showed newer facilities where the conditions were better.
Bankman-Fried set to be extradited to the US
Bankman-Fried was arrested in the Bahamas after the US government filed criminal charges against him. He is facing multiple counts of fraud, with the US Securities and Exchange Commission and the Commodity Futures Trading Commission also filing charges against him.
Bankman-Fried has a right to fight extradition to the US. However, given the poor conditions of the prison where he is currently being held at, there is a higher chance of him not opposing the extradition.
US prosecutors are already building a case against Bankman-Fried. They are accusing him of multiple charges, such as fraud, violating campaign finance laws, and making illegal campaign donations using funds stolen from the exchange’s customers.
Bankman-Fried is being legally represented by Mark S. Cohen, who said his client was looking at all the possible legal options. Since FTX filed for bankruptcy, Bankman-Fried has appeared in multiple TV interviews where he has apologized for the collapse. However, he has continued to deny that he committed fraud.
Related
- Breaking: Sam Bankman-Fried Arrested in The Bahamas After Formal Notification by US – What’s the Latest?
- Sam Bankman-Fried to Launch New Venture in Order to Repay FTX Collapse Victims – Here’s What You Should Know
- Sam Bankman-Fried to Stay in Custody of Bahamian Department of Corrections as Bail Request is Denied – Here’s the Latest
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This article was written for Business 2 Community by Ali Raza.
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