Bankman-Fried the failed crypto king has been arrested after a joint operation between Bahamian and American authorities. His arrest has led to the entire collapse of his once stunning rise to billionaire status amid further ongoing claims that he squandered clients’ and customers’ money for his own personal gain. Bankman-Fried remains in custody in the Bahamas after he was denied bail in his sensational arrest on Tuesday afternoon.
According to the indictment against him, which was unsealed this week, the charges are extensive and he faces upwards of 115 years in prison if convicted on all charges.
In total the charges against him including wire fraud, wire fraud conspiracy, and conspiracy to commit money laundering, each carries a maximum prison sentence of 20 years, according to an informative press release from the US Attorney’s Office for the Southern District of New York.
Bankman-Fried ‘s next court date is set for 8 February. Chief Magistrate of the Commonwealth of The Bahamas Joyann Ferguson-Pratt is the judge that denied him bail on Tuesday.
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