This past Tuesday night, pictures came to light showing Democrat megadonor and disgraced former FTX founder Sam Bankman-Fried in chains as he was surrounded and escorted from the courthouse by a squad of heavily armed police officers.
The attorney for Bankman-Fried attempted to get the judge to let his client payout for bail by making the argument that Bankman-Fried struggled with ADHD and he was on a vegan diet. The judge denied him bail.
Pictures and videos emerged showing him being escorted out of the Magistrate Court in chains after being slammed with charges for a number of crimes by the U.S. Department of Justice.
BREAKING: #BNNUS Reports
Sam Bankman-Fried (@SBF_FTX) of (@FTX_Official) was seen being escorted out of the Magistrate Court building in handcuffs after being criminally charged by US prosecutors in Nassau, Commonwealth of the Bahamas. pic.twitter.com/toBPDiHTBe
— Gurbaksh Singh Chahal (@gchahal) December 13, 2022
Footage of SBF leaving court in handcuffs after being denied bail.
He will likely spend a lot of time behind bars.
— Coinsprout (@coinsprout) December 13, 2022
— BecauseBitcoin.com (@BecauseBitcoin) December 13, 2022
Bankman-Fried is looking down the barrel of spending the remainder of his life behind bars in the wake of the recent eight-count indictment which was made public on Tuesday against him in that federal court.
A federal grand jury in Manhattan slammed charges onto the 30-year-old Bankman-Fried of conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations, explained the Department of Justice in a release.
It was alleged by the prosecution that Bankman-Fried was responsible for misappropriating billions of dollars in customer funds that were stashed into the cryptocurrency exchange he set up, FTX, and directly lied to the various investors and lenders concerning the company and about Alameda Research, his cryptocurrency hedge fund.
Along with his group of co-conspirators, Bankman-Fried was both conning and deceiving his customer base for FTX from the very start of the company, expressed prosecutors. Allegedly, he utilized multiple billions of dollars from his customer base to fund his own personal adventures, pay back loans that were owed by Alameda Research, and the donating of multiple millions of dollars to various left-wing groups and Democrat candidates.
Additionally, he defrauded the lenders to Alameda Research and a number of equity investors for FTX by obscuring his blatant misuse of customer money, alleged the prosecution. Bankman-Fried attempted to hide the vast sums of money he handed over to politicians by having his various partners make donations under their names from him, stated prosecutors.
Bankman-Fried is looking down the barrel of 115 years in prison if convicted of all indicted crimes:
- Count One: Conspiracy to Commit Wire Fraud on Customers; up to 20 years in prison if convicted.
- Count Two: Wire Fraud on Customers; up to 20 years in prison if convicted.
- Count Three: Conspiracy to Commit Wire Fraud on Lenders; up to 20 years in prison if convicted.
- Count Four: Wire Fraud on Lenders; up to 20 years in prison if convicted.
- Count Five: Conspiracy to Commit Commodities Fraud, up to 20 years in prison if convicted.
- Count Six: Conspiracy to Commit Securities Fraud, up to 5 years in prison if convicted.
- Count Seven: Conspiracy to Commit Money Laundering, up to 5 years in prison if convicted.
- Count Eight: Conspiracy to Defraud the United States and Violate the Campaign Finance Laws; up to 5 years in prison if convicted.
This entire event has been marked as “one of the biggest financial frauds in American history.”