Sam Bankman-Fried is headed to jail after a magistrate judge in the Bahamas denied his bail application and remanded him to the Department of Corrections, Reuters said.
The disgraced former CEO of FTX was was deemed a flight risk and will be held until at least Feb. 8 when "the matter resumes."
Bankman-Fried was slapped with a bevy of charges from the U.S. Department of Justice, Securities and Exchange Commission and the Commodities Futures Trading Commission earlier in the day after being arrested last night.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
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