Sam Bankman-Fried (SBF) was reportedly “depressed” as he hugged his parents after being denied bail or house arrest. The depressed SBF was sent to an overcrowded hellhole Bahamas jail as prosecutors say he hid $300 million in a Brazilian firm before the collapse of the FTX exchange.
He was arrested in the Bahamas last night on fraud charges at the behest of the US goverrnment. The Securities and Exchange Commission (SEC) charged him with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Prosecutors say he used FTX as a ‘personal piggy bank’ to fund his lavish lifestyle. He also used it to send enormous donations to the Democratic party and President Biden.
According to the SEC: “The complaint further alleges that Bankman-Fried used commingled FTX customers’ funds at Alameda to make undisclosed venture investments, lavish real estate purchases, and large political donations.”
SBF is in the Bahamas Department of Corrections’ notorious Fox Hill Prison until his next court appearance on February 8.
He faces 155 years in prison if convicted of fraud and money laundering. SBF will be a lot more than depressed when he pays for his ill-gotten gains.
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