{"id":1774896,"date":"2022-12-14T10:33:33","date_gmt":"2022-12-14T15:33:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1774896"},"modified":"2022-12-14T10:33:40","modified_gmt":"2022-12-14T15:33:40","slug":"no-bail-for-crypto-fraudster-and-dem-megadonor-bankman-fried-judge-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-bail-for-crypto-fraudster-and-dem-megadonor-bankman-fried-judge-says\/","title":{"rendered":"No Bail for Crypto Fraudster and Dem Megadonor Bankman-Fried, Judge Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fno-bail-for-crypto-fraudster-and-dem-megadonor-bankman-fried-judge-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1774896&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Jared Higgs, Luc Cohen, and Chris Prentice<\/p>\n<p>NASSAU, Bahamas\/NEW YORK (Reuters)\u2014A Bahamian judge denied\u00a0FTX\u00a0founder Sam Bankman-Fried bail on Tuesday, hours after U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars and violating campaign laws in what has been described as one of America&#8217;s biggest financial frauds.<\/p>\n<p>The former CEO of the collapsed cryptocurrency exchange, dressed in a blue suit without a tie, lowered his head and hugged his parents after the judge said his risk of flight was too &#8220;great&#8221; and ordered that he be sent to a Bahamas correctional facility until Feb. 8.<\/p>\n<p>The day&#8217;s events capped a stunning fall from grace in recent weeks for Bankman-Fried, who amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build\u00a0FTX\u00a0into one of the world&#8217;s largest exchanges before it abruptly collapsed this year.<\/p>\n<p>In an indictment unsealed on Tuesday morning, U.S. prosecutors said Bankman-Fried had engaged in a scheme to defraud\u00a0FTX\u2018s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.<\/p>\n<p>He also defrauded lenders to Alameda by providing false and misleading information about the hedge fund&#8217;s condition, and sought to disguise the money he had earned from committing wire fraud, prosecutors said.<\/p>\n<p>They accused Bankman-Fried of using the stolen money to make &#8220;tens of millions of dollars in campaign contributions.&#8221;<\/p>\n<p>U.S. Attorney Damian Williams in New York said that the investigation was &#8220;ongoing&#8221; and &#8220;moving quickly.&#8221;<\/p>\n<p>&#8220;While this is our first public announcement, it will not be our last,&#8221; he said.<\/p>\n<p>Williams described the collapse as one of the &#8220;biggest financial frauds in American history.&#8221;<\/p>\n<p>\u2018SHORTS AND T-SHIRTS&#8217;<\/p>\n<p>Prior to his arrest, Bankman-Fried, who founded\u00a0FTX\u00a0in 2019, was an unconventional figure who sported wild hair, t-shirts and shorts on panel appearances with statesmen like former U.S. President Bill Clinton. He became one of the largest Democratic donors, contributing $5.2 million to President Joe Biden&#8217;s 2020 campaign. Forbes pegged his net worth a year ago at $26.5 billion.<\/p>\n<p>&#8220;You can commit fraud in shorts and t-shirts in the sun. That&#8217;s possible,&#8221; attorney Williams told reporters.<\/p>\n<p>Bankman-Fried has previously apologized to customers and acknowledged oversight failings at\u00a0FTX, but said he does not personally think he has any criminal liability.<\/p>\n<p>He faces up to 115 years in prison if convicted on all eight counts, prosecutors said, though any sentence would depend on a<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NASSAU, Bahamas\/NEW YORK (Reuters)\u2014A Bahamian judge denied\u00a0FTX\u00a0founder Sam Bankman-Fried bail on Tuesday, hours after U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars and violating campaign laws in what has been described as one of America&#8217;s biggest financial frauds.<br \/>\nThe post No Bail for Crypto Fraudster and Dem Megadonor Bankman-Fried, Judge Says appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":66,"featured_media":1774899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[4550,7176,4092,6987,6244,8905,5387,8300],"class_list":["post-1774896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-bail","tag-bankman-fried","tag-beacon","tag-crypto","tag-dem","tag-fraudster","tag-judge","tag-megadonor"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1774896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1774896"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1774896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1774899"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1774896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1774896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1774896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}