Sam Bankman-Fried pictured being led away in cuffs after he’s denied bail and sent to Bahamas jail

Disgraced cryptocurrency mogul Sam Bankman-Fried looked stunned as he was led away in handcuffs from court in the Bahamas Tuesday night after being denied bail and ordered to spend at least February in a hellish jail in the capital, Nassau.

The FTX co-founder accused of “one of the largest financial frauds in American history” was surrounded by a group of at least six police officers when he was led out a side entrance after a marathon eight-hour session.

Bankman-Fried, 30, eschewed his normally scruffy look and opted for a smart blue suit and white shirt to appear in Magistrates Court after being arrested in his $40 million penthouse in the exclusive celebrity enclave of The Albany the night before.

After being denied bail by Chief Magistrate Joyann Ferguson-Pratt over allegations that he defrauded investors out of $1.8 billion, the formerly feted financial guru emerged bewildered and with his hands lowered in front of him and his wrists shackled. .

Bahamas-based attorney Romona Farquharson told DailyMail.com exclusively that SBF is unlikely to stop at the general population of the nation’s only real prison, the Bahamas Department of Corrections, also known as Fox Hill Prison. .

Farquharson said it is “highly likely” that the FTX founder’s case will be heard by the Supreme Court of the Bahamas before then. The nation’s highest court could grant him bail.

At one point during the 45-second walk toward a phalanx of police vehicles, including SWAT SUVs, he looked plaintively at a small crowd of onlookers who had gathered to witness the next stage of his crushing fall.

The mop-haired Bankman-Fried walked out around 6 p.m. after spending nearly eight hours in court with his legal team, who fought to no avail to get him released on the condition that he wear an ankle monitor and be report daily to the police.

SBF begged the judge to grant him $250,000 bail, citing his depression and veganism as reasons why he should not be taken into custody.

SBF will take place in the only real prison in the country, the Bahamas Department of Corrections, also known as Fox Hill Prison.

SBF is due back in court on February 8, but it is “extremely likely” that it will receive a Supreme Court hearing before then.

SBF’s parents tried to comfort him after the decision was handed down, according to Eyewitness News, a local outlet in the Bahamas, CoinDesk and their reporter Cheyenne Ligon.

He refused to answer questions or speak as he faced a barrage of cameras before being ushered into a blue Ford Explorer and an officer placed a hand on his head to guide him inside.

The failed tycoon, who enjoys being known as SBF, was ushered into the Bahamas Department of Corrections’ notorious Fox Hill prison, which couldn’t be more different from the 7,500-square-foot apartment with pool he usually enjoys.

His parents, Stanford law professors Joseph Bankman and Barbara Fried, were not seen as he was deported until February 8 in jail. They were with him all day in court, offering emotional support to his son who faces 155 years if convicted of fraud and money laundering.

SBF is due to appear in court again on February 8 after the judge in the case decided that his finances and the seriousness of the charges against him made him a serious flight risk. His passport was turned over to authorities on Monday.

The judge gave SBF time to speak with his family and his lawyer before he was taken away.

Farquharson also said that SBF will likely spend around two weeks or more in the prison’s intake section and then possibly be transferred to the remand center where they will be kept away from violent offenders.

According to a US State Department report on the Bahamas in 2021, the prison is known for overcrowding and unsanitary conditions.

The entrance to Fox Hill Prison, now known as the Bahamas Department of Corrections

There is a lack of sanitary facilities for the inmates, who are crammed into tiny cells with eight other inmates. Those prisoners got sores from sleeping on the floor as the compound is infested with rats, worms and insects.

SBF’s parents tried to comfort him after the decision was handed down, according to Eyewitness Newsa local store in the Bahamas, CoinDesk and their reporter Cheyenne Ligon.

After her parents returned to court after retrieving her medication from their apartment, a judge denied her bail. Bankman-Fried faces 155 years in prison on eight counts of money laundering and fraud. US prosecutors are also preparing to indict some of his friends.

Prosecutors say he used the platform as a “personal piggy bank” to finance a lavish lifestyle and make huge political donations.

During proceedings Tuesday, Stanford law professor Barbara’s mother laughed when prosecutors referred to him as a “fugitive.”

He maintains that he did nothing of the sort, and that he was going to tell Congress today that he could reimburse all the people who have lost money ‘tomorrow’ if they unfreeze their assets, despite having filed for bankruptcy before.

Meanwhile, US Attorney Damian Williams told reporters at a news conference Tuesday that there will be more charges in the Southern District of New York’s manhunt for Sam Bankman-Fried.

Williams said: “It’s very hard to compare these things, but… this is one of the biggest financial frauds in American history.”

On Tuesday, SBF, the founder of bankrupt cryptocurrency exchange FTX, appeared in court in the Bahamas, where he has been hiding since his company collapsed in November.

SBF, 30, was denied bail in court and will remain in custody until February 8 as he continues to fight extradition to the United States. Among those potentially in the firing line are SBF’s ex-girlfriend Caroline Ellison and FTX co-founder Zixiao ‘Gary’ Wang.

During the question and answer session with reporters, Damion Williams quipped: “You can commit fraud with shorts and T-shirts in the sun.” We’re not done. The extradition is ongoing in the Bahamas.