- Sam Bankman-Fried is said to be currently under medical supervision as his condition and dietary needs are being accessed.
- Rep. Ritchie Torres (D-N.Y.), Rep. Ritchie Torres (D-N.Y.) has labeled SBF as a pathological liar.
Multiple reports have confirmed that former FTX CEO Sam Bankman-Fried was arrested in the Bahamas soon after stepping down amid the collapse of the FTX empire. An update confirmed by the Bahamas Department of Correctional Services acting Commissioner of Corrections Doan Cleare discloses that SBF is currently in a sick bay in a maximum-security block with five other men. According to Cleare, the disgraced billionaire is in good spirits and also assured that he will not receive preferential treatment while he awaits his extradition hearing on February 8, 2023.
It’s a shock to any inmate to come from home and be confined into a dormitory-style or cell-style environment but I saw him, I spoke to him last night he seemed to be in good spirits. He’s along with five other inmates in sickbay currently. He has to make the best of it. He’s in maximum security sick bay.
Alameda Research had a speed advantage
The US Commodity Futures Trading Commission has observed that SBF’s other company, Alameda Research had a speed advantage when processing orders on the bankrupted FTX exchange. The agency further explained that a certain portion of the system was bypassed by Alameda while gaining faster access with all those orders processed milliseconds faster than those of other institutional customers.
According to the court document, the Bahamas police received a tip-off from Ryan Salame, the co-chief executive of FTX’s Bahamas entity, called FTX Digital Markets that there was an incident of client assets being transferred from FTX Digital to Alameda Research as early as November 9. Salame explained that only three people could transfer the funds, and they are former CEO Sam Bankman-Fried, Nishad Singh, and Gary Wang.
A report from Christina Rolle, executive director at the Securities Commission of The Bahamas to the Commissioner mentions that this is “a clear case of misappropriation, theft, fraud or some other crime.” Sam Bankman-Fried has, however, clarified that he did not knowingly commingle funds.
Rep. Ritchie Torres (D-N.Y.), Rep. Ritchie Torres (D-N.Y.) has labeled SBF as a pathological liar and believes that there is evidence that suggests this much. Torres was present at Tuesday’s House Financial Services Committee hearing on the exchange’s collapse. From what was narrated, he believes SBF perpetrated a ponzi scheme and mishandled millions of funds belonging to customers.
Former FTX CEO under medical supervision
SBF is said to be currently under medical supervision as his condition and dietary needs are being assessed. He was denied bail, and the Chief Magistrate Joyann Ferguson-Pratt has instructed that he receive a medical assessment upon his arrival and to make sure he takes his prescriptions. His lawyers told the court that SBF is a vegan, and has suffered from depression, insomnia, and Attention Deficit Disorder for more than a decade now. Cleare has confirmed that his family would be contacted to bring him food to accommodate his diet.
We have vegetarians, yes we do. When asked if the facility could accommodate Bankman-Fried’s diet.
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We do our best to acquire the various food that is necessary for a vegan diet. Now in this case he is on a severely strict diet so once the doctor tells me what to do. Only the prison doctor can determine a dietary plan for an inmate at this time because we don’t have a dietician. So once the doctor tells us what diet any inmate ought to have, we do our best to accommodate that request.
