'Depressed' Sam Bankman-Fried Hugs His Parents As He Is Denied Bail And Sent To Overcrowded Hellhole Bahamas Jail As Prosecutors Say He Hid $300m In Brazilian Firm Before Collapse Of FTX Exchange

• Sam Bankman-Fried was arrested in The Bahamas last night on fraud charges

• A judge denied him bail on Tuesday despite his pleas to be put on house arrest

• He was remanded to the Bahamas Department of Corrections' notorious Fox Hill Prison until his next court appearance on February 8

• SBF faces 155 years in prison if convicted of fraud and money laundering

• Prosecutors say he used FTX as a 'personal piggy bank' to fund his lavish lifestyle

• He also made enormous donations to the Democratic party and President Biden

Disgraced FTX founder Sam Bankman-Fried has been denied bail as he fights extradition to the United States in the Bahamas after being charged with one of the 'biggest financial frauds in American history'.

Bankman-Fried is accused of defrauding investors out of $ 1.8 billion by convincing them his trading platform FTX was safe to use. He has been holed up in the Bahamas for weeks, but today was denied bail after prosecutors argued in court that he was a flight risk.

They claimed he hid $ 300 million in a Brazilian fund in September, months before the collapse of his crypto trading platform, as a means of setting himself up for an escape when the inevitable happened.

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https://www.dailymail.co.uk/news/article-11532899/SEC-charges-shamed-Sam-Bankman-Fried-defrauding-FTX-equity-investors-1-8BILLION.html