Sam Bankman-Fried’s parents attended his hearing in the Bahamas after his arrest, according to reports.
Bankman-Fried faces extradition to the United States, where prosecutors have filed criminal charges.
His mother laughed when he was called a “runaway,” CoinDesk reported.
At the hearing, which largely focused on whether Bankman-Fried would be released on bail, the former FTX CEO indicated he was not waiving his right to challenge his extradition to the US, according to the CoinDesk report. The site, which reported live from Nassau in the Bahamas, broke the news in November of financial ties between FTX and Bankman-Fried’s trading firm, Alameda Research.
During the proceedings, Bankman-Fried’s mother, Barbara Fried, laughed when her son was called a “runaway,” CoinDesk reported, describing his parents as displaying both “discouragement and defiance.” She also “clenched her jaw and chewed on the frames of her glasses,” reported The Times.
His father, Joseph Bankman, “would occasionally put his fingers in his ears as if to drown out the sound of the process,” CoinDesk said.
After the hearing, which ended with Bankman-Fried being bailboth parents gave him a hug, The Times reported.
Bankman-Fried’s family received payments from FTX, according to current FTX CEO John J. Ray III, who testified before Congress Tuesday.
The hearing came after the former FTX chief executive was arrested Monday at the request of federal prosecutors in New York. If you are extradited to the US, you may receive formal notice of the criminal charges filed against you.
A grand jury indictment against Bankman-Fried was unsealed Tuesday. Lists charges of fraud and conspiracy, including conspiracy to violate campaign finance laws.
Prosecutors elaborated on some of the charges at a news conference later that day, citing “tens of millions of dollars in illegal campaign contributions” to candidates from both major US political parties.
“These contributions were disguised to appear to come from wealthy co-conspirators when, in fact, the contributions were funded by Alameda Research with money stolen from clients,” Damian Williams, US Attorney for the Southern District of New York, said in The conference.
“And all of this dirty money was used in the service of Bankman-Fried’s desire to buy bipartisan influence and impact the direction of public policy in Washington,” he said.
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