Sam Bankman-Fried was denied bail by a judge in the Bahamas on Tuesday, leaving the disgraced co-founder of cryptocurrency exchange FTX behind bars.
During his first court appearance since being arrested on Monday, Judge Joyann Ferguson-Pratt said Mr Bankman-Fried, 30, posed too big of a flight risk to be released.
His lawyer had proposed that his client pay $250,000 cash and wear an ankle bracelet to be allowed to leave his cell.
“Risk of flight is so great that Samuel Bankman-Fried ought to be remanded in custody,” she said.
“I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond.”
An extradition hearing for Mr Bankman-Fried was set for February 8.
Earlier in the arraignment proceedings on Tuesday, his lawyer said that he would fight plans to send him to the US.
Federal prosecutors in Manhattan have charged Mr Bankman-Fried with eight criminal counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars in customers’ funds before last month’s spectacular collapse of his cryptocurrency empire.
Dressed in a blue suit and white shirt for the arraignment proceedings, Mr Bankman-Fried at times appeared shaky and fidgety.
Watch: What is Bitcoin and how did it start?
His parents were present in the courtroom as their son was frequently referred to as a “fugitive”.
Mr Bankman-Fried’s need to take medication for attention deficit hyperactivity disorder and allergies frequently came up during the proceedings, which spanned most of Tuesday.
At one point, the hearing was halted so he could take them because he missed doses after his arrest the night before.
After the judge announced that his bail would be denied, his mother hugged him with teary eyes.
Mr Bankman-Fried was allowed 15 minutes with his parents before he was taken away by authorities.
A court clerk said after the hearing that Mr Bankman-Fried wouldn’t be allowed regular visits due to Covid-19 protocols.
“That's so sad,” his father, Joseph Bankman-Fried, was overheard telling an onlooker about not being able to spend time with his son.
Cryptocurrencies — in pictures
The judge said that Mr Bankman-Fried would be taken to a Bahamas Department of Correctional Services prison, which is known commonly known as Fox Hill and is the government’s only prison.
Although it is unclear whether he will be held among the general population, a 2020 report from the US State Department painted a grim picture of the place.
The prison’s conditions were harsh due to overcrowding and poor ventilation, among other issues.
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
COMPANY%20PROFILE
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MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Andor
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