PUZZLER WEDNESDAY Crispy Chicken Sandwiches i’m lovin’ it!
HIGH 80ºF LOW 70ºF
Monday,
February
CARS! CARS!
8, 2021
The Tribune Established
Being Bound To
Swear To The Dogmas
1903
Of No Master
The Tribune tise Call
To Adver
-2351
601-0007 or 502
CLASSIFIEDS TRADER
$33.60
Established 1903
L A T E S T
N E W S
O N
T R I B U N E 2 4 2 . C O M
Biggest And Best!
Volume: 120 No.266, December 14, 2022
THE PEOPLE’S PAPER: PRICE–$1
FROM FTX TO PRISON AS BAIL DENIED Sam Bankman-Fried is remanded in custody until February court date By PAVEL BAILEY Tribune Court Reporter pbailey@tribunemedia.net DISGRACED former FTX CEO Samuel Bankman-Fried was denied bail by Chief Magistrate Joyann Ferguson-Pratt and remanded to the Bahamas Department of Correctional Services (BDCS) until his next court appearance in February. His arraignment came after the embattled cryptocurrency businessman was issued several fraud related charges in the United States including wire fraud, money laundering and conspiracy to commit fraud. He also faces a warrant from the Southern District of New York, a federal warrant as well as a diplomatic note requesting arrest provisionally.
FORMER FTX CEO Sam Bankman-Fried outside court yesterday. He was denied bail and remanded to prison. Photo: Austin Fernander
Bankman-Fried was arrested on Monday night following joint investigations by Bahamian and US authorities following allegations of the former FTX CEO misappropriating large sums of customer assets in crypto exchanges. It marks a swift and dizzying fall from grace for the 30-year-old who until last month headed what was once one of the most powerful crypto firms in the world. In his court appearance before Chief Magistrate Ferguson-Pratt, the former billionaire was represented by attorney Jerome Roberts assisted by Crystal Rolle-Casey and Kendria Dorsett. Franklyn Williams was the lead prosecutor, assisted by Cordell Frazer. SEE PAGE THREE
NEW CEO: BAHAMAS IS NOT TRANSPARENT By EARYEL BOWLEG Tribune Staff Reporter ebowleg@tribunemedia.net FTX CEO John Ray III said the Chapter 11 process in Delaware is the only clear option that gives visibility to customers about what happened to the fallen crypto giant and a chance to recoup their money, as he lambasted the process in The Bahamas as not transparent.
FTX CEO John Ray testifying yesterday. Photo: AP He alleged that he has repeatedly asked for clarity from Bahamian regulators about what they have been doing but has been “shut down”.
Mr Ray made the revelation yesterday during the US House Committee on Financial Services hearing into FTX’s collapse. One-by-one several members of the committee questioned the new CEO for nearly four hours about the once crypto giant’s downfall and his handling of it in the aftermath.
Nassau & Bahama Islands’ Leading Newspaper
SEE PAGE FOUR
NATION’S DEBT DROPS BY $20M By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ national debt enjoyed its first quarterly contraction for years, the Central Bank revealed yesterday, although the decline was a modest $20.7m, The shrinkage may yet provide optimism The Bahamas is starting to arrest the rate of ‘red ink’ growth. FULL STORY - SEE BUSINESS