SafeMoon CEO Denied Bail by New York Judge
The New York District Judge LaShann DeArcy Hall has denied SafeMoon CEO Braden John Karony’s bail request, reversing a Utah Magistrate judge’s decision to grant him a $500,000 bail on Nov. 8. Prosecutors contested the initial decision, arguing that Karony is a potential flight risk due to his considerable wealth and financial means. They also claimed that he could pose a danger to the community if released.
Prosecutors Raise Concerns Over Karony’s Assets
Prosecutors alleged that the Utah court did not consider Karony’s assets when setting bail and accused him of lacking transparency about his financial condition. They also highlighted Karony’s significant overseas ties, emphasizing his prolonged stays in Europe and the United Kingdom with his British fiancee.
Next Steps and Legal Proceedings
Prosecutors have requested the court for Karony’s transfer to and detention in New York, a matter that Judge Hall will consider later. Karony and his SafeMoon accomplices have been charged with securities and wire fraud, conspiracy to commit money laundering, fraud, unregistered securities sales, and misappropriating funds to buy SafeMoon token (SFM) to inflate its price.
Hot Take: SafeMoon CEO Remains in Custody
Braden John Karony has been denied bail due to concerns over his assets and overseas connections. The legal proceedings against him and his associates continue as they face multiple charges related to fraud and money laundering.
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