Judge Denies Final Pretrial Request From Sam Bankman-Fried for Temporary Release – Sam Bankman-Fried, the ex-FTX CEO, will stay in jail until the commencement of his criminal trial on October 3, as mandated by a federal judge. The judge presiding over Sam Bankman-Fried’s fraud case has indicated concerns about the possibility of him attempting to flee, considering his youth and the potential prison sentence he may face.
During a hearing held on September 28 in the United States District Court for the Southern District of New York, Judge Lewis Kaplan rejected a request from SBF’s legal representatives seeking temporary release for the former CEO of FTX, who needed time to prepare for his trial. Bankman-Fried’s legal team had persistently sought his release after Kaplan revoked his bail on August 11 due to allegations of witness intimidation.
Despite two unsuccessful attempts in appellate court, SBF’s team failed to secure his release. Kaplan expressed concerns that SBF might attempt to flee if the trial appeared unfavorable, taking into account his age and potential prison sentence. While the judge denied SBF an early release, he did allow the former FTX CEO the opportunity to arrive at court early on specific days to consult with his legal counsel.
As preparations for Bankman-Fried’s upcoming trial near their conclusion, the anticipation among those inside and outside the cryptocurrency community is growing, particularly regarding potential revelations about alleged fraud at FTX and the expected testimony of former Alameda Research CEO Caroline Ellison. On September 27, Judge Kaplan granted some procedural motions, allowing SBF to wear a suit during the trial and permitting the use of an air-gapped laptop in the courtroom for note-taking.
The trial scheduled for October 3 will mark the first of two legal proceedings for Bankman-Fried. In this initial trial, he faces seven charges related to the misuse of customer funds in October. A second trial, set for March 2024, will involve five additional charges. It’s important to note that SBF has pleaded not guilty to all counts.