2023-08-11 20:14:08
A federal judge has denied the defense’s motion to defer Sam Bankman-Fried’s detention pending review of the bail revocation appeal.
A U.S. judge revoked bail for Sam Bankman-Fried on Friday, following finding reasonable grounds that the indicted founder of bankrupt cryptocurrency platform FTX allegedly shackled witnesses at least twice.
U.S. Federal District Judge Lewis Kaplan announced the decision during a hearing in federal court in Manhattan, less than two months before trial for fraud scheduled for October. He denied the defense’s request to delay Bankman-Fried’s detention pending an appeal of the bail revocation. Consequently, the founder of FTX was led out of the courtroom handcuffedfollowing removing his shoelaces, jacket and tie, and emptying his pockets.
The move might complicate Bankman-Fried’s efforts to prepare for the trial, where the 31-year-old former billionaire is accused of embezzling billions of dollars from FTX client funds to make up for the losses of its hedge fund Alameda Research. Bankman-Fried pleads not guilty.
Writings shared with the press
Federal prosecutors in Manhattan first made their request to take Bankman-Fried into custody last month, finding he had “crossed a line” by sharing personal writings from his ex-girlfriend and Alameda CEO, Caroline Ellison, with a New York Times reporter. For their part, his lawyers said that prosecutors have distorted his intentions by sharing Ellison’s writings, arguing that he wanted to defend his reputation and had the right to speak to the press.
Bankman-Fried was then largely confined to his parents’ home in Palo Alto, Calif., with a $250 million bail since his arrest in December 2022. Ellison and two other former members of Bankman-Fried’s inner circle pleaded guilty to fraud and agreed to cooperate with the United States Attorney’s Office in Manhattan. Caroline Ellison is expected to testify once morest him at his trial scheduled for October 2.
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