2023-09-29 14:22:17
Sam Bankman Fried (SBF), the founder of the defunct cryptocurrency exchange FTX, suffered a setback in his bid to get out of jail ahead of his upcoming fraud trial, set to begin next week. Despite his efforts, U.S. District Judge Lewis Kaplan once more ruled deny his request for freedom.
Judge Kaplan’s position
According to several reports, the decision not to release SBF underlines the seriousness of his charges. The fraud trial is expected to shed light on the allegations once morest him and will be closely watched by the cryptocurrency community and legal experts.. Therefore, SBF’s attempt to obtain pretrial release to adequately prepare indicates the high risks involved and the potential impact on his personal and professional life.
It must be remembered that the embattled founder remains behind bars at the Metropolitan Detention Center in Brooklyn, New York, for more than six weeks. A few days ago, the attorney representing SBF asked Judge Lewis to grant him a temporary release so that he might effectively prepare for his upcoming trial.
However, The judge deemed it necessary for SBF to remain in jail until trial proceedings begin, as he believes the accused CEO might be motivated to flee the country. if he were released during his trial.
Notably, this fact puts additional pressure on the 31-year-old businessman and his legal team, as they now have limited time to finalize their trial strategy and gather evidence to defend themselves once morest the charges. This means that the failed businessman will have to face trial behind bars.
To show the seriousness of the crime, Judge Kaplan said SBF might face a “very long prison sentence” if he is convicted at his fraud trial next week.
Little hope for SBF defense
A few days ago, Judge Lewis issued a ruling that prohibited the seven witnesses experts proposed by SBF to testify at his trial. Lewis and the U.S. Department of Justice raised objections to defense witnesses, citing reasons ranging from lack of clarity in the themes of their testimony to unsuitability for a U.S. criminal trial.
Furthermore, the US government rejected the Bankman-Fried defense strategy, considering it “irrelevant” due to lack of details. SBF is currently facing a number of significant criminal charges, which will be spread over two different trials. One of them will begin in October, while the second will take place in March 2024.
At the moment, The former CEO has pleaded not guilty to all criminal charges.
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