Skip to content Skip to footer

Sam Bankman-Fried denied release from jail yet again

The judge wasn’t convinced that SBF wasn’t a flight risk considering the direction of his trial.

FTX founder Sam Bankman-Fried plea for pretrial release has again been denied again. The judge wasn’t convinced that SBF isn’t a serious flight risk.

Sam Bankman-Fried could face very long sentence

A federal judge ruled on Thursday that Sam Bankman-Fried will have to remain in jail for the duration of his trial.

SBF’s lawyers have made repeated attempts to argue for the release of their clients since Judge Lewis Kaplan revoked his bail on August 11 due to allegations of witness intimidation.

Bankman-Fried’s lawyer, Mark Cohen also argued that his client’s detainment at the Metropolitan Detention Center in Brooklyn prevents them from working together effectively. His attorney noted that there are 1,300 files to review and evidence to analyse while the founder sits in a prison that can’t meet his dietary needs.

Cohen maintained that SBF was not a flight risk and hence should be granted bail.

The judge wasn’t convinced that SBF wasn’t a flight risk considering the direction of his trial.

Judge Kaplan was quoted as saying: “The closer we get to trial, the more I’m wondering about that,” Kaplan said. “Your client, if there is conviction, could be looking at a very long sentence. If things begin to look bleak — maybe he feels that now — if that were to happen and if he had the opportunity, maybe the time would come that he would seek to flee.”

Read more: SBF lawyers request for temporary release from jail again

However, Judge Kaplan ruled that SBF will be made available to his attorney at 7:00am ET every trial day with a caveat so they can discuss any issues before testimony begins.

As many in the cryptocurrency industry wait for information regarding allegations of fraud at FTX and in the testimony of former Alameda Research CEO Caroline Ellison, final preparations are being made for Bankman-Fried’s trial set for October 3.

Two further witnesses were asked to testify against Bankman-Fried in exchange for immunity from prosecution, according to the prosecution. But these witnesses’ identities have beeen kept a secret.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave a comment

Go to Top