SBF remanded in jail.
Sam Bankman-Fried has been remanded in jail after his bail was revoked on Friday. The FTX founder was found to have committed witness tampering.
The SBF case continues to unravel as he will be spending his time in jail throughout his trial.
Sam Bankman-Fried bail revoked
US District Court Judge Lewis Kaplan ordered the revocation of the disgraced FTX founder’s $250M bail following the New York Times report on his former colleague and lover, Caroline Ellison.
The NYT report formed the basis for Federal prosecutors to pursue a revocation of Sam Bankman-Fried’s bail and request that he be jailed pending the completion of his trial.
The disgraced FTX founder was remanded into custody of the US Marshals and ordered to report to the Metropolitan Detention Centre (MDC) in Sunset Park, Brooklyn.
“There is no condition or combination of conditions of release that will assure that the defendant will not pose a danger to other persons or the safety of the community,” District Judge Lewis Kaplan said in an order on Friday.
Sam Bankman-Fried faces 12 criminal charges spread across two trials scheduled to begin in October this year and March 2024. He pleaded not guilty to U.S. criminal charges earlier this year.
In another wave of lawsuits, class action lawsuits were filed at the Northern District of California court. The suits were against FTX’s primary law firm Fenwick & West, and 18 leading venture capital investment firms, Sino Global, Tamasek, and Softbank. The former law firm was accused of helping FTX to create “shadowy entities,” while the VC firms were accused of using their influence to launch FTX’s multibillion-dollar scam.
In addition, charges were filed on Monday accusing SBF of using stolen customer funds of $100M to donate to US midterm elections.
Read more: FTX founder denies witness tampering, lawyers say it’s wrong to seek detention
Lawyer files to help get access to meds
The former billionaire’s lawyers have asked Judge Kaplan to order the MDC to allow their client access to a daily Emsam skin patch for depression and three or four doses a day of Adderall for his Attention Deficit Hyperactivity Disorder (ADHD).
“Without the aforementioned psychiatric medications, […] Mr. Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense,” according to the letter sent to the judge.
Similar request for medical request was made in December 2022. The request said that Sam Bankman-Fried hasn’t been taking his medications while in jail.
SBF had been free on bail for 235 days before Judge Kaplan revoked his bail. He was confined in his parents’ Palo Alto, California home since his extradition from the Bahamas in December 2022.
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