The court rules that Sam Bankman Fried will remain in prison until trial, here cryptoforbs

During the court session held on Thursday, September 28, 2023, the court sentenced the former CEO of the now bankrupt company to prison. FTX crypto exchange Sam Bankman Fried, also known as SBF, will remain in prison throughout his trial.

Sam Bankman Fried will remain in prison throughout his trial

At Thursday’s brief court hearing in Manhattan federal court, Bankman-Fried’s attorneys were present The court requested his temporary release Their client so that he can prepare his defense against the charges against him. However, the judge overseeing the case is Judge Louis A. Kaplan to reject The request is because the defendant is believed to be a flight risk.

“The closer we get to trial, the more I wonder about it. If convicted, your client could be looking forward to a very long sentence. If things start to look bleak… there may come a time when he will seek to flee,” Judge Kaplan said at the court hearing in Manhattan federal court.

In response, Assistant U.S. Attorney Danielle Kudla told Judge Kaplan that Sam Bankman-Fried already has enough time to prepare for his trial. Kudla noted that Bankman-Fried had more than seven months to review his evidence and better prepare for his trial from his parents’ home in Palo Alto, California, where his freedom was not revoked until July 2023.

Sam Bankman was Fried He was extradited to the United States from the Bahamas in December Last year, he was placed under house arrest at his parents’ home in Palo Alto, California, where he had only limited access to electronic devices until he was five years old. Jailed On August 11, 2023 by Judge Kaplan.

However, Judge Louis A. Kaplan in what Cohen said and stated that the court would arrange for Cohen and other attorneys to meet with Bankman-Fried most days of the trial at 7:00 a.m. in court to speak with Bankman-Fried hours before testimony began.

Bankman-Fried’s trial is scheduled to begin on Tuesday, October 3, 2023, and is expected to last more than 6 weeks. His lawyers have already lost two other bail appeals before now. This is the third time that the court has rejected the accused’s request to be released during his trial.

CEO Sam Bankman Fried He begged Not guilty of several allegations against him following the collapse of cryptocurrency exchange FTX in November 2022.

Prosecutors accused Bankman-Fried of defrauding clients and investors to enrich himself and other executives while playing a key role in the multibillion-dollar FTX deal. Collapses In November last year.

Bankman-Fried was believed to have stolen billions of dollars from FTX client deposits to settle debts to Alameda Research – a cryptocurrency hedge fund he controlled, living lavishly in the Caribbean, and Political campaign financing.

Former CEO of Bankman-Fried Alameda Research hedge fund Carolyn Ellison He has already pleaded guilty to fraud. She is expected to testify against Bankman-Fried in the upcoming trial.

FTT price falls following court's rejection | Source: FTTUSDT on Tradingview.com