Lawyer Pleads for Temporary Release of Sam Bankman-Fried Ahead of Upcoming Case
Summary:
Facing legal charges, Sam Bankman-Fried (SBF) requests temporary release to prepare his defense, a plea which was previously rejected. His lawyer, Marc Cohen, arguing that the complexity of the case demands SBF's involvement, presents specific terms for the potential release, including a communication restriction during the trial. SBF is scheduled to start his first of two criminal trials in October, where he stands accused of mismanaging user funds while serving as CEO at FTX and Alameda Research.
A plea for temporary release from incarceration was brought forward again for Sam Bankman-Fried (SBF) by his attorney, as he faces charges by the U.S Department of Justice. SBF's legal team, led by Marc Cohen, requested Judge Lewis A. Kaplan, the chief official over this case, to grant a brief respite from jail, which they believe is necessary for a thorough defense preparation.
Expressing their difficulty in prepping for the trial due to the prevailing restrictions, Cohen pointed towards the extensive evidence presented by the government. This includes 50 witnesses and thousands of documents and exhibits, all of which they are struggling to go through without the opportunity to discuss with their client outside of the courtroom.
Classifying the case as "very intricate and specialized," Cohen made a case for SBF's personal involvement, stating that his understanding of the case complexities can't be matched by any external expert.
Relating to FTX's legal action against Hong Kong affiliate ex-employees, Cohen laid out the revised conditions of the temporary leave, requiring SBF to be either with his lawyers at their office or under the watch of a bodyguard in a temporary New York City residence outside the court. Furthermore, SBF will agree to refrain from communication with anyone other than his attorneys, defense team, and immediate family during the trial.
On Sept. 21, however, an impartial panel of three judges rejected the former FTX CEO’s plea for an early jail departure, calling the attorneys’ arguments as "non-convincing." Judge Kaplan the same day allowed preliminary motions from the prosecutors barring some witnesses from speaking on behalf of SBF in the impending criminal trial.
Bankman-Fried faces his inaugural criminal trial on October 3, confronting seven charges connected to mismanagement of user funds during his tenure at FTX and Alameda Research. A subsequent trial is set for March 2024 where he counters five additional charges. SBF maintains his innocence on all charges. The current deposit risks in crypto exchanges also form an underlying component of this case.
Published At
9/26/2023 10:02:01 AM
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