Ex-FTX CEO Bankman-Fried Ordered to Remain in Custody Ahead of Oct. 3 Criminal Trial
Summary:
Facing a criminal trial scheduled for Oct. 3, former FTX CEO Sam Bankman-Fried has been ordered by a federal judge to remain in custody. Despite multiple attempts by his defense team to secure a conditional release ahead of the trial, all efforts were dismissed, partly due to the judge's concern about a potential flight risk. Although early release was denied, Bankman-Fried is allowed early access to court on certain days for consultation with his legal team.
Sam Bankman-Fried, the previous Chief Executive Officer of FTX, has been ordered by a federal judge to stay incarcerated until his criminal trial, scheduled for Oct. 3, commences. A hearing on Sept. 28, more broadly reported, took place in the United States District Court for the Southern District of New York, where Judge Lewis Kaplan rejected an appeal for a provisional release of Bankman-Fried by his defense team in the lead up to his trial. Despite multiple efforts made by his legal representatives to advocate for his release after his bail got nullified by Kaplan on Aug. 11, all were unsuccessful, including two attempts made via the appellate court. Kaplan expressed concerns that Bankman-Fried could be inclined to abscond if the forthcoming trail seems unfavorable, considering factors such as his age and possible imprisonment duration. Nonetheless, despite Bankman-Fried being denied early release, Kaplan did permit him to attend court earlier on certain trial days to consult with his defense team. More details on this ongoing story will be provided as and when they emerge.
Published At
9/28/2023 3:05:17 PM
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