Ex-FTX CEO Sam Bankman-Fried Awaits Appeal Decision Over Pre-Trial Release
Summary:
Former FTX CEO, Sam Bankman-Fried's legal representatives have appealed for his release from jail, ahead of his October trial. It was argued that SBF's detention prevents proper trial preparation and inhibits his First Amendment rights. However, the plea was dismissed by a judge due to alleged witness intimidation attempts. A decision on his release has yet to be announced. This upcoming trial is the first of two, which will address fraud charges related to his management of customer funds at FTX and Alameda.
In the count-down to his October trial, the former CEO of FTX, Sam Bankman-Fried's (SBF) legal representatives have appealed to a panel of three judges from the United States Court of Appeals for the Second Circuit, requesting his release from jail pending the trial. Both the defense team and the U.S. Attorney's office each had an opportunity to present their case to the judges on September 19th. The defense's First Amendment plea was largely dismissed by one judge due to SBF's alleged attempts to intimidate witnesses, including Caroline Ellison, the former CEO of Alameda Research.
Bankman-Fried's lawyers are urging for his release, stating the necessity for Internet access in trial preparation and accusing the U.S. District Court of mishandling their First Amendment plea for release. It was previously acknowledged that Bankman-Fried had disclosed private details from Ellison's journals to a journalist from the New York Times, leading to portions of the journal being made public.
Assistant U.S. Attorney Danielle Sassoon conceded to some Internet-related issues during SBF's confinement at the Metropolitan Detention Center in Brooklyn, but maintained that there was ample time for case preparation. Sassoon underlined that the circumstances involving Ms. Ellison highlight SBF's intention to interfere with a fair trial - an issue unrelated to the First Amendment, but rather, one of tampering.
Bankman-Fried's defense insists that his jail time infringes his First Amendment rights and has been detrimental to his trial preparation, set for Oct. 3. Despite these claims, a judge rejected the lawyers' initial plea for release on Sept. 6, prompting an appeal to the three-judge panel. The date when the final decision regarding SBF's release will be made, remains uncertain– this is likely one of his last chances to be discharged before the trial.
The trial in October marks the beginning of the first of two separate trials for the former CEO. The first trial will address seven fraud charges related to his management of customer funds at the FTX crypto exchange and Alameda. The subsequent trial, planned for March 2024, will tackle an additional five criminal charges. As this story continues to unfold, updates will follow as they materialise.
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Published At
9/19/2023 3:54:39 PM
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