Sam Bankman-Fried Will Stay In Jail Ahead Of Trial As Court Calls Bid For Release ”Unpersuasive”

On Sep 22, 2023

Sam Bankman-Fried Spends Approximately $300 Million

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Sam Bankman-Fried is to remain in jail ahead of his trial next month after a US Court of Appeals ruled that additional arguments for his release were ”unpersuasive.”

Bankman-Fried’s lawyers had requested that their client be granted temporary release from jail so that he could review documents before his trial, scheduled to begin on Oct. 3.

The court rejected Bankman-Fried’s argument “that the district court failed to consider a less restrictive alternative to detention,” saying that the “record shows that the district court considered all of the relevant factors, including the defendant-appellant’s course of conduct over the time that had required the district court to repeatedly tighten the conditions of release.”

Bankman-Fried Remains In Jail For Witness Tampering

The court also said it supported an earlier ruling that there was probable cause that Bankman-Fried tried to tamper with witnesses. Bankman-Fried was granted bail on a $250 million bond earlier this year after his extradition from The Bahamas. That was revoked in August after it was ruled he had tampered with witnesses.

JUST IN: Appeals court has ruled that Sam Bankman-Fried will remain in jail.
— WhaleWire (@WhaleWire) September 21, 2023

The prosecutors alleged that Bankman-Fried leaked a private diary of Caroline Ellison, his ex-girlfriend and the former CEO of Alameda Research, to the New York Times. Ellison will be a star witness in Bankman-Fried’s trial. He was also accused of using an encrypted messaging app to communicate with a potential witness.

Bankman-Fried is facing more than 100 years in prison if he is convicted on charges including fraud amid allegations that he, alongside other executives at FTX, misappropriated billions of FTX customer assets.

Bankman-Fried’s parents are also involved in a lawsuit, with the FTX bankruptcy estate accusing them of enabling the mismanagement of the exchange.

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