FTX CEO Sam Bankman-Fried Faces Unexpected Outcome in Pretrial Release Plea

FTX Founder Sam Bankman-Fried’s Request for Pretrial Release Denied

With his trial scheduled to begin on October 3, Sam Bankman-Fried (SBF), the founder and former CEO of the failed FTX crypto exchange, is seeking to be released ahead of his trial. However, it appears that the court is not willing to grant his request.

In a recent filing presented to the court on September 8, Bankman-Fried and his lawyers argued that he should be released because he does not have an adequate internet connection to review documents necessary for his defense. This is not the first time his lawyers have attempted to secure his release. Previously, they filed a request for him to be in jail only on weekends, allowing him five days a week to work with his lawyers and review trial-related documents.

Unfortunately for Bankman-Fried, the court has once again denied his request for pretrial release. In a filing on September 12, United States District Judge Lewis A. Kaplan stated that the defendant had not provided sufficient evidence to support his claim of limited access to electronically stored discovery and other material. The judge also noted that Bankman-Fried had ample time leading up to his bail being revoked to review the necessary information.

Judge Kaplan further explained that the time constraints Bankman-Fried presented were of his own making. The court had granted the October trial date requested by the defendant and was open to considering a postponement if necessary. The judge also emphasized that Bankman-Fried did not need to personally review every piece of discovery, as he has a team of capable lawyers who can do so.

Additionally, Bankman-Fried’s legal team failed to provide specific examples of materials that he has been unable to access while detained. The court found their generalities about millions of pages without any concrete evidence to be unpersuasive.

Bankman-Fried is still set to stand trial on October 3 for the original eight charges brought against him, including campaign finance violations, fraud, and money laundering. He pleaded not guilty to these charges during a court proceeding held on August 22.

It remains to be seen how Bankman-Fried’s trial will unfold and what the outcome will be. As the founder of FTX, his case has garnered significant attention within the cryptocurrency community.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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