{"id":553530,"date":"2023-09-29T20:30:29","date_gmt":"2023-09-29T20:30:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=553530"},"modified":"2023-09-29T19:21:14","modified_gmt":"2023-09-29T19:21:14","slug":"sam-bankman-fried-jail","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ftx-ftt-bankman\/sam-bankman-fried-jail\/","title":{"rendered":"Court Rules Sam Bankman-Fried Will Remain In Jail Through Trial, Here\u2019s Why"},"content":{"rendered":"

During a court hearing held on Thursday, September 28, 2023, the Court ruled that the former CEO of now-bankrupt <\/span>crypto exchange FTX<\/span><\/a> Sam Bankman-Fried aka SBF will remain in jail throughout his trial.<\/span><\/p>\n

Sam Bankman-Fried To Remain In Jail Throughout His Trial<\/span><\/h2>\n

At the brief court hearing on Thursday at the Manhattan federal court, Bankman-Fried’s lawyers <\/span>requested that the court should temporarily release<\/span><\/a> their client so he could be able to prepare his defense against the charges raised against him. However, the judge overseeing the case Judge Lewis A. Kaplan has <\/span>denied<\/span><\/a> the request as he believes the Defendant is a flight risk.<\/span><\/p>\n

Related Reading: Important Events That Could Have A Massive Impact On XRP Price<\/a><\/div>\n

\u201cThe closer we get to trial, the more I\u2019m wondering about that. Your client in the event of conviction could be looking at a very long sentence. If things begin to look bleak \u2026 maybe the time would come when he would seek to flee.” Judge Kaplan stated in the court hearing in Manhattan federal court.<\/span><\/p>\n

Bankman-Fried’s lead lawyer Mark Cohen then argued that there was no reason for his client to try and flee. Cohen told Judge Kaplan that his request was made due to him being unable to meaningfully confer with his client Bankman-Fried as long as he is jailed at the Metropolitan Detention Center in Brooklyn.<\/span><\/p>\n

In response, Assistant US Attorney Danielle Kudla told Judge Kaplan that Sam Bankman-Fried already had enough time to prepare for his trial. Kudla pointed out that Bankman-Fried had more than seven months to review his evidence and better prepare for his trial from the comfort of his parent’s home in Palo Alto, California since his freedom was not revoked until July 2023.<\/span><\/p>\n

Sam Bankman-Fried was <\/span>extradited to the United States from the Bahamas in December<\/span><\/a> last year and he was placed on house arrest in his parent’s home in Palo Alto, California where he had limited access to electronic devices until he was <\/span>jailed<\/span><\/a> on August 11, 2023, by Judge Kaplan.<\/span><\/p>\n

Sam Bankman-Fried was denied a $250 million bond by Judge Kaplan after the judge discovered that Bankman-Fried tried to <\/span>tamper with and influence potential witnesses<\/span><\/a> testifying against him.<\/span><\/p>\n

However, Judge Lewis A. Kaplan pondered on what Cohen had said and he stated that the court would arrange for Cohen and other lawyers to meet with Bankman-Fried most of the trial days at 7:00 AM at the court to speak with Bankman-Fried hours before the testimony begins.<\/span><\/p>\n

Bankman-Fried’s trial is set to begin on Tuesday, October 3, 2023, and it is expected to last more than 6 weeks. His lawyers already lost two other bail appeals before now. This marks the third time that the Defendant\u2019s request to be released during his trial will be rejected by the court.\u00a0<\/span><\/p>\n

Prosecutors Bring Several Allegations Against FTX Founder<\/span><\/h2>\n

CEO Sam Bankman-Fried has <\/span>pleaded<\/span><\/a> not guilty to several allegations brought against him following the collapse of crypto exchange FTX back in November 2022.<\/span><\/p>\n

Prosecutors accused Bankman-Fried of allegedly deceiving customers and investors to enrich himself and other executives while playing a major role in FTX’s multibillion-dollar <\/span>collapse<\/span><\/a> in November last year.<\/span><\/p>\n

Related Reading: $9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means<\/a><\/div>\n

It was believed that Bankman-Fried stole billions of dollars in FTX customer deposits to resolve Alameda Research debts – a crypto hedge fund governed by him, live lavishly in the Caribbean, and <\/span>fund political campaigns.<\/span><\/a><\/p>\n

Former Chief Executive Officer of Bankman-Fried’s Alameda Research hedge fund <\/span>Caroline Ellison<\/span><\/a> already pleaded guilty to fraud. She is expected to testify against Bankman-Fried in the upcoming trial.<\/span><\/p>\n

\"FTX<\/p>\n

FTT price falls following court's rejection | Source: FTTUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Yahoo Finance, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
During a court hearing held on Thursday, September 28, 2023, the Court ruled that the former CEO of now-bankrupt crypto exchange FTX Sam Bankman-Fried aka SBF will remain in jail throughout his trial. Sam Bankman-Fried To Remain In Jail Throughout His Trial At the brief court hearing on Thursday at the Manhattan federal court, Bankman-Fried’s lawyers requested that the court should temporarily release their client so he could be able to prepare his defense against the charges raised against him. However, the judge overseeing the case Judge Lewis A. Kaplan has denied the request as he believes the Defendant is a flight risk. Related Reading: Important Events That Could Have A Massive Impact On XRP Price \u201cThe closer we get to trial, the more I\u2019m wondering about that. Your client in the event of conviction could be looking at a very long sentence. If things begin to look bleak \u2026 maybe the time would come when he would seek to flee.” Judge Kaplan stated in the court hearing in Manhattan federal court. Bankman-Fried’s lead lawyer Mark Cohen then argued that there was no reason for his client to try and flee. Cohen told Judge Kaplan that his request was made due to him being unable to meaningfully confer with his client Bankman-Fried as long as he is jailed at the Metropolitan Detention Center in Brooklyn. In response, Assistant US Attorney Danielle Kudla told Judge Kaplan that Sam Bankman-Fried already had enough time to prepare for his trial. Kudla pointed out that Bankman-Fried had more than seven months to review his evidence and better prepare for his trial from the comfort of his parent’s home in Palo Alto, California since his freedom was not revoked until July 2023. Sam Bankman-Fried was extradited to the United States from the Bahamas in December last year and he was placed on house arrest in his parent’s home in Palo Alto, California where he had limited access to electronic devices until he was jailed on August 11, 2023, by Judge Kaplan. Sam Bankman-Fried was denied a $250 million bond by Judge Kaplan after the judge discovered that Bankman-Fried tried to tamper with and influence potential witnesses testifying against him. However, Judge Lewis A. Kaplan pondered on what Cohen had said and he stated that the court would arrange for Cohen and other lawyers to meet with Bankman-Fried most of the trial days at 7:00 AM at the court to speak with Bankman-Fried hours before the testimony begins. Bankman-Fried’s trial is set to begin on Tuesday, October 3, 2023, and it is expected to last more than 6 weeks. His lawyers already lost two other bail appeals before now. This marks the third time that the Defendant\u2019s request to be released during his trial will be rejected by the court.\u00a0 Prosecutors Bring Several Allegations Against FTX Founder CEO Sam Bankman-Fried has pleaded not guilty to several allegations brought against him following the collapse of crypto exchange FTX back in November 2022. Prosecutors accused Bankman-Fried of allegedly deceiving customers and investors to enrich himself and other executives while playing a major role in FTX’s multibillion-dollar collapse in November last year. Related Reading: $9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means It was believed that Bankman-Fried stole billions of dollars in FTX customer deposits to resolve Alameda Research debts – a crypto hedge fund governed by him, live lavishly in the Caribbean, and fund political campaigns. Former Chief Executive Officer of Bankman-Fried’s Alameda Research hedge fund Caroline Ellison already pleaded guilty to fraud. She is expected to testify against Bankman-Fried in the upcoming trial. FTT price falls following court’s rejection | Source: FTTUSDT on Tradingview.com Featured image from Yahoo Finance, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":553551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[87394,85702,71704,89272,89526,83748,89527,89273,89285],"class_list":["post-553530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-ftt","tag-ftt-token","tag-ftx","tag-ftx-news","tag-ftx-sam-bankman-fried","tag-sam-bankman-fried","tag-sam-bankman-fried-ftx","tag-sam-bankman-fried-news","tag-sam-bankman-fried-trial"],"acf":[],"yoast_head":"\nCourt Rules Sam Bankman-Fried Will Remain In Jail Through Trial, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"The Court ruled that the former 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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