Sam Bankman-Fried and his legal team have put many arguments to work in a failed effort to keep him out of custody. At least until his trial begins next month.
But on Thursday afternoon, his long run of bad luck stretched still further. A federal appeals court ruled he must remain behind bars at least for the time being.
Sam Bankman-Fried Still in Jail Facing Fraud Charges
The founder of the crypto exchange FTX, whose November 2022 implosion sent tremors through the crypto industry, lived with his parents in California prior to his incarceration.
On August 11, US District Judge Lewis Kaplan made the decision to revoke Bankman-Fried’s $250 million bail. He did so on the grounds that Bankman-Fried had tampered with witnesses, Reuters noted.
Then, on September 6, the 2nd United States Circuit Court of Appeals in Manhattan denied Bankman-Fried immediate release from the Brooklyn facility. Even as it did so, the court gave Bankman-Fried a tiny sliver of hope that a subsequent panel would take up his plea for release and rule favorably.
Now, Thursday afternoon’s ruling means that Bankman-Fried’s lawyers have failed in their effort to reverse either decision.
Learn more about the long and winding legal saga of FTX’s troubled founder.
Claims and Counter-Claims Swirl as Bankman-Fried Trial Looms
Things might well have gone differently. But Bankman-Fried shared diary entries of his former girlfriend, Caroline Ellison, with a New York Times reporter.
In doing so, he gave ammunition, figuratively speaking, to the prosecution, which calls his act an attempt at witness intimidation.
Besides seeking release, Bankman-Fried has vehemently protested the conditions of his confinement. Not to mention his jailers’ failure to accommodate his dietary needs as a vegan. By some accounts, he has lived on bread and water in jail.
His legal team has also raised the issue of granting him adequate access and time to review evidence that will come into play once his trial gets underway.
On August 23, Judge Kaplan made a small concession. Granting Bankman-Fried access to discovery materials and a bit of freedom to confer with lawyers.
But with his October 3 trial and a potential life sentence looming, that must be small comfort indeed.
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