Bankman-Fried's Legal Team Makes Another Plea for Temporary Release Before Trial

Bankman-Fried’s Legal Team Makes Another Plea for Temporary Release Before Trial

Updated: 26 September 2023

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On the eve of his trial scheduled for October 3rd, legal representatives for Sam Bankman-Fried are making yet another plea for his short-term release. The recent letter addressed to Judge Kaplan underscores the challenges of preparing for the impending trial, given the present restrictions on accessing crucial evidence.

The team points out that this isn’t their first rodeo, having tried multiple times in the recent past to secure their client’s release, albeit without success.

We’ve been handed a list by the government comprising more than 50 potential witnesses, 3,500 pages of materials, and a whopping 1,300-plus exhibits.

The sheer volume of evidence to be reviewed is staggering. The defense writes, “We’ve been handed a list by the government comprising more than 50 potential witnesses, 3,500 pages of materials, and a whopping 1,300-plus exhibits.” They underline the complexity of the case, especially when considering that a large chunk of the evidence consists of intricate financial records.

With such limited interaction times outside court sessions, Bankman-Fried‘s lawyers express deep concern about their readiness to provide a robust defense during the trial. In response, they’ve chalked out a comprehensive plan for Bankman-Fried’s temporary release on October 2nd, with specific conditions in place.

This plan would allow him limited mobility, essentially between the law office, an approved workspace, and a supervised temporary dwelling in New York City. A professional security guard would be on standby to ensure his movements are within the stipulated zones. The proposal also mentions no access to electronic devices or online platforms and zero visitors during his stay at the temporary residence.

Moreover, Bankman-Fried would be bound by a gag order as per the proposal, restricting his communication solely to his legal team, close family members, and a few others.

Facing Two Criminal Trials

Zooming out a bit, the disgraced crypto mogul of FTX is in quite the legal storm, facing a total of 13 charges. These range from securities and wire fraud to money laundering and unlicensed money transmission related to FTX customers and Alameda’s lenders. In an intriguing twist, Judge Lewis Kaplan of the United States District Court has chosen to split these charges into two separate trials. The subsequent trial, slated for March 11, 2024, will zero in on bribery conspiracy and other fraud charges.

Previous Pleas for Release Rejected

Sadly for Bankman-Fried, his previous pleas for early release have consistently fallen on deaf ears. The court has emphasized that it had examined all viable alternatives to detention and had even expressed concerns about Bankman-Fried’s potential witness tampering. For context, earlier this year, he secured bail with a whopping $250 million bond post his extradition from The Bahamas. However, this was later revoked in August, with allegations of witness tampering coming to the fore.

Additionally, prosecutors have accused Bankman-Fried of disclosing the personal diary of Caroline Ellison, his former flame and ex-CEO of Alameda Research, to a renowned publication. Ellison is anticipated to be a pivotal witness in the trial, and further claims suggest he had been in encrypted communication with a possible witness.