Prosecution Says Sam Bankman-Fried Must Stay In Jail Before Trial, Is A Danger To The Community, May Flee

Disclosure

Updated: 28 September 2023

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Join Our Telegram channel to stay up to date on breaking news coverage

Prosecutors asked that Sam Bankman-Fried be kept in jail before his criminal fraud trial starts next week, arguing that he’s a danger to the community and may flee if released temporarily.

The government argued in a letter to Judge Lewis Kaplan that Bankman-Fried’s claim that he’s unable to participate effectively in his own defence while in jail is not outweighed by the risks of releasing him, especially in light ”of the defendant’s prior course of conduct.”

The letter described the risk of his release as “danger to the community and/or flight.“ It also said Bankman-Fried’s motion for a temporary release “recycles” generalized claims and cited two previous times when the court objected to similar requests.

The prosecution also argued that there was an absence of details showing specific materials that Bankman-Fried claimed he has been unable to access in jail and the reasons why that would impede his defence.

NEW —

Here is the full order from Judge Kaplan remanding Sam Bankman-Fried and sending him to jail ASAP.

"There is probable cause to believe that the defendant has committed the federal crime of witness tampering."

"There is no condition … that will assure the defendant… pic.twitter.com/MsTH6gsuil

— Teddy Schleifer (@teddyschleifer) August 11, 2023

Bankman-Fried Pleaded Not Guilty

Bankman-Fried’s trial in New York City is scheduled to start on Oct. 3, when he will face seven fraud-related charges related to the collapse of FTX and Alameda Research. In March, he will be tried for an additional five counts in a separate criminal trial. He has pleaded not guilty to all charges.

Next week charges against related to the alleged mishandling of user funds at FTX and its affiliate, Alameda Research. Bankman-Fried has consistently asserted his innocence by pleading not guilty to all the charges against him. Following the revocation of his bail in August, Bankman-Fried has been held in custody at the Metropolitan Detention Center in Brooklyn.