Sam Bankman-Fried is heading to a Brooklyn jail notorious for poor conditions.
On the 11th, FTX founder Sam Bankman-Fried was ordered to be held in custody prior to his October trial on multiple charges related to financial crimes, as a federal judge has revoked his previous release on bond.
Sam Bankman-Fried is heading to a Brooklyn jail notorious for poor conditions
8/14/2023
The 31-year-old former CEO of the FTX empire appeared in court on Friday following the U.S. Department of Justice's request to have him returned to jail due to alleged violations of his bond conditions. These alleged violations include attempts to interfere with several witnesses. The DOJ asserted that Bankman-Fried's communication with former FTX.US general counsel Ryne Miller and his use of a virtual private network, ostensibly for watching the Super Bowl, were sufficient reasons to warrant a change in his bail terms. The tipping point, however, came when Bankman-Fried disclosed portions of former Alameda Research CEO Caroline Ellison's personal diary to the New York Times.
While Bankman-Fried's defense team acknowledged his sharing of some diary pages with the Times, they contested any intent to tamper with a witness. They also contended that his incarceration would hinder adequate trial preparation.
Bankman-Fried is currently set to go on trial at the start of October on wire fraud, commodities fraud, securities fraud, money laundering and related conspiracy charges.
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