FTX’s Sam Bankman-Fried Behind Bars:
Judge Orders Jail Time for Witness Tampering. FTX founder Sam Bankman-Fried was sent to jail on Friday, August 11, 2023, by a federal judge in New York, after prosecutors accused him of trying to tamper with witnesses in his fraud case.
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by Mike Adams
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Judge Orders Jail Time for Witness Tampering.
FTX founder Sam Bankman-Fried was sent to jail on Friday, August 11, 2023, by a federal judge in New York, after prosecutors accused him of trying to tamper with witnesses in his fraud case.
- Bankman-Fried was out on a $250 million bail package since authorities arrested him in December 2022 on charges of multiple financial crimes, including wire fraud and money laundering.
- Prosecutors claimed that Bankman-Fried violated his bail conditions by contacting a key witness and sharing her personal information with a journalist, and by using encrypted communication to reach out to the general counsel of FTX.
- U.S. District Judge Lewis Kaplan agreed that probable cause existed to believe Bankman-Fried attempted to influence witnesses at least twice. He revoked his bail, ordering his remand to custody until his trial, scheduled to begin on October 2.
- Bankman-Fried’s defense lawyers argued that he was exercising his first amendment right and did not intend to interfere with the case, and that he needed internet access to review the massive amount of discovery documents. They also filed an appeal and asked for a stay of the order, but Judge Kaplan denied their request.
- Bankman-Fried’s parents watched as court marshals took their son away in the courtroom. His mother was visibly distraught and had her face buried in her hands.
- The case has drawn attention from the media and the cryptocurrency industry, as Bankman-Fried was once one of the richest and most influential figures in the crypto space. FTX, his company, had a valuation exceeding $18 billion before it collapsed.
- Journalists and free speech advocates opposed Bankman-Fried’s detention, citing worries about his reputation defense and press communication rights. In July, Judge Kaplan cautioned Bankman-Fried about media interactions, citing potential trial fairness risks.
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