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
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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 had been out on a $250 million bail package since his arrest in December 2022, when he was charged with 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 there was probable cause to believe that Bankman-Fried attempted to influence witnesses at least twice, and revoked his bail, ordering him to be remanded to custody until his trial, which is 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 were present in the courtroom and witnessed their son being taken away by the court marshals. 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. His company, FTX, was valued at over $18 billion before its collapse.
- Some journalists and free speech advocates objected to Bankman-Fried’s detention, citing concerns over his right to defend his reputation and speak to the press. However, Judge Kaplan had previously warned Bankman-Fried in July about his media interactions, saying that they could jeopardize the fairness of the trial
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