In a well-recognized chorus, Sam Bankman-Fried has been denied launch on bail forward of his prison trial scheduled to start subsequent week.
Decide Lewis Kaplan defined that the previous CEO might face a “very lengthy sentence” if convicted at his fraud trial set to begin subsequent week.
Reuters quoted Decide Kaplan as saying:
“Your shopper within the occasion of conviction may very well be taking a look at a really lengthy sentence. If issues start to look bleak … perhaps the time would come when he would search to flee.”
The report additional particulars that U.S. District Decide Lewis Kaplan denied Bankman-Fried’s request for momentary launch through the trial, citing the defendant’s potential flight danger.
Bankman-Fried, who’s been indicted on seven counts of fraud and conspiracy stemming from FTX’s collapse in November 2022, is at present detained on the famed Metropolitan Detention Heart (MDC) in Brooklyn, notorious for its poor situations. the power has been the holding floor for a number of high-profile inmates and has been criticized for its staffing shortages, energy outages, and poor sanitation.
Bankman-Fried’s authorized staff had argued for his momentary launch earlier than the trial, insisting that the present detention situations hinder their capacity to effectively put together for the upcoming proceedings.
Decide Kaplan expressed sympathy for the protection’s issues however insisted on arranging for Bankman-Fried to reach at courtroom at 7 a.m. on most trial days to debate issues together with his authorized staff earlier than the proceedings begin.
The approaching trial, set to start out on October 3 and will last as long as six weeks, will focus totally on the costs associated to fraud and cash laundering.
Immune witnesses
Prosecutors additionally requested immunity from prosecution for 2 further witnesses in alternate for his or her testimony in opposition to Bankman-Fried. The id of those witnesses, nevertheless, stays undisclosed. A number of of Bankman-Fried’s former associates, together with Caroline Ellison and Ryan Salame, have already pleaded responsible to different fees related to the collapse of FTX and its sister agency, Alameda Analysis.
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