The former CEO of FTX, Sam Bankman-Fried, is seeking temporary release to prepare for his trial scheduled for October.
Sam Bankman-Fried, who is facing various financial crime charges connected to the collapse of his crypto exchange in November 2022, will remain in a Brooklyn jail until federal appellate judges make a decision regarding his request for pretrial release.
He had previously been out on bail but had it revoked by a federal judge in early August due to allegations of witness tampering. Bankman-Fried appealed this decision, leading to the current situation where he awaits the appellate judges’ ruling while in custody.
The appeal will be heard by the next available three-judge panel, as confirmed by the court clerk on Wednesday. However, the request for immediate release was denied. The exact timeline for the next steps is currently uncertain.
Bankman-Fried’s legal team and the government have been in a dispute for several weeks regarding the allegedly inadequate conditions at the Metropolitan Detention Center. Bankman-Fried’s defense argues that he cannot adequately prepare for his trial in October while in jail and should be released. It’s important to note that this motion is separate from their appeal of Judge Lewis Kaplan’s decision to revoke Bankman-Fried’s bail.
Judge Lewis Kaplan recently asked both parties to provide information about the current situation at the Metropolitan Detention Center by a certain deadline, which was this past Tuesday. However, there is a disagreement between the defense and the government regarding the conditions and Bankman-Fried’s access to defense materials. Kaplan has given the defense until September 8 to clarify any issues they have identified.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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