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FTX’s Sam Bankman-Fried Denied Latest Release Request As Trial Looms

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Sam Bankman-Fried (SBF), former CEO of the now-defunct FTX exchange, will attend his trial from behind bars after the latest court decision on Thursday.

Why Sam-Bankman Fried Will Remain In Jail Until Trial

According to various reports, on September 28, US District Judge Lewis Kaplan denied a request from SBF’s lawyers asking for the FTX co-founder to be temporarily released to prepare for his trial.

Judge Kaplan, the judge in charge of Bankman-Fried’s criminal case, reportedly said that the defendant could be a “flight risk” if the trial proceeds unfavorably, especially considering his young age and potential prison sentence.

Sam Bankman-Fried faces a statutory maximum of 110 years of jail time, having made a not-guilty plea to seven counts of fraud-related offenses. The former CEO’s trial is set to begin on October 3, barring any unexpected postponement.

The defense attorneys asked again for SBF’s temporary release earlier this week, insisting that preparing for the next day’s witnesses and testimony would be challenging if their client had to return to the Metropolitan Detention Center (MDC) at the end of each court day.

Ultimately, the lawyers argued that the former CEO’s input is crucial due to the “highly technical and complex” nature of the case.

While this argument didn’t sway the District Judge, he reportedly said that Sam Bankman-Fried would get the opportunity to arrive at court as early as 7 a.m. on most trial days to meet with his legal team hours before testimony commences.

It is worth noting that, before this latest rejection, the defense lawyers had already lost two appeals seeking Bankman-Fried’s freedom since Judge Kaplan revoked his bail in early August.