Sam Bankman-Fried, a former cryptocurrency billionaire, has experienced a severe setback in his legal case after his request for parole from a Brooklyn jail was denied. After allegations of witness tampering surfaced, U.S. District Judge Lewis Kaplan revoked Bankman-Fried’s $250 million bail on August 11, 2023. He has since reaffirmed his ruling, remanding Mr. Bankman-Fried in custody.
Daily Mail reported that Judge Kaplan concluded following an assessment of the evidence that Bankman-Fried had violated the terms of his bail by interfering with witnesses at least twice. Bankman-Fried’s legal team had urged for the reinstatement of his release, saying that he did not constitute a flight risk and was willing to work with the authorities.
The Manhattan office of the United States Attorney made a strong case against Bankman-Fried by describing occasions in which he allegedly tried to persuade witnesses who were part of the ongoing inquiry. His bail privileges were subsequently revoked as a result of these allegations. Reuters media has explained that by continuing to take this approach, the judge sends a clear message that interfering with witnesses will not be accepted.
Bankman-Fried Constantly Plead Not Guilty, Date For Next Trial Uncertain
Bankman-Fried had been allowed to acquire a second laptop while in detention. He has also been allowed access to his legal counsel and a fair judicial procedure, an action analysts have described as a gesture by the government. US News platform has also reported that this development emphasizes the dedication to guaranteeing his rights are protected throughout the judicial process.
However, Bankman-Fried has constantly entered a not-guilty plea to the accusations leveled against him in response to these claims. He contends that he did not disseminate writings by his putative accomplice, Carolyn Ellison, to intimidate or disrupt the judicial process but rather to defend his name.
Bankman-Fried’s defense team has not attempted to postpone the trial. Judge Kaplan stated that he would consider such a request if it were submitted. After Bankman-Fried’s plea to be released from custody was denied, the second United States Manhattan Circuit Court of Appeals added that it would ask the next three-judge panel to consider the plea.
Efforts to get more information from Bankman-Fried’s spokesman proved abortive as he declined comments. Bankman-Fried’s lawyers have said the plan to give him more time to review the evidence on Bankman-Fried’s laptop at his Metropolitan Detention Center in Brooklyn is improper.
They added that their client (Bankman-Fried) lost over 4 hours on Friday when trying to return his phone for a prisoner count. They also complained that he lost more time following a similar process last week. Meanwhile, the outcome of the subsequent trial, which will establish whether Bankman-Fried is innocent or guilty of the accusations, is yet to be announced.