FTX Founder Sam Bankman-Fried Jailed For Witness Tampering

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    Sam Bankman-Fried (SBF) said in August after a New York judge canceled the FTX founder’s $250 million bail for allegedly tampering with witnesses in an upcoming fraud trial. Jailed on Friday the 11th.

    U.S. District Judge Lewis Kaplan made the decision after federal prosecutors alleged the 31-year-old cryptocurrency kingpin tried to harass a star witness in a July case, according to multiple reports. .

    Handcuffed banker Freed goes to jail

    Sam Bankman-Fried, whose net worth peaked at $26 billion, ran one of the world’s largest cryptocurrency exchanges in the Bahamas until he was forced to step down as CEO of FTX in November 2022. was operating.

    SBF is Paid Multiple fraud charges in the US after allegedly stealing “billions of dollars” from investors and spending millions more in political donations to gain influence and influence policy in Washington, D.C. is being asked. he pleaded not guilty.

    In his ruling, Judge Kaplan found sufficient evidence to believe Bankman-Fried had attempted to influence the testimony of witnesses in the case “at least twice” since his arrest in December. , CNBC report.

    According to one report, the disgraced tycoon was handcuffed by federal marshals and taken from a federal court hearing in Manhattan, New York. report From CNN. He was stripped of his shoelaces, tie, and jacket, and emptied of his pockets. This is standard procedure for people going to jail.

    Both of SBF’s parents were present in the courtroom, and his mother reportedly She is clearly heartbroken by the judge’s decision to send her son to prison. Judge Kaplan denied Bankman-Fried’s request to remand him from custody while he appealed the verdict.

    ALSO READ: FTX’s Sam Bankman-Fried Plans to Buy ‘Nauru’ for Doomsday Bunkers

    CNBC reports that the FTX exchange founder is expected to remain in prison until his criminal trial on Oct. 2 unless an appeal is granted. Prosecutors hope to imprison SBF in Putnam, New York, “where he will have access to a laptop with Internet access to prepare his defense.”

    Internet access for inmates is restricted at the Brooklyn Metropolitan Detention Center, which is near the courthouse.

    SBF vs Ellison: Lover Gamblers Turn Against Each Other

    Sam Bankman-Fried was arrested in the Bahamas last year on charges of fraud and market manipulation. He was then extradited to the United States, where he remains in custody. house arrest Since then, he has been at his parents’ home in Palo Alto, California.

    The $250 million bail offered by the SBF included severe restrictions on internet and phone use. But two weeks ago, prosecutors alleged he violated those rules, telling the New York Times: private writing From Caroline Ellison, a key witness in his case.

    The daughter of a Massachusetts Institute of Technology (MIT) economics professor and a quiet polymath, Ellison is the ex-girlfriend of SBF and former CEO of FTX’s sister company, Alameda Research. . Prosecutors have argued that SBF is trying to discredit Ellison and that she could influence jurors who may be called to Ellison’s trial in October.

    In December 2022, Ellison pleaded guilty to federal criminal charges. She agreed to cooperate with the prosecution in the case against Bankman-Fried in exchange for a commutation of her maximum sentence of 110 years in prison.

    SBF’s attorneys argue that he should not be punished for defending his reputation against some of the negative news that has been reported about him. The former FTX president has the right to speak to the press, they say.

    According to the defendant’s attorneys, prosecutors sought to imprison Bankman-Fried using evidence made up of “innuendo, speculation and scant facts.”

    Judge Kaplan had previously issued a stern warning to Bankman-Fried about speaking to the media. He told the SBF that he could not speak to the press about his case and that future violations of the rules could result in his bail being revoked.

    An article about FTX founder Sam Bankman-Fried being imprisoned for witness tampering first appeared on Metanews.


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