In a familiar refrain, Sam Bankman-Fried has been <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.296.0.pdf">denied</a> release on bail ahead of his criminal trial scheduled to begin next week. 
Judge Lewis Kaplan explained that the former CEO may face a “very long sentence” if convicted at his fraud trial set to commence next week. 
<a href="https://www.reuters.com/legal/bankman-fried-loses-bid-release-jail-during-trial-2023-09-28/">Reuters</a> quoted Judge Kaplan as saying: 
<blockquote>
 “Your client, in the event of conviction, could be looking at a very long sentence. If things begin to look bleak … maybe the time would come when he would seek to flee.”
</blockquote> 
The report further details that U.S. District Judge Lewis Kaplan denied Bankman-Fried’s request for temporary release during the trial, citing the defendant’s potential flight risk. 
Bankman-Fried, who’s been indicted on seven counts of fraud and conspiracy stemming from <a href="https://cryptoslate.com/companies/ftx/">FTX’s</a> collapse in November 2022, is currently <a href="https://cryptoslate.com/sam-bankman-fried-detained-at-notorious-new-york-correctional-facility/">detained</a> at the famed Metropolitan Detention Center (MDC) in Brooklyn, infamous for its poor conditions. the facility has been the holding ground for several high-profile inmates and has been criticized for its staffing shortages, power outages, and poor sanitation. 
Bankman-Fried’s legal team had argued for his temporary release before the trial, insisting that the current detention conditions hinder their ability to efficiently prepare for the upcoming proceedings. 
Judge Kaplan&nbsp; expressed sympathy for the defense’s concerns but insisted on arranging for Bankman-Fried to arrive at court at 7 a.m. on most trial days to discuss matters with his legal team before the proceedings commence. 
The coming trial, set to start on October 3 and could last up to six weeks, will focus primarily on the charges related to fraud and money laundering. 
<h2 id="immune-witnesses">Immune witnesses</h2> 
Prosecutors also requested immunity from prosecution for two additional witnesses in exchange for their testimony against Bankman-Fried. The identity of these witnesses, however, remains undisclosed. Several of Bankman-Fried’s former associates, including <a href="https://cryptoslate.com/people/caroline-ellison/">Caroline Ellison</a> and<a href="https://cryptoslate.com/people/ryan-salame/"> Ryan Salame</a>, have already pleaded guilty to other charges connected to the collapse of FTX and its sister firm, <a href="https://cryptoslate.com/companies/alameda-research/">Alameda Research</a>. 
The post <a rel="nofollow" href="https://cryptoslate.com/court-denies-sam-bankman-frieds-motion-for-pre-trial-release-yet-again/">Court denies Sam Bankman-Fried’s motion for pre-trial release yet again</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Court denies Sam Bankman-Fried’s motion for pre-trial release yet again

Table of Contents

CryptoSlate

Other articles published on Sep 28, 2023

Radix Babylon upgrade enters new age for Web3 user and developer experience

Hypothekarbank Lenzburg joins SIX Group's digital asset ecosystem

Cardano Spot and Minswap Labs Team Up to Promote Stablecoins

Shiba Inu Eyes Transfer of Billions of SHIB by Mixin Amid $200 Million Hack

Bitcoin shows resilience amid DXY surge, defying traditional financial indicators

Sources say Winklevoss twins withdrew $280M from Genesis before it collapsed

Join our free newsletter for daily crypto updates!