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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/ftxs-sam-bankman-fried-denied-temporary-release-amid-fraud-trial-what-next/">FTX’s Sam Bankman-Fried Denied Temporary Release Amid Trial</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a recent turn of events, United States District <a href="https://coinpedia.org/news/blockfi-commits-to-customer-repayment-as-judge-kaplan-extends-support/">Judge Lewis A. Kaplan</a> has rejected Sam Bankman-Fried’s request for temporary release during his trial. <a href="https://coinpedia.org/news/sam-bankman-fried-pleads-for-temporary-release/">Bankman-Fried</a>, the 31-year-old former billionaire, is currently facing charges related to the alleged cryptocurrency investor fraud stemming from FTX’s collapse in November 2022.</p> 
<h2 class="wp-block-heading" id="h-temporary-release-denied">Temporary Release Denied </h2> 
<p>As per Reuters reports, during a recent hearing, Judge Kaplan dismissed a plea from Bankman-Fried’s legal team seeking temporary bail to aid in his defense. Despite Bankman-Fried’s plea of not guilty to seven counts of fraud and conspiracy, Judge Kaplan expressed reservations about the seriousness of the charges and deemed him a potential flight risk.</p> 
<h2 class="wp-block-heading" id="strong-lengthy-sentence-ahead-strong"><strong>Lengthy Sentence Ahead</strong></h2> 
<p>If convicted, Bankman-Fried could potentially face a maximum prison sentence of up to 110 years, although the actual verdict will be determined by Judge Kaplan, taking various factors into account. Prosecutors strongly opposed Bankman-Fried’s request for temporary release, pointing out that he had already been on bail for seven and a half months, residing in Palo Alto, California, which afforded ample time for trial preparations.</p> 
<blockquote class="wp-block-quote"> 
 <p>Judge Kaplan said, <em>“Your client, in the event of conviction, could be looking at a very long sentence. If things look bleak, maybe the time would come when he would seek to flee.”</em></p> 
</blockquote> 
<p>Also Read: <a href="https://coinpedia.org/news/ftx-founder-sam-bankman-fried-faces-110-year-sentence-heres-the-21-day-legal-saga/">FTX ‘Fraudster’ Bankman-Fried Faces 110-Year Prison Sentence: Here’s the 21-Day Saga</a></p> 
<h2 class="wp-block-heading" id="judge-kaplan-refuses-to-budge">Judge Kaplan Refuses to Budge</h2> 
<p>Defense attorney Mark Cohen, representing Bankman-Fried, argued that there was no compelling reason to deny his client temporary release, asserting that he had never demonstrated any indication of being a flight risk. However, Judge Kaplan remained steadfast in his decision.</p> 
<p>The decision to keep Bankman-Fried in custody was made on August 11, following allegations that he had tampered with witnesses on at least two occasions. This included sharing confidential writings of former Alameda chief executive officer Caroline Ellison with a reporter from The New York Times.</p> 
<p>Read More: <a href="https://coinpedia.org/news/from-fame-to-prison-bbc-to-release-sbf-inspired-documentary-downfall-of-the-crypto-king/">BBC To Release Documentary Exploring the Rise and Fall of FTX’s Sam Bankman-Fried</a></p> 
<p><strong>What do you think of Judge Kaplan’s decision?</strong></p>

FTX’s Sam Bankman-Fried Denied Temporary Release Amid Trial

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