FTX founder Sam Bankman-Fried, convicted of fraud, will remain in jail as the U.S. Court of Appeals for the Second Circuit rejects his plea for release during the appeal process.
The court pointed to Bankman-Fried’s past attempts to tamper with witnesses while on pre-trial release as a significant factor in their decision.
The court filing declared:
“We have reviewed the Defendant-Appellant’s additional arguments and find them unpersuasive. Upon due consideration, it is hereby ORDERED that the motion for release pending trial is DENIED. The motion for immediate release pending disposition of this appeal is DENIED as moot.”
SBF Bail Revocation
Despite arguments from his legal team, asserting the District Court failed to consider a less restrictive alternative to detention, the court dismissed this claim.
They noted that the District Court thoroughly evaluated all relevant factors, including Bankman-Fried’s conduct during pre-trial release.
The severity of the situation intensified as Bankman-Fried, formerly the CEO of FTX, received a guilty verdict on 2 November for seven charges linked to fraud and money laundering.
With a sentencing date set for 28 March next year, Sam Bankman-Fried remains behind bars