New York, Friday, September 29- A judge yesterday rejected a request by FTX founder Sam Bankman-Fried to be released from custody during his trial. Bankman-Fried is accused of defrauding cryptocurrency investors, and he faces up to 20 years in prison if convicted. 1
Bankman-Fried’s lawyers had argued that he should be released on bail because he is not a flight risk and does not pose a danger to the community. However, the judge ruled that Bankman-Fried’s wealth and connections make him a flight risk and that his release could pose a danger to the community.
The judge’s ruling is a setback for Bankman-Fried, but it does not mean that he cannot be released on bail at all. Bankman-Fried can still appeal the judge’s decision, and he can also try to get bail at a later date, perhaps closer to the start of his trial.
Bankman-Fried’s trial is scheduled to begin on Tuesday, October 10. It is expected to last several weeks.
- apnews: https://apnews.com/article/bankman-fried-cryptocurrency-bail-trial-774d80852b63e5afa2ae727b64358708[↩]
