Sam Bankman-Fried will be held in jail for the duration of his trial, a federal judge has ruled, saying that the former FTX founder has had enough time to review material in preparation for the trial. Bankman-Fried will be available for his attorneys at 7:00 a.m. Tuesday, Judge Lewis Kaplan said. ET every trial day with a caveat so they can discuss any issues before testimony begins.
Bankman-Fried's attorneys have lost two bids to have their client released from prison ahead of trial. They still tried again this week, arguing that they would have no opportunities to confer with the former FTX CEO after the end of a trial day. Bankman-Fried also offered a strict set of limitations that would be agreed to, including around-the-clock supervision and zero access to computers, phones or other electronics.
Prosecutors pushed back in a filing yesterday, saying that Bankman-Fried and his lawyers had not met the burden of proof showing a temporary release was 'necessary'. Moreover, they say the proposed plan to have a guard watching over Bankman-Fried may not meet the legal requirements for a temporary release.
Cohen, the lead lawyer for Bankman-Fried, said that he would have almost no time with the former FTX CEO to speak with him before the trial, and that now 'is the appropriate time' to ask for a release.
lawyers for Bankman-Fried and the government were all smiles before Thursday's hearing began, chatting amicably with one another as they waited for Judge Kaplan to enter a courtroom on the 21st floor of the Southern District of New York courthouse in New York's Financial District. Bankman-Fried, meanwhile, sat out from behind bars at Brooklyn's Metropolitan Detention Center, which his lawyers have previously deplored for its dietary standards and poor conditions.
Cohen walked up to a lectern following brief introductory remarks from Kaplan and argued that his client should be released from prison for the duration of his trial. It didn't take long for Kaplan to make clear that he wasn't convinced things were so different this time around.
Assistant U.S. Attorney Danielle Kudla, in her remarks to Kaplan, said Bankman-Fried has had 'ample opportunity to prepare for trial'. Bankman-Fried's bail wasn't revoked until July - meaning he had more than seven months to review evidence from the comfort of his home in Palo Alto, California.
Although Kaplan ultimately denied the request for release from prison, he said he was 'committed to a fair trial' and did make some accommodations for the disgraced crypto founder. Kaplan said he would order his attorneys to produce Bankman-Fried by 7 a.m. on days containing or following witness testimony.