Sam Bankman-Fried’s Freedom At Risk As Lawyers Ask For Bail Delay

Key Points:

• Attorneys for former FTX CEO Sam Bankman-Fried in federal court have asked for more time to submit a proposal on his bail requirements.
• Judge Lewis Kaplan recommended that he could impose additional constraints on Bankman-$250 Fried’s million bails.
• SBF has spent the majority of his time in his parents’ California house. However, he has made a few court appearances to address issues relating to his bail restrictions

Attorneys for former FTX CEO Sam Bankman-Fried in federal court have asked for more time to submit a proposal on his bail requirements.

Mark Cohen of Cohen & Gressler stated that the legal team wanted until March 3 to submit a proposal for additional bail conditions for Bankman-Fried and find a qualified individual to serve as a technical expert in the case in a filing with the United States District Court for the Southern District of New York on February 24. During a hearing on the former FTX CEO’s use of a VPN on February 16, the attorneys decided to employ an expert.

“The parties have been diligently vetting candidates to serve as the Court’s technical consultant but have not yet identified a suitable candidate,” said the filing. “Similarly, the parties have been engaged in productive discussions about additional bail conditions for Mr. Bankman-Fried but would like more time to complete those discussions.”

Cohen added:

“The Government has no objection to this request. The parties also have no objection to continuing Mr. Bankman-Fried’s current bail conditions for whatever period the Court deems appropriate while these discussions are taking place.”

After information that SBF used a VPN on January 29 and February 12, Judge Lewis Kaplan recommended that he could impose additional constraints on Bankman-$250 Fried’s million bail. Even though the former CEO’s counsel said he utilized the technology to watch football games, Bankman-Fried agreed to stop using VPNs until the court could rule on the issue.

After his arraignment in December 2022, SBF has spent the majority of his time in his parents’ California house. However, he has made a few court appearances to address issues relating to his bail restrictions. According to court records, the former FTX CEO made an effort to get in touch with former FTX employees via encrypted messaging apps. Judge Kaplan further suggested that SBF’s bail might be completely revoked.

On February 22, the court issued a superseding indictment against Bankman-Fried that included 12 criminal offenses rather than the 8 that he had been charged with on December 13. The indictment included his alleged illegal political contributions, which included employing straw donors to make contributions worth “tens of millions of dollars,” as well as an accusation of conspiring to commit bank fraud.

Check out our other SBF article for Exposes FTX Collapse.

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