Judge Worried About Bankman-Fried’s Bail Conditions Are Too Light

Key Points:

• Judge Lewis Kaplan expressed worry about Bankman-continued Fried’s access to technology and communication equipment.
• The judge voiced alarm about the plan, implying that Bankman-Fried was “inventive” and may discover methods to circumvent the limits and connect with others online in secret.

According to a Friday Reuters article, a federal court does not believe suggested amendments to Sam Bankman-Fried’s bail terms would be sufficient to manage the disgraced FTX founder’s problematic internet activity while awaiting trial.

The United States District Court for the Southern District of New York’s Lewis Kaplan suggested that Bankman-Fried be barred from using cellphones, tablets, laptops, and any video gaming platforms or devices that enable chat and voice contact.

According to the proposal, Bankman-Fried’s communication should be confined to a flip phone or other non-smartphone with no internet or internet capabilities deactivated.

Bankman-Fried is battling to avoid prison until his Oct. 2 fraud trial, with Kaplan concerned that the former millionaire was pushing the boundaries of his $250 million bail package.

At today’s hearing, Kaplan described Bankman-Fried as “inventive.” The court then refused a motion for bail condition adjustments made the week before by both Bankman-defense Fried’s team and the prosecution.

“He could find a way around it and conceivably not get caught,” the judge remarked.

Bankman-Fried has been accused of stealing billions of dollars in FTX client money to fill losses at his hedge firm Alameda Research, as well as committing tens of millions of dollars in illicit political payments to purchase influence in Washington, D.C.

Prosecutors filed further fraud and conspiracy accusations against Bankman-Fried late last month in connection with the November collapse of his now-bankrupt exchange, bringing his total number of counts to 12. These are related to his participation in the collapse of the cryptocurrency exchange FTX and suspected criminal activities using client and business money when he was CEO of FTX.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

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Harold

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