Former FTX CEO Sam Bankman-Fried will remain in custody until mid-November for his upcoming trial after District Judge Lewis Kaplan denied his request for temporary release to prepare for the proceedings. The trial, scheduled from October 4th to November 9th, follows the judge’s refusal to grant temporary release during a hearing on September 28th.
Bankman-Fried’s legal team had sought his temporary release, but Judge Kaplan expressed concerns about the potential for him to flee if the trial did not favor him. The judge cited Bankman-Fried’s young age and the possibility of a lengthy prison sentence if convicted as reasons for denying temporary release.
Despite the denial of temporary release, Judge Kaplan granted several concessions. Notably, Bankman-Fried will be allowed to wear business attire throughout the trial. This decision followed a request from his legal team, with the judge instructing the United States Marshals Service and the Metropolitan Detention Center in Brooklyn to make necessary arrangements. Bankman-Fried will have access to a wardrobe that includes suits, dress shirts, ties, belts, socks, shoes, and appropriate undergarments for the trial’s duration.
Bankman-Fried’s trial, commencing with jury selection on October 3rd, will address seven fraud charges against him. Among these charges, two are substantive, requiring the prosecution to prove his guilt. The remaining five are conspiracy charges, where the prosecution must demonstrate Bankman-Fried’s intent to commit the crimes. The trial, spanning 15 full days in October and six in November, is expected to be a significant and protracted legal battle.
Bankman-Fried, who has pleaded not guilty to all counts, faces a potential maximum prison sentence of 110 years if convicted.