Prominent Democratic Donor Incarcerated, No Bail Prior to Trial
Disgraced Former Crypto Tycoon Sam Bankman-Fried Sentenced to Jail
According to Reuters, disgraced former crypto tycoon Sam Bankman-Fried has been sent to jail after a judge revoked his bail on Friday.
The judge found probable cause that Bankman-Fried tampered with witnesses multiple times, leading to his detention until his October trial, as reported by Reuters. Bankman-Fried’s parents were visibly emotional as the alleged fraudster was escorted away.
Prosecutors had requested Bankman-Fried’s detainment until his October trial due to alleged witness tampering. However, his lawyer argued that this would violate his First Amendment rights in a letter filed on August 1.
BREAKING: FTX’s Sam Bankman-Fried TO BE JAILED | Bail Revoked
SBF is being incarcerated for tampering with at least 2 witnesses.
He will be in jail prior to his October trial, facing a range of fraud and conspiracy charges.
He may have access to a laptop with an internet… pic.twitter.com/1sj8fMm8cO
— Mario Nawfal (@MarioNawfal) August 11, 2023
Bankman-Fried is accused of leaking his former girlfriend and business partner Caroline Ellison’s diary entries to The New York Times, as reported by CNN Business.
The Bahamas extradited Bankman-Fried to the United States after his cryptocurrency exchange FTX collapsed in December, according to the New York Times. Since then, he has been under house arrest at his parents’ California home on a $250 million bond, as reported by NPR.
Bankman-Fried is set to face seven charges during his upcoming trial, including defrauding FTX customers and lenders, according to the Times. Prosecutors allege that he orchestrated a scheme to divert billions of dollars from customers’ FTX deposits for campaign contributions, charitable donations, and real estate acquisitions.
Bankman-Fried’s attorney has not yet responded to the Daily Caller News Foundation’s request for comment.
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