Former FTX CEO Sam Bankman-Fried, also known as SBF, faced a setback in his legal battle as he lost his initial appeal for bail before his criminal trial.
This development occurred following a September 6th filing in the United States Court of Appeals for the Second Circuit.
The Court’s Clerk, Catherine O’Hagan Wolfe, revealed that a circuit judge had rejected a motion from SBF’s legal team, who sought his immediate release from the Metropolitan Detention Center in Brooklyn.
The basis for their request was the assertion that the current conditions, designed to facilitate SBF’s trial preparations, were inadequate, primarily due to limited internet access.
Wolfe indicated that the motion for pretrial release would be referred to the next available three-judge panel.
However, she made it clear that the immediate release request pending the three-judge panel’s decision had been denied.
Prior to this legal setback, Bankman-Fried had been living under bond conditions after his extradition from the Bahamas and arraignment in the United States in December 2022.
He had been granted freedom on a $250 million bond, although his movements were restricted to his parents’ residence in California.
However, on August 11th, a federal judge revoked his bail in response to allegations of witness intimidation directed at former Alameda Research CEO Caroline Ellison, with whom SBF shared both personal and professional ties.
In response to the bail revocation, SBF’s legal team had submitted multiple filings.
These filings sought permission for SBF to spend more time reviewing evidence in the visitor’s room at the Brooklyn jail and in the attorney room at the New York courthouse cell block.
The latter would be allowed with sufficient notice to the court. It’s important to note that Bankman-Fried has approximately four weeks remaining before his scheduled trial on October 3rd.