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Sam Bankman-Fried Sent to Jail After Judge Revokes Bail [1]

['David Yaffe-Bellany', 'Matthew Goldstein', 'More About David Yaffe-Bellany', 'More About Matthew Goldstein']

Date: 2023-08-11

One of Mr. Bankman-Fried’s lawyers, Mark Cohen, said in court that he intended to appeal. Judge Kaplan said he wouldn’t wait for the outcome of that effort before sending Mr. Bankman-Fried to jail.

The courtroom scene was the latest humiliating blow to Mr. Bankman-Fried since his cryptocurrency company fell apart in one of the most stunning corporate crashes in recent history. FTX rode the highs of the virtual currency market to become one of the industry’s leading companies before filing for bankruptcy after a run on deposits last fall. Over a few weeks, Mr. Bankman-Fried went from being an industry titan courted by politicians and celebrities to a criminal defendant facing decades in prison.

Now he will have to prepare for his trial, scheduled to begin Oct. 2, from a jail cell.

The court dispute over his bail focused on a New York Times article, published last month, that described private writings by Caroline Ellison, an executive in Mr. Bankman-Fried’s business empire who had also dated him. Ms. Ellison has pleaded guilty to fraud charges and agreed to cooperate with the prosecutors investigating Mr. Bankman-Fried.

In court filings, prosecutors said Mr. Bankman-Fried had given the documents to The Times to intimidate Ms. Ellison by casting her in a negative light before his trial. They also noted Mr. Bankman-Fried’s numerous conversations with others in the media, including the author Michael Lewis, who is writing a book about FTX that is set for publication the week the trial begins.

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[1] Url: https://www.nytimes.com/2023/08/11/technology/sam-bankman-fried-jail.html#:~:text=Sam%20Bankman%2DFried%2C%20the%20founder%20of%20the%20collapsed%20cryptocurrency%20exchange,in%20less%20than%20two%20months.

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