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FTX’s Sam Bankman-Fried imprisoned, bail revoked by judge.

NEW YORK, NEW ⁣YORK ⁤– AUGUST 11: Former FTX CEO Sam ‍Bankman-Fried arrives for a bail hearing at Manhattan Federal ‌Court on August 11, 2023 in New York City. Federal prosecutors are asking ​U.S. District Court Judge Lewis Kaplan to⁢ revoke Bankman-Fried’s bail and to be jailed ‍until his October criminal trial.⁢ (Photo by Michael⁤ M. Santiago/Getty Images)

OAN’s Noah Herring
4:00 PM – Friday,​ August 11, 2023

A⁣ United ‌States judge has revoked Sam Bankman-Fried’s bail on ⁤Friday after finding that the ​indicted founder ‍of bankrupt cryptocurrency ⁤exchange, FTX, tampered with witnesses.

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U.S. District Judge Lewis Kaplan announced the decision at a ⁣hearing ⁣in federal court ⁣in Manhattan, less than​ two months ⁣before he‌ is scheduled to appear in court‍ for his October fraud trial.

In the hearing, ​prosecutors accused the 31-year-old ⁤of leaking private diary‌ entries of his ex-girlfriend Caroline Ellison, to The New ‍York⁣ Times.

Kaplan decided that⁣ the⁣ FTX CEO tried to intimidate ⁣witnesses⁣ and taint the jury⁢ pool,​ ordering ⁢him detained.

“There is probable cause⁣ to believe that the defendant has attempted to ‌tamper with witnesses at least twice,” Kaplan said at the hearing according to media reports.

According to SBF’s‌ lawyers, ⁢they intend to appeal the decision.

Ellison‍ was the ​former head of Alameda Research,‌ a hedge fund‍ that SBF⁤ co-founded. ⁣After pleading guilty to fraud charges, ‍Ellison‌ was likely to⁢ testify ​against Bankman-Fried in court.

Bankman-Fried, who is widely known ⁢as SBF, was awaiting a trial set to begin ⁣on ⁤October 2nd after being charged by the government for conducting one of the largest financial frauds ​in history. ​If convicted, SBF will be facing life in prison.

The former FTX CEO had ⁢been living​ under house arrest at‍ his parent’s house in Palo Alto, California, after posting a massive‍ $250 million bond.

The decision could provide complications for the disgraced crypto⁣ mogul as he⁢ prepares for the trial where ⁢SBF ⁢faces charges for⁣ stealing⁤ billions of dollars in FTX customer funds to​ plug losses at ⁤his Alameda‌ Research ‌hedge fund.

The ⁤alleged leak of Ellison’s diary was the final ‍straw for prosecutors. They argued‌ that by leaking‍ the documents the defendant hoped to‍ “portray a key cooperator testifying against‌ him in a poor inculpatory⁢ light.”

It ⁢was an attempt, they said, to⁤ “intimidate and​ corruptly persuade Ellison with ⁢respect to her upcoming trial testimony, as well as an effort ⁢to influence or prevent the testimony of other potential trial ⁣witnesses by creating the specter that their⁣ most intimate business⁤ is at risk ⁢of ‍being reported​ in the ‌press.”

Prosecutors argued that the leak to​ the⁢ Times was the latest in a⁤ string⁤ of examples where ⁤SBF violated the terms of his‌ bail agreement which includes talking to ⁣other media. They also claimed that SBF was ‌involved in more ‌than​ 1,000 phone calls with journalists, including 500 with Michael Lewis, who is writing a book about Bankman-Fried.

SBF’s attorneys unsuccessfully argued against​ his ⁤detention on First Amendment Grounds and⁣ in separate filings, the Reporters Committee for​ Freedom of⁤ the Press‌ and The New York⁤ Times argued that⁣ the decision to jail the defendant could⁤ cause⁢ a negative effect on free⁢ speech.

SBF’s lawyers also argued that it would be hard to defend their client against the government as they⁣ would need to ⁣discuss ​a large amount of material with their client.

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