One of the most prolific tech moguls now, Sam Bankman-Fried, is going to jail amidst his impending court battles, after having his bail revoked by the Federal District Court judge. This was after various reports about the actions of the tarnished former CEO of FTX against witnesses, reportedly harassing them to turn towards his advantage.
Now, his initial privileges of serving his time on house arrest while going on with the proceedings were taken away, with Bankman-Fried to spend time behind bars amidst his trials.
SBF is Going to Jail, No More House Arrest
(Photo : Michael M. Santiago/Getty Images)
According to the New York Times report, Sam Bankman-Fried had his bail privileges revoked by the Federal District Court of New York under Judge Lewis A. Kaplan. Because of this, Bankman-Fried gets to spend all his time preparing for his defense in court behind bars, with the 13 criminal charges currently under proceedings.
It is known that Bankman-Fried's team has tried to appeal some of the cases by filing a motion to dismiss, but was also dismissed by the courts.
Additionally, the Bankman-Fried camp also tried to appeal this incarceration but was also denied by Judge Kaplan says another report.
Read Also: FTX Bankman-Fried Denies Leaking Documents to Press Regarding Ex-Girlfriend
Sam Bankman-Fried Harasses Witnesses
According to Reuters, Sam Bankman-Fried is reportedly harassing witnesses that go testify about the different proceedings of his case.
It already happened twice said the report, with the initial one being a former FTX associate and ex-girlfriend, Caroline Ellison, where SBF also threatened to release private writings meant to intimidate her.
On the other hand, the court discovered that SBF tampered with witnesses on two occasions.
Bankman-Fried is also actively seeking out the media to talk with them and share his side but was given a gag order to block all communications with the press, as per the courts.
Sam Bankman-Fried's Court Battles
For the past months of Bankman-Fried defending himself against allegations and charges, the former CEO has been staying out in his parents' home waiting for the proceedings to end. However, he was issued a court order and a strict no-internet policy after reports of insider trading allegations, with only his flip phone to use for communication.
The FTX founder has pleaded not guilty to various charges that were brought by the court in the plea hearings, including those that were only added later on.
Moreover, two signatories from Stanford have signed on Bankman-Fried's bail, which is known to be a whopping $250 million that needs to be paid should he run away.
For all the time since his arrest in the Bahamas in late December, until the most recent time when the courts are reviewing the massive charges and documents, Bankman-Fried has stayed at home. After the reports of his inexcusable behavior, it was decided that house arrest is not the right one for him, but incarceration behind steel bars.
Related Article: FTX CEO Sam Bankman-Fried's Bail in Jeopardy Amid Harassment Allegations
