US Judge Lewis Kaplan allowed the former CEO of FTX – Sam Bankman-Fried (SBF), to meet with his lawyers and thus prepare his defense for the October trial
However, the meeting can only proceed between 8.30 am and 3 pm on August 22, with all other previous requests being denied.
As stated in Kaplan’s order, SBF will be able to talk to his counsel in the Marshal’s cell block attorney room. He is allowed to bring one Internet-enabled laptop and a Wi-Fi device. The judge also dismissed all other requests that the fallen crypto tycoon had displayed over the past few weeks.
“The balance of the request for August 22 is denied,” the document reads.
Spending a few hours outside his prison cell is not exactly what SBF insisted on. His lawyers urgedJudge Kaplan to grant freedom for their client during weekdays, claiming that the jail conditions are too restrictive and would not allow him to properly prepare for the upcoming trial on October 2.
Despite being accused as the main culprit behind the FTX meltdown, the US magistrates let Bankman-Fried spend several months at his parents’ house under a whopping $250 million bond.
However, the following leak of Caroline Ellison’s (former CEO of FTX’s sister company Alameda Research) private diary became a reason for the authorities to send SBF behind bars. The US Department of Justice was the main agency that insisted on prison time,arguingthat Bankman-Fried’s actions could have intimidated the woman who is expected to testify against him in less than two months
SBF spent nearly eight months at his parents’ $4 million home in Palo Alto, California, leaving many to wonder why a suspect of massive crypto fraud is allowed to live in luxury
In a sudden twist of events, though, the US authorities sent him to jail on August 12 over witness tampering allegations. It is worth mentioning that he will spend the days until his trial in one of the worst prisons in New York City –MDC Brooklyn.
The facility has a capacity of 1,000 inmates but is currently packed with over 1,600 people. The horrific living conditions include overflowing toilets, corruption rumors, contaminated water and food, and violence
If found guilty on all fraud charges later this year, SBF could receive a prison sentence of up to 115 years. It remains unknown whether he will remain in MDC Brooklyn after hearing such a potential punishment.
