FTX Founder Sam Bankman-Fried's Bail Request Rejected Ahead of Trial
A US court has denied Sam Bankman-Fried's request for release on bail before his trial, which is scheduled to begin next month.
On Thursday, an appeals court upheld the decision to keep the disgraced founder of FTX locked up ahead of his trial.
"We reject [Bankman-Fried's] contention that the district court failed to consider a less restrictive alternative to detention," the court ruled.
"The record shows that the district court considered all of the relevant factors, including the Defendant-Appellant's course of conduct over the time that had required the district court to repeatedly tighten the conditions of release."
In late August, Bankman-Fried's lawyers asked for a temporary release from jail in order to work on his defense with his lawyers at the federal courthouse in Manhattan.
They cited poor internet connectivity and limited battery life as significant hindrances to their efforts, emphasizing the need for his release from jail for effective defense preparation.
However, Judge Lewis Kaplan of the Southern District of New York declined to grant the release during a hearing.
The lawyers once again filed a request for pre-trial release on September 5, citing various obstacles created by conditions in the correctional facility.
In response, the US Department of Justice (DOJ) claimed that the disgraced founder of FTX has sufficient access to a laptop computer for his defense.
The prosecutors claimed that the internet speed fluctuated between 7.5 megabits per second (Mbps) and 34 Mbps throughout the day, adding that it is sufficient for most internet-related review activities.
Bankman-Fried's trial is set to commence on October 3rd in a federal courtroom in Manhattan.
He is facing charges of fraud and conspiracy related
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