Home Cryptocurrency News Sam Bankman-Fried, U.S. prosecutors close to new bail settlement – Reuters

Sam Bankman-Fried, U.S. prosecutors close to new bail settlement – Reuters

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NEW YORK, March 17 (Reuters) – Attorneys for Sam Bankman-Fried are nearing an settlement with U.S. prosecutors on revised bail circumstances for the indicted FTX cryptocurrency change founder, who’s attempting to persuade a skeptical decide he ought to stay free.

In a letter filed on Friday evening in Manhattan federal court docket, Bankman-Fried’s lawyer Christian Everdell mentioned either side believed they had been “near a decision”, and count on to formally suggest new restrictions by subsequent week.

Bankman-Fried, 31, faces a trial set for Oct. 2 on expenses of stealing billions of {dollars} in FTX buyer funds to plug losses at his Alameda Analysis hedge fund, and making giant unlawful political donations to purchase affect in Washington, D.C.

Bail talks occurred this week after U.S. District Decide Lewis Kaplan at a March 10 listening to renewed his considerations that Bankman-Fried’s digital communications with others would possibly exceed the bounds of his $250 million bail package deal.

Kaplan’s approval is required to switch Bankman-Fried’s bail.

The previous billionaire has pleaded not responsible to eight counts, and never but been arraigned on 4. He’s dwelling below home arrest along with his dad and mom in Palo Alto, California.

Prosecutors raised the specter of witness tampering in January after Bankman-Fried tried to contact John Ray, who turned FTX’s chief govt when the corporate filed for chapter in November, and an in-house lawyer.

Bankman-Fried’s legal professionals have mentioned their shopper was attempting to assist, not intervene.

On the March 10 hearing, prosecutors and protection legal professionals proposed giving Bankman-Fried a flip telephone with no web functionality and a primary laptop computer with restricted capabilities.

That was too beneficiant for Kaplan, who mentioned Bankman-Fried was “creative” and will conceivably “discover a method round” the restrictions with out being caught.

In Friday’s letter, Everdell additionally sought the decide’s permission to let Bankman-Fried within the meantime use a laptop computer to entry some FTX supplies.

Although the laptop computer would lack monitoring software program or limit Bankman-Fried’s web entry, a lawyer or paralegal would oversee his use and take the laptop computer away when Bankman-Fried completed with it, Everdell mentioned.

The case is U.S. v. Bankman-Fried, U.S. District Court docket, Southern District of New York, No. 22-cr-00673.

Reporting by Jonathan Stempel in New York; Enhancing by Sonali Paul

Our Requirements: The Thomson Reuters Trust Principles.

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