Former FTX CEO Sam Bankman-Fried will reportedly await trial in jail in October after a federal judge revoked his bail on Friday.
CNN reports that U.S. marshals handcuffed the former crypto-billionaire and escorted him out of the courtroom on orders from District Judge Lewis Kaplan to temporarily return him to the Metropolitan Detention Center in Brooklyn.
Bankman-Fried is accused of masterminding a multi-billion dollar fraud scheme, which involved allegedly lying to customers and mixing up the money they deposited in FTX.
The $250 million bail allowed him to stay at his parents’ house in Palo Alto, California, after his December arrest, but federal prosecutors tried to revoke the bail and take him into custody.
In a letter to Kaplan asking for bail to be withdrawn, the prosecution says the FTX founder is unlikely to abide by the terms of his provisional release, highlighting Bankman-Fried’s efforts to tampering with witnesses and obstruct investigations.
“The defendant’s attempts to tamper with witnesses and interfere with the government’s and the public’s right to due process and due process of law, and his pattern of circumventing his bail conditions in that pursuit, demonstrate that no set of terms of provisional release can sufficiently ensure the safety of the community and that it is unlikely that the defendant will fully comply with the terms of release.”
The request comes after Bankman-Fried de New York Times the personal writings of his former associate, Caroline Ellison, who will testify against him. At the hearing on Friday, Kaplan said the act would only be committed to “hurt, discredit and frighten the subject matter of the material.”
Bankman-Fried’s lawyers filed an appeal after the order was announced.
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