Attorneys representing former FTX CEO, Sam Bankman-Fried (SBF), have criticized the authorities’ efforts, stating that the accommodations provided were inadequate for his October criminal trial preparation.
In a filing made on August 25 to the United States District Court for the Southern District of New York, SBF’s legal team expressed dissatisfaction with the prosecutors’ proposed plan, which allowed SBF access to discovery materials before the trial.
They argued that the U.S. Justice Department handed over approximately four million pages of discovery materials on August 24, leaving SBF with a substantial amount of documents and data to review before his trial.
The filing declared that only temporary release could sufficiently address these challenges and protect Bankman-Fried’s right to actively engage in his defense.
The document highlighted that prior to his bail being revoked, SBF dedicated 80-100 hours weekly to scrutinizing the extensive discovery materials and generating detailed analyses that he continuously updated and shared with his lawyers.
Following his extradition from the Bahamas and his arraignment in the U.S. in December 2022, Bankman-Fried had been out on a $250 million bond for about eight months.
However, after allegations of witness intimidation emerged involving former Alameda Research CEO Caroline Ellison, a federal judge revoked his bail.
Consequently, since August 11, approximately two months ahead of his first criminal trial, SBF has been held at the Metropolitan Detention Center in Brooklyn.
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Since the revocation of his bail, SBF’s legal team has been advocating for more lenient restrictions, aiming to secure time outside of jail for trial preparation.
In response, a judge granted him around seven hours in the New York courthouse cell block attorney room on August 22.
Additionally, an order was issued permitting SBF access to the same space along with one laptop and a wifi-enabled device, provided a 48-hour notice was given by his attorneys.
SBF’s legal representatives stressed that he requires constant access to an internet-connected computer to review discovery documents, research contextual information online, draft and revise analytical work related to the materials, and share these documents and analyses with his legal team.
They contended that the government’s current plan fell significantly short of these requirements.
SBF’s first trial, set for October 3, will involve seven charges linked to fraudulent activities concerning user funds at FTX and Alameda Research.
His second trial, scheduled for March 2024, will encompass five additional criminal charges.
Court documents revealed that Bankman-Fried’s defense may involve claiming that his actions were carried out “in good faith” based on advice from Fenwick & West lawyers and FTX’s in-house counsel.
These alleged illegal actions included directing the automatic deletion of certain communications between FTX and Alameda employees.
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