By Tom Blitzer
Key Insights:
- Court denies Sam Bankman-Fried’s weekday bail request, approves restricted meeting with lawyers.
- Prosecutors’ concessions were criticized as inadequate; SBF allowed limited time to review evidence.
- Jury to consider seven fraud-related charges against SBF.
Sam Bankman-Fried (SBF), the beleaguered founder of FTX, has been granted a restricted meeting with his lawyers by US District Judge Kaplan. The decision comes in response to a request by SBF’s legal team for their client to be jailed only on weekends, allowing him to work on his defense during weekdays. However, the court’s order falls significantly short of the initial request.
A Constrained Meeting with Legal Counsel
On August 22, Judge Kaplan allowed SBF to convene with his legal team, albeit under strict conditions. The consultation is in the “Marshal’s designated attorney area” from 8:30 a.m. to 3 p.m. Throughout this session, the court has granted SBF and his attorney internet access, permitting a solitary web-enabled laptop and a Wifi device.
Notably, the order explicitly denies other requests made by SBF’s lawyers. This implies that the court considered the weekly bail request but found it lacking merit. The discrepancy between the initial request for weekday bail and the one-time bail granted by Judge Kaplan is likely to leave SBF and his legal team disappointed.
Prosecutors’ Concessions Deemed Insufficient
SBF’s lawyers had previously criticized the concessions made by prosecutors as “entirely inadequate.” Prosecutors had reportedly agreed to allow SBF two days a week to review the evidence against him and prepare for his trial, set for October 2. They had also arranged for SBF to use computers at the Brooklyn Metropolitan Detention Center (MDC) to examine electronic evidence.
Jury Instructions Outlined by Prosecutors
In a separate filing on August 21, US prosecutors detailed their requests for instructions to be given to the jury. The instructions encompass matters such as the burden of proof, rulings on evidence and objections, the credibility of witnesses, and the verdict of guilt or innocence.
The filing specifies that SBF is facing an indictment, which should be understood as an allegation rather than concrete evidence. SBF is charged with seven separate fraud-related offenses. The prosecution has asked the jury to evaluate each count individually and deliver a distinct verdict of guilt or innocence for each. The jury’s responsibility is to assess whether the prosecution has satisfactorily fulfilled the burden of proof for each specific charge. A consensus verdict, either of guilt or innocence, is anticipated.
In conclusion, the court has granted SBF limited access to his legal counsel but denied his weekday bail request. The upcoming trial, slated for October 2, will see the jury deliberate on seven fraud-related charges against the FTX founder. The trial outcome will depend on the prosecution’s ability to satisfy the burden of proof for each charge.