Legal professionals representing former FTX CEO Sam Bankman-Fried in federal court docket have requested an extension to file a proposal associated to his bail situations.
In a Feb. 24 submitting with the US District Courtroom for the Southern District of New York, Mark Cohen of Cohen & Gressler mentioned the authorized staff wished till March 3 to file a proposal for added bail situations for Bankman-Fried and discover a appropriate candidate to behave as a technical skilled within the case. The attorneys agreed to rent an skilled following a Feb. 16 listening to discussing the previous FTX CEO’s use of a digital personal community, or VPN.
“The events have been diligently vetting candidates to function the Courtroom’s technical marketing consultant however haven’t but recognized an acceptable candidate,” mentioned the submitting. “Equally, the events have been engaged in productive discussions about further bail situations for Mr. Bankman-Fried however would love extra time to finish these discussions.”
Cohen added:
“The Authorities has no objection to this request. The events additionally don’t have any objection to persevering with Mr. Bankman-Fried’s present bail situations for no matter interval the Courtroom deems applicable whereas these discussions are happening.“
Decide Lewis Kaplan advised that he might add further restrictions to Bankman-Fried’s $250 million bail situations following a report SBF used a VPN on Jan. 29 and Feb. 12. Legal professionals representing the previous CEO claimed he used the know-how to observe soccer video games however nonetheless agreed to have Bankman-Fried cease utilizing VPNs till the court docket might determine on the matter.
SBF has largely been confined to his mother or father’s California dwelling since being arraigned in December 2022, however has been introduced again to court docket a number of occasions to face proceedings associated to his bail situations. Courtroom paperwork acknowledged that the previous FTX CEO tried to contact former FTX workers utilizing encrypted messaging apps. Decide Kaplan has additionally hinted at revoking SBF’s bail fully, probably leaving him in federal custody till his October legal trial.
Associated: Caroline Ellison and Gary Wang plead responsible to fraud fees
The court docket unsealed a superseding indictment towards Bankman-Fried on Feb. 22 containing 12 legal counts, not the eight fees he initially confronted on Dec. 13. The indictment included conspiracy to commit financial institution fraud and particulars on his alleged illegal political contributions — utilizing straw donors to make a contribution totaling “tens of thousands and thousands of {dollars}.”