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Judge revokes FTX founder Sam Banksman-Fried’s bail

By Jessica Goodman, Cox Media Group National Content Desk

Sam Bankman-Fried NEW YORK, NEW YORK - AUGUST 11: Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City. Federal prosecutors are asking U.S. District Court Judge Lewis Kaplan to revoke Bankman-Fried's bail and to be jailed until his October criminal trial. Bankman-Fried who has pleaded not guilty to multiple conspiracy and fraud charges was accused of witness tampering after the New York Times published a story featuring personal documents of Caroline Ellison, former Alameda Research CEO. Judge Kaplan will also hear arguments on the gag order placed on Bankman-Fried that was placed as part of his bail agreement for the alleged witness tampering. (Photo by Michael M. Santiago/Getty Images) (Michael M. Santiago/Getty Images)

By Jessica Goodman, Cox Media Group National Content Desk

FTX founder Sam Bankman-Fried was ordered to jail Friday after a federal judge in New York revoked his bail.

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Bankman-Friend, 31, is facing allegations he swindled investors and misappropriated billions of dollars worth of customer deposits in the collapsed cryptocurrency fund, according to The New York Times. He has been under house arrest at his parents’ house in Palo Alto, California, since his December arrest on fraud charges, and is scheduled to go to trial in October.

Prosecutors allege that Bankman-Fried gave documents about a witness to the media.

FTX founder Sam Bankman-Fried to be released on $250 million bond

Last month, The New York Times detailed the private writings of Caroline Ellison, who was an executive in Bankman-Fried’s company, and also dated Bankman-Fried. Ellison pleaded not guilty to fraud charges and agreed to cooperate with the investigation.

Prosecutors claim that Bankman-Fried provided the documents to the Times in order to intimidate Ellison ahead of his trial. They also allege in court filings that Bankman-Fried has had conversations with other journalists and author Michael Lewis, who is writing a book about FTX, according to the Times.

District Court Judge Lewis A. Kaplan said there was probable cause to believe he had tried to tamper with witnesses at least twice, according to CNN. The judge said a gag order would not be sufficient in this instance.

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