Former FTX CEO Sam Bankman-Fried heads to jail as judge revokes bail

By Sarah Lizee

Olympia, Wash., Aug. 11 – FTX Trading Ltd.’s founder and former chief executive offer Sam Bankman-Fried was arrested Friday after district judge Lewis A. Kaplan revoked his bail, according to an order filed with the U.S. District Court for the Southern District of New York.

Kaplan said the court has found that there is probable cause to believe that Bankman-Fried committed the federal crime of attempted witness tampering while on release.

“There is no condition or combination of conditions of release that will assure that the defendant will not pose a danger to other persons or the safety of the community,” Kaplan’s order said.

In December, Bankman-Fried was arrested by the Royal Bahamas Police Force and was held in custody there until his extradition to the United States later that month.

The court docket shows 13 pending counts against Bankman-Fried. The charges allege that Bankman-Fried defrauded customers and lenders of debtors FTX and Alameda, as well as a conspiracy to defraud the United States government, among others.

A criminal trial is set to begin on Oct. 2.

FTX has headquarters in the Bahamas and filed Chapter 11 bankruptcy on Nov. 11, 2022 under case number 22-11068.

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