A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison after prosecutors argued he had violated the conditions of his bail and tampered with witnesses, less than two months before his trial.
The 31-year-old Mr Bankman-Fried has pleaded not guilty to charges of wire fraud and conspiracy to commit money laundering, as well as breaching election finance rules, in connection with the spectacular collapse of his cryptocurrency firm.
US District Judge Lewis Kaplan directed Mr Bankman-Fried back into federal custody citing “probable cause … that the defendant has committed the federal crime of attempted witness tampering”, the ruling said.
Prosecutors argued that Mr Bankman-Fried's activities as a source for The New York Times amounted to witness intimidation, citing an article containing private writings of Caroline Ellison, who formerly worked at Alameda Research.
Ms Ellison, who was romantically involved with Mr Bankman-Fried, is a co-operating witness in the government's case.
Mr Bankman-Fried is due to go on trial in early October.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
Prosecutors allege Mr Bankman-Fried – who had been released on $250 million bail and confined to his parents' California home before Friday's ruling – cheated investors and misused funds that belonged to FTX and Alameda Research clients.
The former FTX chief had appeared on the covers of finance and tech magazines, with Fortune likening him to Warren Buffett, and drew in huge investments from prominent fund managers and venture capitalists.
But it all imploded when a media report said Alameda's balance sheet was heavily built on a token created by FTX with no independent value – and exposed Mr Bankman-Fried's companies as being dangerously interlinked.
Mr Bankman-Fried was arrested at his apartment in the Bahamas on December 12 at the request of federal prosecutors in New York.
A Bahamas permanent resident, he spent nine days in prison, weighing his choices before deciding not to fight extradition to the US.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
The years Ramadan fell in May
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
