A US judge on Friday revoked Sam Bankman-Fried’s bail, after finding probable cause that the indicted founder of the bankrupt FTX cryptocurrency exchange tampered with witnesses at least twice.
US District Judge Lewis Kaplan announced the decision at a hearing in federal court in Manhattan, less than two months before the scheduled October fraud trial.
He rejected a defense request to delay Bankman-Fried’s detention pending appeal of the bail revocation.
The decision could complicate Bankman-Fried’s efforts to prepare for trial, where the 31-year-old former billionaire faces charges of having stolen billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund.
Bankman-Fried has pleaded not guilty.
He had a blank expression as he was led out of the courtroom by members of the US Marshals Service in handcuffs after removing his shoelaces, jacket and tie and emptying his pockets.
His parents, both law professors at Stanford University, were present in the courtroom’s audience. His mother, Barbara Fried, nodded to him in tears as he left. His father, Joseph Bankman, placed his hand over his heart as he watched his son be led away.
Bankman-Fried has been largely confined to his parents’ Palo Alto, California, home on $250 million bond since his December 2022 arrest.
Federal prosecutors in Manhattan first made their surprise request to jail Bankman-Fried last month, saying he “crossed a line” by sharing former romantic partner and Alameda Chief Executive Caroline Ellison’s personal writings with a New York Times reporter.
Ellison and two other former members of Bankman-Fried’s inner circle have pleaded guilty to fraud and agreed to cooperate with the US Attorney’s Office in Manhattan. She is expected to testify against him at his scheduled October 2 trial.
As part of his bail conditions, prosecutors had been able to monitor his telephone and internet activity. Kaplan said he was concerned that Bankman-Fried showed the writings to the reporter during an in-person meeting at his parents’ home.
“It was a way, in his view, of doing this in a manner in which he was least likely to be caught. He was covering his tracks,” said Kaplan, who is known for his no-nonsense demeanor in the courtroom and has also recently overseen defamation lawsuits against former US President Donald Trump and a sexual abuse lawsuit against Britain’s Prince Andrew.
Bankman-Fried sat with his shoulders hunched, leaning forward on the table and fidgeting with a Post-It note as he heard the judge order him detained.
His lawyer Mark Cohen argued prosecutors mischaracterized his intentions in sharing Ellison’s writings, saying Bankman-Fried wanted to defend his reputation and that he had a right under the US Constitution’s First Amendment to speak to the press.
“The defendant fairly believed he could make those comments,” Cohen said.
Gag order already in place
At a July 26 hearing, Kaplan had restricted Bankman-Fried from speaking publicly about his case, and asked both sides to address whether jail was necessary.
The gag order has drawn attention from news media, including the Times, which in an August 2 letter to the judge said the measure should be loosened to only restrict comments that could interfere with a fair trial.
A July 20 article in the newspaper contained excerpts from Ellison’s personal Google documents prior to FTX’s collapse.
She described being “unhappy and overwhelmed” with her job and feeling “hurt/rejected” from her personal breakup with Bankman-Fried.
It was not immediately clear where Bankman-Fried would be held. Many defendants awaiting trial in New York City are held at Brooklyn’s Metropolitan Detention Center, which has been plagued by persistent staffing shortages, power outages and reports of maggots appearing in inmates’ food.
Danielle Sassoon, a prosecutor, proposed at the hearing that Bankman-Fried instead be held at the Putnam County Correctional Facility, a medium-security jail about 55 miles (88 km) north of Manhattan which holds about 68 inmates.
Sassoon said the defendant would be able to access an internet-enabled laptop there to review evidence to prepare for trial.
Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies
H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.
During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.
He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.
The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.
At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books
As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”
Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.
Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.
Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.
Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.
Automation
The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.
Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.
US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79
US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.
In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.
He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.
President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.