TechFlow News, August 12 — According to CNBC, U.S. federal judge Lewis Kaplan ruled on Friday during a hearing at the U.S. District Court for the Southern District of New York to revoke Sam Bankman-Fried's bail, meaning SBF is set to be incarcerated.
Bankman-Fried is currently scheduled to stand trial in early October on charges of wire fraud, commodities fraud, securities fraud, money laundering, and related conspiracy counts. After his arrest and extradition, he will face a second trial tentatively set for March next year, when the Department of Justice will bring additional charges against him.
In addition, Fox Business journalist Eleanor Terrett stated on Twitter that Judge Lewis Kaplan rejected the defense's request to delay detention during the appeal process. SBF will be imprisoned today and may be held at the Putnam County jail or the Metropolitan Detention Center (MDC) in Brooklyn.
