Sam Bankman-Fried Is Moving to a New Prison Facility: Report
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is being relocated to a new prison, according to a report by The Wall Street Journal.
A representative for Bankman-Fried confirmed the move, though the exact destination remains undisclosed.
Sam Bankman-Fried Likely Moving to California
Sources familiar with the situation suggest that Bankman-Fried is likely being transferred from the Brooklyn, New York, jail where he’s stayed for the past nine months to a federal correctional facility in Mendota, California.
According to the Bureau of Prisons website, Mendota houses a medium-security prison and a minimum-security satellite camp. This move would bring Bankman-Fried closer to his parents’ residence near Stanford University, approximately a two-and-a-half-hour drive away.
The relocation follows federal prosecutors’ recommendations several weeks ago that Bankman-Fried be moved to a lower-security facility in California, facilitating closeness to his family in Palo Alto.
Despite these recommendations, SBF had previously expressed a preference to remain at Brooklyn’s Metropolitan Detention Center (MDC), a mixed-security facility in New York, to maintain easier access to his legal team working on his appeal.
Prison Transfer and Conviction
As of this writing, it remains to be seen whether Bankman-Fried has departed MDC Brooklyn or arrived at his speculated new location in California.
Last fall, a jury found Bankman-Fried guilty after facing charges including two instances of wire fraud, two instances of wire fraud conspiracy, one count each of securities fraud and commodities fraud conspiracy, and one count of money laundering conspiracy.
This was considered one of the largest financial frauds in U.S. history. It resulted in the theft of billions of dollars from FTX customers and led to the collapse of the once-prominent cryptocurrency platform, which went bankrupt in late 2022.
Following his conviction, Bankman-Fried was initially held at MDC Brooklyn. However, Judge Lewis A. Kaplan of the Southern District of New York revoked his bail early last year due to allegations of witness tampering.
On March 28, Judge Kaplan sentenced Bankman-Fried to 25 years in prison, three years of supervised release, and a $11 billion forfeiture. However, he has since filed an appeal against his conviction and sentence for fraud.
Meanwhile, Ryan Salame will be sentenced on May 28 for his involvement in the collapse of the crypto exchange. Other members of Bankman-Fried’s inner circle who cooperated with authorities, Caroline Ellison, Nishad Singh, and Gary Wang, are still awaiting their sentencing.
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Sam Bankman-Fried Is Moving to a New Prison Facility: Report
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is being relocated to a new prison, according to a report by The Wall Street Journal.
A representative for Bankman-Fried confirmed the move, though the exact destination remains undisclosed.
Sam Bankman-Fried Likely Moving to California
Sources familiar with the situation suggest that Bankman-Fried is likely being transferred from the Brooklyn, New York, jail where he’s stayed for the past nine months to a federal correctional facility in Mendota, California.
According to the Bureau of Prisons website, Mendota houses a medium-security prison and a minimum-security satellite camp. This move would bring Bankman-Fried closer to his parents’ residence near Stanford University, approximately a two-and-a-half-hour drive away.
The relocation follows federal prosecutors’ recommendations several weeks ago that Bankman-Fried be moved to a lower-security facility in California, facilitating closeness to his family in Palo Alto.
Despite these recommendations, SBF had previously expressed a preference to remain at Brooklyn’s Metropolitan Detention Center (MDC), a mixed-security facility in New York, to maintain easier access to his legal team working on his appeal.
Prison Transfer and Conviction
As of this writing, it remains to be seen whether Bankman-Fried has departed MDC Brooklyn or arrived at his speculated new location in California.
Last fall, a jury found Bankman-Fried guilty after facing charges including two instances of wire fraud, two instances of wire fraud conspiracy, one count each of securities fraud and commodities fraud conspiracy, and one count of money laundering conspiracy.
This was considered one of the largest financial frauds in U.S. history. It resulted in the theft of billions of dollars from FTX customers and led to the collapse of the once-prominent cryptocurrency platform, which went bankrupt in late 2022.
Following his conviction, Bankman-Fried was initially held at MDC Brooklyn. However, Judge Lewis A. Kaplan of the Southern District of New York revoked his bail early last year due to allegations of witness tampering.
On March 28, Judge Kaplan sentenced Bankman-Fried to 25 years in prison, three years of supervised release, and a $11 billion forfeiture. However, he has since filed an appeal against his conviction and sentence for fraud.
Meanwhile, Ryan Salame will be sentenced on May 28 for his involvement in the collapse of the crypto exchange. Other members of Bankman-Fried’s inner circle who cooperated with authorities, Caroline Ellison, Nishad Singh, and Gary Wang, are still awaiting their sentencing.
The post Sam Bankman-Fried Is Moving to a New Prison Facility: Report appeared first on CryptoPotato.
Read More
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