Sam Bankman-Fried requests to remain in Brooklyn prison until appeal

by

Sam Bankman-Fried, the founder of FTX, asked for approval to remain at a holding facility in New York City on a temporary basis.

Based on a filed document in the U.S. District Court, Bankman-Fried’s lawyers are asking for permission for him to remain at the Metropolitan Detention Center in Brooklyn.

Beginning from August 2023, Bankman-Fried has been detained at this particular facility. According to his legal team, keeping him in Brooklyn is beneficial for the coordination of his defense, as Bankman-Fried intends to contest both his conviction and the subsequent penalty.

On March 28, Bankman-Fried was given a 25-year prison term for seven counts of fraud and money laundering. At the sentencing hearing, Marc Mukasey, Bankman-Fried’s lawyer, announced their intention to file an appeal against the verdict.

Judge Lewis Kaplan decided that Bankman-Fried should serve his prison term in the San Francisco Bay Area due to the convenience of his family’s proximity to that location before his bail was revoked in August 2023, during which time he was confined to his parents’ house near Stanford University.

Among his colleagues involved in the FTX and Alameda Research scandal, only Sam Bankman-Fried declined to plead guilty and reach cooperation deals after being charged. The others, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, all made guilty pleas in the same case.

On May 28, Ryan Salame, who previously worked at FTX, has a court date set for sentencing after confessing to wrongdoing in September of last year.

Read More

2024-04-11 20:06