Sam Bankman-Fried, ex-CEO of FTX and now facing a 25-year sentence, has asked the court for permission to serve his time in a New York City jail rather than one in California.
On April 8, Bankman-Fried’s lawyers requested that Judge Lewis Kaplan in the Southern District of New York approve an order enabling their client, who has been held at the Metropolitan Detention Center in Brooklyn since August 2023, to remain there. The reason given was to make it easier for SBF to collaborate with his appellate legal team during the anticipated appeal process for his conviction and sentencing.
Before Judge Kaplan passed down a 25-year sentence to Bankman-Fried on March 28, lawyer Marc Mukasey expressed their intention to challenge SBF’s conviction on seven felony charges in the U.S. Court of Appeals for the Second Circuit. No appeal document was available online at the time of publication. Some legal experts speculate that FTX’s former CEO may be able to reduce his prison term through good conduct.
Originally, Judge Kaplan decided that Bankman-Fried would complete his prison term in a medium or low-security facility situated in the San Francisco Bay Area. This choice might have been influenced by the fact that Bankman-Fried’s family members reside in the area. However, before the judge took away Bankman-Fried’s bail in August 2023, the ex-FTX CEO spent most of his time at his parents’ home near Stanford University, which was also in the Bay Area.
Bankman-Fried is among the few individuals linked to the downfall of FTX and Alameda Research who chose not to admit guilt and go through a trial instead. In contrast, Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame – other individuals implicated in the same case as Bankman-Fried – opted for guilty pleas and negotiated deals.
Salame’s sentence is set for May 28, while the court dates for Wang, Ellison, and Singh have yet to be announced. In an unrelated case, Changpeng Zhao, who has admitted guilt to one felony charge concerning Binance‘s cryptocurrency exchange, will be sentenced on April 30.
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2024-04-11 19:06