Regulation
FTX Founder SBF to Be Moved to California Federal Prison
Former FTX CEO Sam “SBF” Bankman-Fried is being moved from the Metropolitan Detention Center (MDC) in Brooklyn to a federal prison in California.
This transfer takes place even though SBF wanted to stay in New York for easy access during the appeal process. The transfer is expected to make him nearer to his parents’ home which is near Stanford University.
SBF to Be Moved to California Federal Prison
According to the report, Bankman-Fried’s destination would probably be the Federal Correctional Institution (FCI) in Mendota, California. This comes after his lawyers failed in their attempt to have him remain in New York during the appeal of his 25-year prison term.
Concurrently, as per a source familiar with the development, Bankman-Fried was notified of his transfer a few days before, and the transfer came in the early hours of Wednesday. However
Bankman-Fried has been detained at the MDC in Brooklyn since August 2023, when the judge withdrew his bail, accusing him of attempts to threaten a witness. The current transfer is intended to bring him closer to his family in Northern California, where he was restricted after his extradition from the Bahamas in 2022.
Appeal Process and Legal Context
In March 2024, a federal judge convicted Bankman-Fried on seven felony counts of fraud and conspiracy and sentenced him to 25 years in prison. The charges arose from accusations that he masterminded a fraud whereby FTX’s customers were swindled to provide him with $8 billion for his investments and personal use.
The defense counsel had moved the court to allow Bankman-Fried to stay at the Brooklyn facility to help in the appeal process. However, management’s decision to transfer him to California overruled these efforts.
The legal circumstances of SBF have been followed keenly since his arrest and subsequent trial process. All his accomplices, such as Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, have also pleaded guilty to other charges and are waiting for their sentencing. Salame is to appear before the court on the 28th of May, 2024.
Living Conditions and Facility Details
If he is transferred to FCI Mendota, Bankman-Fried will be roughly 200 kilometers away from his parents’ home. The prison, which has a population of 931 inmates, consists of a medium-security prison and a minimum-security satellite camp. Due to the duration of his sentence, the likelihood of Bankman-Fried being transferred to the medium-security section is possible.
The Federal Bureau of Prisons has not disclosed details of Bankman-Fried’s transfer to Arizona, stating that it is for security and privacy purposes.
His spokesman, Mark Botnick, would not reveal his final location but said that the Mendota facility could be a possibility.
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