Ex-FTX CEO Bankman-Fried Moved Back to Brooklyn Facility Amid Legal Turmoil
Summary:
Ex-CEO of cryptocurrency exchange FTX, Sam "SBF" Bankman-Fried, has been moved back to the Metropolitan Detention Center in Brooklyn by U.S. authorities after a brief transfer to Oklahoma. His return follows speculations of a possible transfer near his parents' home in the San Francisco Bay Area. Convicted on seven felony counts in November 2023, Bankman-Fried's legal team lodged an appeal in April, the basis for which remains unknown. Other former high-profile figures implicated in the crypto sector's legal storm include ex-Binance CEO Changpeng Zhao and previous Celsius CEO Alex Mashinsky.
After a brief period in an Oklahoma transfer facility, U.S. authorities have moved Sam "SBF" Bankman-Fried, ex-CEO of the cryptocurrency exchange FTX, back to the Metropolitan Detention Center (MDC) in Brooklyn. As per the Federal Bureau of Prisons' records of June 4, Bankman-Fried spent approximately a week at the Federal Transfer Center in Oklahoma City before his return to MDC Brooklyn. There were suppositions that the former FTX head might be transferred to a prison in the vicinity of San Francisco Bay Area, closer to his parents in California. The reasons behind the shift back to New York remain murky. SBF's attorneys had requested that he be kept at MDC Brooklyn to aid in contesting his verdict and sentence. Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York, who adjudicated SBF's criminal trial and sentence, advised that he remain in New York.
In November 2023, Bankman-Fried was found guilty by a jury on seven felony charges related to customer funds misuse at FTX and Alameda Research. In March, SBF was given a 25-year sentence by Judge Kaplan, and his legal team registered an appeal notice on April 11. Currently, no court documents specify the grounds on which SBF seeks to appeal.
Bankman-Fried was among the rare individuals implicated in the fall of FTX and Alameda who pleaded not guilty and faced a court trial. Judge Kaplan sentenced Ryan Salame, ex-co-CEO of Bahamas-based FTX Digital Markets, to 90 months in prison on May 28. Other ex-executives implicated in the collapse - Caroline Ellison, Gary Wang, and Nishad Singh - confessed guilt and await sentencing.
Post his sentencing, Salame made his first social media post on platform X since November 2022, implying he might pen a memoir detailing his FTX and Alameda tenure. Comparatively, Bankman-Fried, silent on platform X since January 2023, mostly stayed away from media interaction during his trial.
In related reports, after receiving a four-month sentence for breaching U.S. money laundering laws, ex-Binance CEO Changpeng Zhao checked into the Federal Correctional Institution in Lompoc, California. Zhao hinted he might pen something while serving his term, anticipated to conclude in October 2024.
Alex Mashinsky, the previous CEO of Celsius, is up next to face criminal charges in the crypto sector following SBF and Zhao. His criminal trial begins in January 2025.
Published At
6/4/2024 6:39:28 PM
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