Ex-FTX CEO Seeks to Stay in NY for Appeal; Associates Admit Guilt
Summary:
Ex-FTX CEO, Sam "SBF" Bankman-Fried, recently sentenced to 25 years in federal prison, has petitioned to remain in New York for more accessible legal resources. His legal counsel signaled their intent to contest his conviction involving seven felony counts. Speculations exist that he may receive sentence reductions for good conduct. Meanwhile, others involved in the case, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, have admitted guilt.
Sam "SBF" Bankman-Fried, the ex-chief executive of FTX, who was recently handed a 25-year federal prison term, has petitioned a judge for permission to be held temporarily in the New York City vicinity rather than California. His lawyers, in an April 8 document submitted to the United States District Court for the Southern District of New York, asked the honorable Judge Lewis Kaplan to sanction a directive such that Bankman-Fried could continue his stay at Brooklyn's Metropolitan Detention Centre, where he has been housed since August 2023. As per his legal representatives, Bankman-Fried's preference for the Brooklyn penitentiary hinges on its proximity to the appellate counsel he requires for his anticipated appeal against both his conviction and verdict. Source: Courtlistener.
Before the pronouncement of Bankman-Fried’s 25-year prison term by Judge Kaplan on March 28, Marc Mukasey, his attorney, signified his team's intent to challenge SBF's conviction on seven felony counts. However, at the moment, no documents related to this appeal are reportedly available on the web portal of the U.S. Court Of Appeals for the Second Circuit. There is a general consensus amongst some legal pundits that the former FTX CEO might receive significant reductions in his sentence, provided good conduct.
Originally, the presiding judge decreed that Bankman-Fried would serve out his sentence in either a medium or a low-security penitentiary in the San Francisco Bay Area, possibly bearing in mind the proximity to his relatives. Prior to the revocation of his bail by Judge Kaplan in August 2023, the ex-FTX chief was primarily placed under house arrest at his parents' residence near Stanford University in California.
_Related: Sam Bankman-Fried speaks out after sentencing: ‘I never thought what I was doing was illegal’_
Of all those implicated in the FTX and Alameda Research controversy, Bankman-Fried was singular in his plea of not guilty and his decision to go to trial. Others including Caroline Ellison, Gary Wang, Nishad Singh and Ryan Salame connected with the crypto firms and facing charges in the same case as SBF, admitted guilt and conceded deals. Scheduled sentencing for Salame is on May 28, although the appearance dates for Wang, Ellison, and Singh before a judge remain uncertain. Changpeng Zhao, who pleaded guilty in a separate case over one felony count involving cryptocurrency exchange Binance, faces a sentencing hearing on April 30.
_Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame_
Published At
4/11/2024 6:46:34 PM
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