Former FTX CEO Slated for Transfer to California Federal Facility Amid Legal Appeal
Summary:
Former FTX CEO, Sam Bankman-Fried is set to be transferred from a New York detention center to a federal facility in California, closer to his parents' home. This move comes notwithstanding his legal team's request for him to stay in New York during the appeal of his conviction on seven felony counts, and the 25-year sentence handed to him. Bankman-Fried has been detained since August 2023 when his bail was revoked.
Steps are being initiated to transfer ex-FTX Chief Sam “SBF” Bankman-Fried from New York to a federal facility in California, located near his parents' residence. A Wall Street Journal report dated May 22 indicated that despite his legal team's pleas to remain in New York during his appeal process, Bankman-Fried is likely to serve the major part of his term at Federal Correctional Institution in Mendota. In March, a federal judge handed down a 25-year prison sentence to SBF after finding him guilty of seven felonies. Since his bail was overruled by a judge in August 2023, Bankman-Fried has been detained at the Metropolitan Detention Center (MDC) in Brooklyn, even prior to his trial. Following his sentencing, the former FTX CEO expressed a desire to stay at the Brooklyn facility to ensure easy access to his appeal lawyers, as he intends to challenge both his conviction and sentence. Updates on this unfolding story will be provided as and when details emerge.
Published At
5/22/2024 7:32:59 PM
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