Welcome back, crypto readers!
Have you heard about the latest news involving the former FTX founder, Sam Bankman-Fried (SBF)? It seems like SBF is back at the Metropolitan Detention Center (MDC) in Brooklyn, New York, working on his appeal after spending some time at a transfer facility in Oklahoma. Let’s dive into the details of this intriguing development.
SBF Returns to NYC Prison
It appears that Sam Bankman-Fried, the now-convicted crypto fraudster, was sent to the Federal Transfer Facility in Oklahoma City following a recommendation to be moved to a prison in California. However, his legal team opposed this and he expressed his desire to stay in New York while his appeal is being processed.
- After Judge Lewis A. Kaplan recommended a transfer to be closer to family, SBF ended up in Oklahoma
- Bankman-Fried’s preference is to stay in New York as his legal team focuses on his appeal
Former FTX CEO Sent to Oklahoma Prison
Sam Bankman-Fried (SBF) is no longer incarcerated in New York or California, but in Oklahoma, according to prison records.
According to the U.S. Department of Justice’s Office of the Inspector General, the facility in Oklahoma… pic.twitter.com/ROVHQtfCLj
— Crypto Mission (@CryptoMissionPL) May 27, 2024
An April letter to the Bureau of Prisons from Kaplan underscores the importance of Bankman-Fried remaining at the Metropolitan Detention Center in Brooklyn, New York until his appeal process is complete to ensure easy access to appellate counsel.
Exploring SBF’s History With MDC
Since August of last year, Bankman-Fried has been at MDC after his bail was revoked by Kaplan due to witness tampering allegations. The release of his ex-girlfriend Caroline Ellison’s diary pages to the media in 2023 led to this decision.
- Caroline Ellison, former CEO of Alameda Research, cooperated with prosecutors and was considered a crucial witness
- The sharing of private documents with the media was seen as an attempt to undermine Ellison’s credibility and manipulate public opinion
In their response to the situation, U.S. prosecutors highlighted Bankman-Fried’s actions as an attempt to discredit a witness and interfere with legal proceedings outside the courtroom.
Former FTX Execs Await Sentencing
Following a fraud trial last year where Bankman-Fried was found guilty on all charges, he was sentenced to 25 years in federal prison. Additionally, he was ordered to pay $11 billion for his involvement in the fraudulent activities that cost FTX investors $8 billion.
- Bankman-Fried’s associates, including Ellison, are also expected to face sentencing for their roles later this year
- The fallout from FTX’s fraudulent schemes continues to impact multiple individuals associated with the company
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