Sam Bankman-Fried, the former CEO of FTX sentenced to 25 years in prison, is requesting to remain incarcerated in New York City while he prepares his appeal.
In a recent court filing, Bankman-Fried’s legal team petitioned Judge Lewis Kaplan to allow him to stay at the Metropolitan Detention Center in Brooklyn. Their reasoning? “To facilitate access to his appellate counsel,” according to the filing. This move suggests Bankman-Fried, widely known as “SBF,” intends to challenge his conviction and sentence.
Prior to the 25-year sentencing in March 2024, SBF’s lawyer, Marc Mukasey, confirmed plans to appeal the seven felony charges. As of publication, no such appeal has been filed with the U.S. Court of Appeals for the Second Circuit. Legal experts speculate that good behavior could potentially reduce SBF’s sentence.
Initially, Judge Kaplan designated a medium- or low-security prison in the San Francisco Bay Area for SBF’s confinement. The proximity to family members in California likely influenced this decision. Before bail revocation in August 2023, SBF resided primarily at his parents’ California home near Stanford University.
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It’s worth noting that SBF was the only individual associated with FTX and Alameda Research’s collapse to plead not guilty and go to trial. Others implicated, like Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, accepted plea deals and admitted guilt. Salame’s sentencing is set for May 28th, while Wang, Ellison, and Singh’s court dates remain unclear.
In a separate case involving cryptocurrency exchange Binance, Changpeng Zhao pleaded guilty to a single felony charge and will be sentenced on April 30th.
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