Home Editor's Pick On The Move Against His Wishes: SBF to Be Transferred to Federal Prison in California

On The Move Against His Wishes: SBF to Be Transferred to Federal Prison in California

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Sam Bankman-Fried (SBF), the disgraced cryptocurrency executive and founder of the now-defunct crypto exchange FTX, will be transferred from a Brooklyn jail to a federal correctional institution in Mendota, California, against his wishes, according to a report by the Wall Street Journal.

TLDR

Sam Bankman-Fried (SBF), the convicted FTX founder, will be transferred from a Brooklyn jail to a federal correctional institution in Mendota, California.
The transfer goes against SBF’s wishes, as he planned to stay in New York to help prepare his appeal.
Mendota is a medium-security federal correctional institution located two and a half hours from SBF’s parents’ home near Stanford University.
SBF was sentenced to 25 years in prison for fraud related to the collapse of the crypto exchange FTX, which resulted in the theft of at least $10 billion from customers and investors.
The transfer process is expected to be slow, and it could take over a month for SBF to be moved to the new prison.

SBF, who was sentenced to 25 years in prison for perpetrating one of the biggest financial frauds in history, had planned to stay in New York while helping to prepare his appeal.

However, he will now be moved to a medium-security federal correctional institution located two and a half hours from his parents’ home near Stanford University.

The former cryptocurrency billionaire was convicted of fraud in the spectacular collapse of FTX, which resulted in the theft of at least $10 billion from customers and investors. SBF has been imprisoned in a Brooklyn jail for the past nine months, where he also gave his first interview after receiving the jail sentence.

The transfer process is expected to be slow, and the exact location of the new prison was initially undisclosed.

However, it is now confirmed that SBF will be moved to the Federal Correctional Institution in Mendota, California, despite his lawyers’ requests to keep him in the New York area during his appeal.

The judge who oversaw SBF’s trial had issued an order recommending that he be kept jailed in New York “to facilitate access to appellate counsel.” Nevertheless, the decision to transfer him to California has been made, and the process could take over a month.

SBF’s associates, including Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, have all pleaded guilty for their roles in the FTX fraud and are expected to be sentenced soon. Salame’s sentencing hearing is scheduled for May 28.

The post On The Move Against His Wishes: SBF to Be Transferred to Federal Prison in California appeared first on Blockonomi.

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