Sam Bankman-Fried, the founder of FTX
FTX founder seeks to remain in Brooklyn jail for appeal process
In a plea to the U.S. District Court, Sam Bankman-Fried, the founder of FTX, has formally requested to remain confined at the Metropolitan Detention Center in Brooklyn, New York, while he awaits his appeal process.
Bankman-Fried, who has been held at this facility since August 2023, seeks to maintain his proximity to his appeal lawyers to facilitate coordination in challenging his recent conviction and the subsequent harsh sentencing.
The move is seen as vital for strategizing and mounting a robust defence against the seven counts of fraud and money laundering that led to his recent 25-year sentence.
During his sentencing in March, Bankman-Fried’s attorney, Marc Mukasey, announced plans to appeal the conviction, signalling the determination to fight the charges vigorously.
However, Judge Lewis Kaplan initially ruled that Bankman-Fried should serve his sentence in a prison near the San Francisco Bay Area, taking into account the proximity to his family.
This decision preceded the revocation of Bankman-Fried’s bail in August 2023, which resulted in his confinement after a period of restricted movement at his parents’ home near Stanford University in California.
Bankman-Fried’s stance contrasts with that of his former colleagues implicated in the FTX and Alameda Research scandal, who opted for guilty pleas and cooperation deals.
Notably, individuals like Ryan Salame, a former FTX executive, are already in the sentencing phase following their admissions of guilt.
Salame’s sentencing is scheduled for May 28.