Sam Bankman Fried returns to Brooklyn Prison for his Appeal

FTX co-founder Sam Bankman-Fried has returned to the Metropolitan Detention Center (MDC) in Brooklyn, a jail in New York, after being transported to Oklahoma and Pennsylvania last month.

According to a post by Bloomberg, it was stated that Judge Lewis Kaplan requested the 32-year-old crypto whiz to stay in the city "until his appeal has been fully briefed to facilitate access to appellate counsel.”

Bankman-Fried spent about a week at the Federal Transfer Center in Oklahoma City before being transferred to MDC Brooklyn, according to the Federal Bureau of Prisons (BOP) website for inmate records as of June 4. Many speculated that the former CEO of FTX was going to be moved by the authorities to a prison in the San Francisco Bay Area, close to the California home of his parents.

The reason behind Bankman-Fried's return to New York is unknown. The former CEO of FTX had been asked by his attorneys to stay at MDC Brooklyn in order to support him in his appeal of his conviction and sentence. He was advised to remain in the state by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York, who presided over his criminal trial and sentencing.

In March, Kaplan handed down a 25-year prison sentence to Bankman-Fried, the founder of Alameda Research and the cryptocurrency exchange FTX. A sentence was imposed after Bankman-Fried was found guilty on all counts in November of four different types of fraud: money laundering conspiracy, fraud against Alameda's lenders, fraud against FTX's investors, and fraud against FTX's customers. When announcing the sentence, Kaplan stated, "At the end of the day, the criminal justice system thrives only if it is seen as fair." "People must believe it is fair, or else we will return to trial by combat." The severity of the offense must be reflected in the punishment. And this was a grave offense.

In April, Bankman-Fried filed an appeal against his conviction and sentence, beginning a potentially protracted legal battle.

Ryan Salame, the former CEO of FTX's Bahamas subsidiary, was sentenced on Tuesday, May 28, becoming the first close associate of Bankman-Fried to be sentenced for charges related to FTX and its affiliated companies' collapse. A U.S. judge sentenced Salame to 7.5 years in prison after he entered a guilty plea to violating campaign finance laws and using an unauthorized money transmitter.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.