Reports indicate that preparations are underway to transfer Sam “SBF” Bankman-Fried, the former CEO of FTX, from New York to a federal facility in California near his parents’ residence. Despite his lawyers’ requests for him to remain in the New York area while his appeal is pending, it is anticipated that Bankman-Fried will spend the majority of his sentence at the Federal Correctional Institution in Mendota. In March, he was sentenced to 25 years in prison after being convicted on seven felony charges.
Bankman-Fried has been held at the Metropolitan Detention Center in Brooklyn since his bail was revoked in August 2023, prior to his trial. Following his sentencing, he expressed a desire to remain at the Brooklyn prison in order to have easier access to his appellate counsel for his appeal.
If transferred to FCI Mendota, Bankman-Fried would be located approximately 200 kilometers away from his parents’ home in California, where he was mostly confined after being extradited from the Bahamas and indicted in 2022 and 2023. The facility currently houses 931 inmates, as reported by the Federal Bureau of Prisons.
It is worth noting that Bankman-Fried maintains his innocence, even as he continues to trade rice while in jail. He is the first individual associated with the downfall of FTX and Alameda Research to receive a prison sentence for his involvement in defrauding customers. His associates, including Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, have all pleaded guilty and are expected to be sentenced soon. Salame’s sentencing hearing is scheduled for May 28.
Contrary to speculation, it is unlikely that Bankman-Fried and former Binance CEO Changpeng “CZ” Zhao will be housed in the same facility. Following Zhao’s guilty plea, a judge sentenced him to four months in prison, to be served in either Washington or Oregon. At the time of publication, no decision had been made regarding Zhao’s reporting date.
In other news, it has been reported by Inner City Press and X Hall of Flame that Alex Mashinsky, who is considered to be less flashy than Bankman-Fried, will likely receive a shorter prison sentence.