Seeking Alpha
2024-05-22 16:36:37

Sam Bankman-Fried said to be relocating to different prison

Sam Bankman-Fried is being transferred to a new prison, a process that started early Wednesday, the Wall Street Journal reported, citing a spokesman for the disgraced founder of collapsed crypto exchange FTX. The relocation overrides Bankman-Fried's wish to remain in New York to assist with his appeal preparations. Although the new destination was unconfirmed by the spokesman, people familiar with the matter informed the WSJ that SBF, as he is known, was recently notified he would be moved to a federal prison in Mendota, California. In March, SBF was sentenced to 25 years in federal prison for orchestrating the large-scale fraud and conspiracy that led to the downfall of his crypto empire. The former crypto mogul subsequently appealed his conviction and prison sentence. During his trial in October, prosecutors had said SBF stole customer and investor funds while lying about where such funds were placed. More on Bankman-Fried and FTX FTX says most customers will get refunded FTX in talks with three suitors to buy collapsed crypto exchange - report SBF found guilty on all seven criminal counts

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.