Sam Bankman-Fried, the former CEO of FTX, has petitioned to remain in Brooklyn’s Metropolitan Detention Center. His legal team filed this request on April 8 in the Southern District of New York. The appeal comes after his 25-year sentence for multiple felony charges. Bankman-Fried’s counsel argues that staying in Brooklyn would better facilitate communication with his appellate lawyers.

The request aligns with his legal team’s strategy to challenge both his conviction and sentence. Previously, Judge Lewis Kaplan had designated a prison in the San Francisco Bay Area for Bankman-Fried’s sentence. This location was chosen to consider its proximity to his family. However, Bankman-Fried’s team is now pushing for him to stay in New York to streamline his appeal efforts.

Sam Bankman-Fried Seeks Sentence Revision on Appeal

On March 28, Judge Kaplan sentenced Bankman-Fried to 25 years in federal prison. This followed his conviction on seven felony charges, including fraud and conspiracy. His attorney, Marc Mukasey, had immediately signaled intentions to appeal. Legal analysts suggest that an appeal could potentially reduce Bankman-Fried’s time in prison, especially if it results in a sentence revision.

Furthermore, there is a possibility of sentence reduction due to good behavior. The justice system often allows such reductions for inmates who maintain a record of good conduct. Sam Bankman-Fried’s case continues to garner significant attention due to the high-profile nature of FTX’s collapse and the extensive financial disruptions it caused.

Ryan Salame’s Sentencing Date Set for May

The collapse of FTX also implicated several other key figures. Unlike Bankman-Fried, Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame opted to plead guilty, accepting plea deals. Their sentencing has been staggered, with Ryan Salame’s hearing scheduled for May 28. The dates for Wang, Ellison, and Singh have yet to be announced.

In a related case, Changpeng Zhao, who was associated with the cryptocurrency exchange Binance, pleaded guilty to a single felony count. His sentencing is set for April 30. These proceedings underline the widespread legal repercussions following the unraveling of FTX and its affiliated firms.

Read Also: Crypto Analyst Expects Bitcoin Surge Citing Previous Bull Cycles

The post Sam Bankman-Fried Seeks Brooklyn Jail Stay for Appeal Process appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am