US authorities will transfer SBF to California prison: Report

Reports suggested that U.S. officials were preparing to transfer former FTX CEO Sam Bankman-Fried to a federal facility in Mendota, California.
Reports suggested that U.S. officials were preparing to transfer former FTX CEO Sam Bankman-Fried to a federal facility in Mendota, California.

Officials have reportedly started preparing to send former FTX CEO Sam “SBF” Bankman-Fried from New York to a federal facility in California near his parents’ home.

According to a May 22 Wall Street Journal report, Bankman-Fried could serve the bulk of his sentence at the Federal Correctional Institution in Mendota despite his lawyers’ requests to stay in the New York area during his appeal. In March, a federal judge sentenced SBF to 25 years in prison following his conviction on seven felony counts.

Bankman-Fried has been incarcerated at the Metropolitan Detention Center (MDC) in Brooklyn since a judge revoked his bail in August 2023 before his case went to trial. After his sentencing hearing, the former FTX CEO requested to stay at the Brooklyn prison to “facilitate access to his appellate counsel” as part of his notice to appeal his conviction and sentence.

If transferred to FCI Mendota, Bankman-Fried would be staying roughly 200 kilometers from his parents’ California home, where he was largely confined following his extradition from the Bahamas and indictment in 2022 and 2023. The facility currently houses 931 inmates, according to the Federal Bureau of Prisons’ website. 

Related: SBF maintains his innocence as he trades rice in jail

SBF was the first individual connected to the downfall of FTX and Alameda Research to receive prison time for his role in defrauding customers. His associates — 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.

Despite much speculation online, it is doubtful that Bankman-Fried and former Binance CEO Changpeng “CZ” Zhao will be housed in the same facility. After Zhao’s guilty plea, a judge sentenced the former CEO to four months in prison, to be served in either Washington or Oregon. No decision had been made regarding his reporting date at the time of publication.

Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame