Former FTX CEO Sam Bankman-Fried has been transferred from a temporary federal holding facility to FCI Herlong, a medium-security federal correctional institution located in northern California.
The facility, which once housed notorious crime figure Al Capone during his era, is now the long-term residence for Bankman-Fried following his conviction and sentencing for fraud and conspiracy tied to the collapse of cryptocurrency exchange FTX
Bankman-Fried’s legal team had requested placement in a facility with accommodations for his mental health and vegan dietary needs.
While FCI Herlong is not specifically known for those accommodations, federal officials stated that the prison met the Bureau of Prisons’ standards for housing inmates convicted of non-violent white-collar crimes.
His sentence is 25 years, handed down in March 2024, and is being served without eligibility for early parole
CNBC reported that prosecutors described Bankman-Fried’s offenses as among the largest financial frauds in American history, noting that he misused over $8 billion in customer funds through deceptive practices and political influence.
His sentencing judge, Lewis Kaplan, denied leniency and highlighted a lack of remorse. FCI Herlong has now become the focal point for a case that once rocked the global cryptocurrency industry
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