An agreement was reached today in a New York City courtroom that will allow Sam Bankman-Fried, the former CEO of the Crypto exchange FTX, to be released on a $ 250 million bond.
Last week, he was apprehended in the Bahamas on fraud and money laundering accusations for one of America’s largest financial crimes.
He was accused of using his crypto-trading platform as a “personal piggy bank” to lure investors into investing billions in his company. FTX’s bankruptcy in November disclosing his alleged scheme.
Today, a judge granted him bail, the “highest pre-trial amount in US history.”
Bankman-Fried’s -parents and two other persons with “considerable” assets signed the surety bond bond. His parents pledged it with the equity in their home, but they don’t have to pay the full sum to free him.
If he doesn’t appear in court, they’ll be accountable. SBF was handcuffed in court. He merely confirmed he understood the charges and bail agreement.
His parents, Stanford Law professors Barbara and Alan Bankman-Fried, have pledged the equity in their $4million California home, where he will live while house arrest, as bail.
A relative and a non-relative will complete the bond. He may have to pay $250 million or less.
Bankman-Fried, 30, faces fraud and money laundering accusations for allegedly stealing $1.8 billion from his crypto-trading platform, FTX, to fund his own life.
Federal prosecutors and SEC investigators allege he used the platform as a “personal piggy bank” to pay his lifestyle.
The prosecution claimed SBF perpetrated “epic” fraud. The judge agreed with the prosecution that ‘weight of the evidence was strong’.
He was confident in giving bond because SBF has “achieved sufficient reputation that it would be hard” to hide.
His bond requires an electronic ankle monitor. After claiming depression in prior hearings, he must stay in the Northern District of California, cannot open new credit accounts, and must attend mental health counseling.
January 3rd is his court date.
Barbara and Alan, his parents, attended court today and in the Bahamas. Barbara laughed when the judge called her son a fugitive.
The pair owns a $4million Stanford home and a Bahamas holiday home, according to The Washington Free Beacon.
