A New York judge today released shamed crypto entrepreneur Sam Bankman-Fried on $250 million bail. Federal prosecutors said that Bankman-Fried’s bond was “the highest ever pre-trial bond ever in a criminal case.
Bankman- Fried’s arrangement is an “appearance bond,” which is a promise to follow certain rules while awaiting trial. He was obliged to put up 10% of the bail amount as collateral for the bond, but there was no real payment necessary.
In federal court, the bond is called an Appearance Bond. It requires friends and family to sign an Affidavit of Surety, which commits the defendant to paying the bail money to the court if the defendant fails to appear in court or fails to comply with the conditions.
Allan Joseph Bankman and Barbara Fried, Sam Bankman’s Fried’s parents put their assets up for bond as it has been reported. His parents reside in a lovely, historic 1-acre property with a pool. The Zillow home is valued as per Zestimate ®: $4,060,900Rent Zestimate ®: $8,314 at 743 Cooksey Ln, Stanford, CA 94305. Property taxes alone were a whopping $22,090 (+2.1%).
Caroline Ellison and Gary Wang, two of his senior executives, pled guilty Wednesday to multiple criminal offenses linked to FTX fraud and are collaborating with the federal authorities. All three are looking at very long-term jail sentences. They will very certainly supply incriminating evidence against Bankman-Fried in exchange for less severe penalties for their separate roles in FTX’s bankruptcy.
Sam Bankman Friend must wear an electronic monitoring bracelet, attend mental health counseling, and limit his travel to the Northern District of California and the Southern and Eastern Districts of New York.
SBF’s next court appearance will be at his next hearing, presided over by Judge Ronnie Abrams, in a New York City courtroom on Jan. 3rd, 2022, where he’ll enter his plea and be arraigned.
It appears that @FTX_Official was a legitimate profitable exchange started by an MIT grad with backing from top VCs at a massive valuation. Why would @SBF_FTX commit fraud at Alameda and blow up FTX and risk a lifetime in jail? This reminds me of Madoff
– Bill Ackman (@BillAckman) December 23, 2022
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