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Monday, January 30, 2023

Sam Bankman-Fried Released On $250 Million Bond, Agrees To House Arrest In Parents’ House

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After spending nine days in Bahamian jail, Sam Bankman-Fried arrived in a Manhattan federal courtroom to face fraud charges over the collapse of FTX.

Handcuffed and dressed in a blue suit, he appeared at a bail hearing after entering a plea ahead of the hearing.

SBF – who is arguably the biggest flight risk in US criminal history – will be released on $250 million bond after consenting to a bail package that include a $250 Million bond, house arrest at his parent’s house in Palo Alto, location-monitoring, and the surrender of his passport.

According to Assistant U.S. Attorney Nicolas Roos, Bankman-Fried was responsible for perpetrating a “fraud of epic proportions.”
However, he chose to allow for bail given that Bankman-Fried opted to waive extradition; furthermore, according to prosecutors the $250MM is the “largest-ever pre-trial bond.”

When agreeing on the bail, US Magistrate Judge Gabriel Gorenstein said that “the risk that Bankman-Fried would flee was small” and said he presented no danger to the public in terms of future financial crimes.

As part of his bail agreement, besides his monetary penalty, Bankman-Fried will have to wear an electronic monitoring bracelet, and be disallowed from leaving the Northern District of California. Judge Gabriel Gorenstein added that Bankman-Fried would require “strict” supervision during his stay.

He will also have to submit to mental health counseling. The ex-CEO has previously claimed to be depressed and “sad” for an extended period of time and required medication to cope.

The former FTX boss will be prevented from taking out any new lines of credit while he awaits trial.

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