Saudi Press

Saudi Arabia and the world
Thursday, Feb 02, 2023

Sam Bankman-Fried to be released on record $250M bond, placed under house arrest

Sam Bankman-Fried to be released on record $250M bond, placed under house arrest

FTX founder Sam Bankman-Fried was released on $250 million bond and placed under house arrest at his parents' Palo Alto home after a Manhattan judge signed off on a deal that saw him voluntarily leave the Bahamas to face a slew of US fraud charges.
Sam Bankman-Fried, the disgraced former cryptocurrency executive, was granted release from custody on Thursday by a federal magistrate judge who imposed highly restrictive bail conditions including a $250 million bond and a requirement that he remain in home detention with his parents in California.

The appearance in Federal District Court in Manhattan came just hours after Mr. Bankman-Fried, 30, arrived in the United States following his extradition from the Bahamas, where he was arrested at a luxury apartment complex on Dec. 12 and held in a local jail.

Under the bail arrangement, Mr. Bankman-Fried will live with his parents in Palo Alto, Calif., under strict electronic monitoring, including a bracelet that will be placed on him before he leaves the courthouse.

The $250 million personal recognizance bond — a written promise to appear in court as needed — will be secured by his parents’ interest in their home, the judge said. He was also required to surrender his passport and to receive mental health and substance abuse treatment. Any expenses above $1,000 would require prior approval by the government.

The judge, Gabriel W. Gorenstein, warned Mr. Bankman-Fried that if he failed to appear in court or violated any of the other conditions, a warrant would be issued for his arrest and he and his parents would be responsible for paying the hefty bond.

Asked whether he understood, Mr. Bankman-Fried responded, “Yes, I do,” the only words he uttered in the hearing, which lasted less than an hour.

Discussions about a bail deal had begun even before Mr. Bankman-Fried was extradited. In court on Thursday, the deal was formally proposed by the U.S. prosecutors in the Southern District of New York who brought the charges against Mr. Bankman-Fried.

Mr. Bankman-Fried was escorted into court wearing a dark suit and was seated between his two lawyers, Mark Cohen and Christian Everdell.

Mr. Cohen argued that Mr. Bankman-Fried was not a flight risk. “My client voluntarily consented to come to face these charges here in New York,” he told the judge. “He wants to address them.”

Nicolas Roos, an assistant U.S. attorney, said Mr. Bankman-Fried had committed crimes of “epic proportions” and that the case against him involved multiple cooperating witnesses, as well as encrypted text messages and tens of thousands of pages of financial records. But he noted that Mr. Bankman-Fried had “family and communities ties” and that his wealth had “diminished significantly.”

“It would be very difficult for this defendant to hide without being recognized,” Judge Gorenstein said. “So I believe that the risk of flight is appropriately mitigated.”

Mr. Bankman-Fried has been charged with two counts of wire fraud and six counts of conspiracy related to securities and commodities fraud, money laundering and violating the campaign finance laws.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
×