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FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents

Funviralpark 2 years ago 0 3

On December 21, 2022, FTX co-founder Sam Bankman-Fried was escorted from a magistrate’s court in Nassau, Bahamas.

Joe Ladle | Getty Images

FTX founder Sam Bankman-Fried will be released on $250 million bail, a New York federal court ruled Thursday.

Bail terms were agreed upon by the prosecutor and Bankman-Fried’s attorneys. Former crypto billionaires will also be required to wear electronic surveillance bracelets, undergo mental health counseling, and be confined to the Northern California District.

The former FTX CEO will also be barred from opening new lines of credit while awaiting trial.

Bankman-Fried uses investor money to buy assets, fund political contributions, and backstop trades at his hedge fund, Alameda Research, giving investors billions of dollars. has been accused of committing the fraud of

Federal regulators claim more than $8 billion in customer funds are missing.

Two of his executives, Caroline Ellison and Gary Wang, have pleaded guilty to related fraud charges and are cooperating with law enforcement. A plea bargain between King and Ellison was revealed Wednesday.

Bankman-Fried was indicted in the Southern District of New York on eight counts, including securities fraud and money laundering, and was transferred from the Bahamas to New York Wednesday night.

Judge Gabriel Gollenstein said Bankman-Fried would need “rigorous” monitoring after he was released to his parents’ home in California.

His parents were law professors at Stanford University and attended court. Bankman-Fried was flanked by his two U.S. Marshals in suits and ties.

Bankman-Fried’s parents must secure an interest in the home to partially satisfy bail conditions.

Bankman-Fried had previously claimed it was down to just $100,000.

The 30-year-old is scheduled to face his next hearing on January 3, 2023.

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