Sam Bankman-Fried, better known as SBF, has been released on a “no cash up front” $250 million bail bond!
SBF Released On “No Cash Up Front” $250 Million Bail Bond!
FTX co-founder Sam Bankman-Fried, better known as SBF, has been released on a $250 million bond, but guess what – it does not actually require him to come up with the cash.
Instead, the release agreement showed that SBF was being released on a $250 million personal recognisance bond that was secured by his parents’ five-bedroom home in Palo Alto.
If SBF fails to appear in court, or violate other conditions of his bail, then the property would be seized. That property is estimated to be worth only $4 million.
In addition to his two parents, the bond must be signed by two other people (one of whom cannot be a relative) by January 5, 2023; and they would all be on hook for the $250 million bail.
This “no cash up front” bail deal was worked out between SBF’s legal team and US prosecutors, which included his agreement to be extradited to the United States.
New York federal court Judge Gabriel Gorenstein released him, subject to detention at his parents’ home while wearing an electronic monitoring bracelet, with mandatory mental health counselling and substance abuse treatment.
SBF had to surrender his passport under the bail agreement, and was stricter to travel to the Northern District of California, or the Southern and Eastern districts of New York for court appearances.
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This was a fraud of epic proportions. If that was the only test, detention would likely be appropriate. But he voluntarily consented to extradition. That should be given weight.
If he had resisted, we would have opposed release. But his assets have diminished. This is a financial crime and he no longer works for FTX or Alameda. So the risk to the community is a marginal consideration. We propose a restrictive bail package.
– Assistant US Attorney Nick Roos
Sam Bankman-Fried faces up to 115 years in prison if convicted on all eight counts of wire fraud and conspiracy to commit securities fraud, money laundering, and violating campaign finance laws in his cryptocurrency exchange company, FTX.
His next hearing is set for January 3, 2022, and his defence is expected to be complicated by the fact that two of his chief lieutenants – Caroline Ellison and Gary Wang pleaded guilty and are now cooperating with investigations.
But until that he is convicted, SBF will be free to enjoy life at home, catching up on Netflix or the computer games he loves to play. Living with his parents may not be what every 30+ young man likes, but it sure beats jail in the Bahamas!
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.
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