Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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

0:00
0:00
Close
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
×