Budapest Post

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

We just learned the names of the 2 people secretly guaranteeing Sam Bankman-Fried's $250 million bond

We just learned the names of the 2 people secretly guaranteeing Sam Bankman-Fried's $250 million bond

A federal judge has unsealed the names of two people who are sponsoring Sam Bankman-Fried's $250 million bond, siding with media organizations — including Insider — who argued in court that their identities should be made public.
Larry Kramer, a former dean of Stanford University's law school, contributed $500,000 to the bond, according to court records unsealed Wednesday afternoon. Another person named Andreas Paepcke, who appears to be a research scientist at Stanford University, gave $200,000 for the bond, records show.

Bankman-Fried's parents, Joseph Bankman and Barbara Fried, who are both professors at Stanford University's law school, have also contributed to the bond. They guaranteed the value of their home in Palo Alto, California, where the FTX founder is allowed to remain ahead of a criminal trial on fraud charges.

Kramer told Insider that he and his wife are friends with Bankman-Fried's parents.

"Joe Bankman and Barbara Fried have been close friends of my wife and I since the mid-1990s," Kramer wrote in an email. "During the past two years, while my family faced a harrowing battle with cancer, they have been the truest of friends – bringing food, providing moral support, and frequently stepping in at moment's notice to help. In turn, we have sought to support them as they face their own crisis."

He also said he had no business interest in the $500,000 he contributed towards Bankman-Fried's bond.

"My actions are in my personal capacity, and I have no business dealings or interest in this matter other than to help our loyal and steadfast friends," Kramer wrote. "Nor do I have any comment or position regarding the substance of the legal matter itself, which is what the trial will be for."

In December, federal prosecutors in Manhattan brought eight criminal counts against Samuel Bankman-Fried, alleging he "orchestrated a years-long fraud" by misleading investors and customers about FTX, his cryptocurrency exchange, and commingling funds with Alameda Research, a hedge fund he also controlled. Bankman-Fried pleaded not guilty to the charges.

Lawyers for Bankman-Fried have spent the weeks since his arrest trying to keep the names of Paepcke and Kramer secret, arguing the two would be subject to harassment if their names were made public.

But US District Judge Lewis Kaplan on January 30 sided with media organizations — including Insider — which argued that it was in the public's interest to reveal the names.

"Given Mr. Bankman-Fried's relationships and access to some of the most wealthy, powerful, and politically connected individuals, including elected officials, access to the identity of the bond sureties will bolster trust in the judicial process here," lawyers for the news organizations argued in a filing.

The judge ruled that the public interest outweighed any privacy rights the sponsors had and that they knew what they were getting into.

"The non-parental bail sureties have entered voluntarily into a highly publicized criminal proceeding by signing the individual bonds," Kaplan wrote in his January 30 decision.

Kaplan gave Bankman-Fried's lawyers a chance to appeal his decision. But while they filed a document indicating they intended to appeal, they failed to file a separate request asking the appeals court to pause Kaplan's order, leading to the names of Kramer and Paepke to be unsealed Wednesday.

A representative for Bankman-Fried declined to comment. Paepcke and representatives for Stanford University and Stanford Law School didn't immediately respond to Insider's request for comment.

Prosecutors and Bankman-Fried's attorneys are still wrangling over the terms of his home confinement conditions. In the past week, prosecutors and the judge have raised concerns that Bankman-Fried has access to tools that allow him to auto-delete and encrypt messages, and to use a virtual private network, or VPN, that allows him to disguise his internet activity.

His attorneys said in court filings that Bankman-Fried used a VPN to watch NFL playoff games and the Super Bowl.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
U.S. and Hungarian Officials Talk About Economic Collaboration and Sanctions Strategy
Technology Giants Activate Lobbying Campaigns Against Strict EU Regulations
Pope Francis Admitted to Hospital in Rome Amid Increasing Speculation on Succession
Zelensky Calls on World Leaders to Back Peace as Tensions Rise with Trump
UK Leader Keir Starmer Calls for US Security Guarantee in Ukraine Peace Deal
NATO Chief Urges Higher Defense Expenditure in Europe
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advancement.
Rubio Touches Down in Riyadh Before Key U.S.-Russia Discussions
Students in Serbian universities Unite to Hold Coordinated Protests for Accountability.
US State Department Removes Taiwan Independence Statement from Website
Abolishing opposition won't protect Germany from Nazism—this is precisely what led Germany to become Nazi!
Transatlantic Gold Rush: Traders Shift Bullion in Response to Tariff Anxieties and Market Instability
Bill Ackman Backs Uber as the Company Shifts Towards Profitability
AI Titans Challenge Nvidia's Supremacy in Light of New Chip Innovations
US and Russian Officials to Meet in Saudi Arabia Over Ending Ukraine Conflict. Ukraine and European leaders – who profit from this war – excluded from the negotiations.
Macron Calls for Urgent Summit as Ukraine Conflict Business Model is Threatened
Trump’s Defense Secretary: Ukraine Won’t Join NATO or Regain Lost Territories
Zelensky Urges Europe to Bolster Its Military in Light of Uncertain US Backing
Chinese Zoo Confesses to Dyeing Donkeys to Look Like Zebras
Elon Musk is Sherlock Holmes - Movie Trailer Parody featuring Donald Trump's Detective
Trump's Greenland Suggestion Sparks Sovereignty Discussions Amid Historical Grievances
OpenAI Board Dismisses Elon Musk's Offer to Acquire the Company.
USAID Uncovered: American Taxpayer Funds Leveraged to Erode Democracy in Europe Until Trump Put a Stop to It.
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
×