Posted BY: Cristina Laila
A federal judge will release FTX founder Sam Bankman-Fried on $250 million bond.
Judge Gabriel Gorenstein said Bankman-Fried will be under “strict” supervision following his release to his parent’s house until his trial next year.
According to reports, the bond was secured by the equity in his family home and assets from his parents and “two other individuals.”
Sam Bankman-Fried was extradited to the United States after his arrest in the Bahamas.
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SBF was charged with 8 counts of money laundering and fraud right before he was set to testify to Congress about his collapsed Ponzi scheme.
FTX founder Sam Bankman-Fried will be released on $250 million bond while awaiting trial for fraud and other criminal charges, a New York federal judge ruled on Thursday.
The terms of his personal recognizance bond were agreed to by prosecutors and Bankman-Fried’s lawyers. The 30-year-old will face his next hearing in New York City on Jan. 3. Bankman-Fried was expected to be released from federal custody on Thursday, a prosecutor said.
A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp would not be required to meet the full collateral requirements on the bail.
The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets.
In addition to the $250 million package, which prosecutors called “the largest-ever pretrial bond,” the former crypto billionaire would also be required to wear an electronic monitoring bracelet, submit to mental health counseling, and restrict himself to the Northern District of California.
Sam Bankman-Fried’s ex-girlfriend Caroline Ellison, Alameda CEO, pleaded guilty to charges of fraud and conspiracy on Wednesday.
According to US Attorney Damian Williams, Caroline Ellison is cooperating with prosecutors in the Southern District of New York.
The SDNY also charged FTX co-founder Gary Wang with fraud.
In a separate complaint, the SEC charged Ellison and Wang with securities fraud.