FTX founder released on $250 million bail, will live with parents
FTX founder released on $250 million bail, will live with parents
After his first court appearance since being extradited from the Bahamas, FTX founder Sam Bankman-Fried has been released on $250 million bond.
WATCH: Sam Bankman-Fried departs courthouse in New York amidst a surging crowd of reporters and photographers pic.twitter.com/T6tkr0HjwO
— Bloomberg TV (@BloombergTV) December 22, 2022
On Thursday following his appearance in a Manhattan federal court, Judge Gabriel Gorenstein agreed to a bail package that was proposed by the FTX founder’s lawyers and by prosecutors. The agreement requires Bankman-Fried to wear an electronic monitoring bracelet and to be under arrest at his parents’ California home. He would only be permitted to leave his parents’ Palo Alto home for physical activity, mental health care, and for drug rehabilitation. Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, are both law professors at Stanford University.
U.S. Attorney Damian Williams called the FTX case “one of the biggest financial frauds in American history.” Last month, FTX’s net worth decreased from $32 billion to $1 billion in a day. The 30-year-old claimed that he was down to his last $100,000, and that his parents “told friends that their son’s legal bills will likely wipe them out financially.”
The alleged fraudster willingly left the Bahamas to face a slew of charges in the United States. The charges he is facing includes wire fraud, securities fraud, conspiracy, money laundering and campaign finance violations. The combined charges have a potential to carry a sentence of 115 years behind bars.
Ex-CEO Caroline Ellison and FTX co-founder Gary Wang, have also admitted to playing active roles in the company’s fraud. They are likely to be key in the case against Bankman-Fried. The duo has pleaded guilty to many federal charges including wire fraud, securities fraud and conspiracy.
The following hearing for Bankman-Fried is scheduled for January 3, 2023.
-
1:15:55
Redacted News
4 hours agoBREAKING! WEF'S Klaus Schwab drops BOMBSHELL, Zelensky becomes a Dictator | Redacted News Live
71.7K204 -
2:55:44
FRENCHY4185
4 hours agoROAD TO 100 FOLLOWERS !!! TRYING "XDEFIANT", IS IT A COD-KILLER ?!?!?!?!
21.9K3 -
Major League Fishing
5 days agoLIVE Bass Pro Tour, Heavy Hitters, Day 4
71.4K1 -
1:57:31
Revenge of the Cis
3 hours agoEpisode 1346: Summer Body
33.2K8 -
1:00:31
In The Litter Box w/ Jewels & Catturd
20 hours agoJury Tampering | In the Litter Box w/ Jewels & Catturd - Ep. 572 - 5/21/2024
54.4K26 -
1:17:16
Awaken With JP
5 hours agoNothing Is as It Seems - LIES Ep. 41
59.3K40 -
1:05:21
The Quartering
22 hours agoJimmy Dore LIVE On Trump Trial, Biden's Decline, 3rd Party & The State Of Comedy & More
58.1K40 -
1:13:50
Lee Camp
6 hours agoLIVE: 3 Mysterious Events Benefit US This Week! (& much more)
34.4K -
1:04:12
Barstool Chicago
7 hours agoThe Mid Show LIVE | Tuesday, May 21st, 2024
30.3K2 -
2:07:33
Tucker Carlson
6 hours agoErik Prince: CIA Corruption, Killer Drones, and Government Surveillance
141K331