Financial Crime: Sam Bankman-Fried to be released on $250 million bond following first U.S. hearing

by | Dec 22, 2022 | Stock Market

Accused crypto crook Sam Bankman-Fried can be released from custody on a $250 million bond, a federal judge ruled Thursday, following the FTX founder’s first appearance in a U.S, court on fraud charges. Federal prosecutors said the bail agreement will require Bankman-Fried to remain in home detention at his parents’ home in Palo Alto, Calif., and wear an electronic monitoring device. He will also have to surrender his passport, Reuters reported. 

The hearing capped a whirlwind 10 days for Bankman-Fried, who was returned to the U.S. late Wednesday after being extradited from the Bahamas where he’d been held since his arrest on Dec. 13. While he was mid-air, prosecutors in New York dropped a bombshell, announcing that two of Bankman-Fried’s top associates, Caroline Ellison and Gary Wang, had pleaded guilty in the case and had agreed to cooperate with authorities. Bankman-Fried’s arrest came just over a month after the implosion of his crypto currency exchange FTX, which caused billions of dollars in customer deposits to vanish. The firm filed for bankruptcy on Nov. 11 when Bankman-Fried was ousted from the company he’d co-founded in 2019. Prosecutors say the company was a fraud from the very begin …

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