KryptoCurrency

November 5, 2024
Crypto

SBF sent home after his parents put up their house to cover his astronomical bail bond

By akohad Dec23,2022

[ad_1]

Sam Bankman-Fried, the former CEO of FTX now facing criminal charges that could land him in jail for the rest of his life, may be granted bail in the United States ahead of his trail, Reuters reported Dec. 21.

Prosecutor Nicholas Roos has reportedly proposed granting Bankman-Fried, often referred to as SBF, bail on the conditions of a $250 million bond, home detention, location monitoring and the surrender of his passport.

The New York Times reported that SBF’s bail was approved and he will live with his parents in Palo Alto, California. His parents secured his bail with the equity in their house.

SBF claimed earlier that, after the collapse of the company he founded and his resignation as its CEO, he had only $100,000 in his bank account.

U.S. Magistrate Judge Gabriel Gorenstein in a federal district court in Manhattan approved the bail proposal, adding that SBF will require “strict pretrial supervision,” including mental health treatment and evaluation. SBF is known to suffer from depression and takes prescription medications.

Related: SBF received special treatment inside Bahamian jail: Report

His defense counsel stated that SBF has agreed to the terms offered. SBF was not offered bail when he was arrested in The Bahamas at the behest of U.S. authorities on grounds that he presented a flight risk. He returned to the United States in the custody of the FBI on Dec. 20.

This decision was handed down on the same day that former colleagues Caroline Ellison and Gary Wang pleaded guilty to fraud charges and are cooperating with the investigation. Ellison avoided charges that could have seen her sent to prison for 110 years.

Authorities have made no mention yet of the location of former FTX executive Nishad Singh, who formed SBF’s inner circle at the company along with Wang and Ellison.

SBF’s next court appearance is scheduled for Jan. 5, 2023.