The cryptocurrency entrepreneur Sam Bankman-Fried can post $250 million bond and live in his parents’ home in California while he awaits trial on charges that he swindled investors and looted customer deposits on his FTX trading platform, a judge said.
NEW YORK — The cryptocurrency entrepreneur Sam Bankman-Fried can post a $250 million bond and live in his parents’ California home while awaiting trial on charges that he swindled investors and looted customer deposits on his FTX trading platform, a judge said Thursday.
Assistant U.S. Attorney Nicolas Roos said in U.S. District Court in Manhattan that Bankman-Fried, 30, “perpetrated a fraud of epic proportions.” Roos proposed strict bail terms, including a $250 million bond — which he said is believed to be the largest federal pretrial bond ever — and house arrest at his parents' home in Palo Alto, California.
An important reason for allowing bail was that Bankman-Fried agreed to waive extradition, Roos said. Bankman-Fried was expected to be freed Thursday. Magistrate Judge Gabriel W. Gorenstein agreed to the bond and also approved the house arrest proposal, though he required that an electronic monitoring bracelet be affixed to Bankman-Fried before he left the courthouse. Roos had recommended it be attached Friday in California.
Bankman-Fried wore a suit and tie, sat between his attorneys and did not speak during the hearing except to answer the judge. Near its end, he was asked by Gorenstein whether he understood he would face arrest and owe $250 million if he chose to flee.Soon afterward, the hearing ended and Bankman-Fried, his hands in his front pants pockets, was led from the courtroom by two U.S. marshals.
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