Sam Bankman-Fried Released from Custody After Posting $250 Million Bond
Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was released on $250 million bail while awaiting trial for fraud and other related charges. Bankman-Fried appeared before a federal judge this afternoon after being extradited from the Bahamas.
Bankman-Fried is out of custody on a secured appearance bond, which does not require him to meet the full collateral requirements. Instead, the bond is secured by considerable assets of third parties, including his family home. He is also required to wear an electronic monitoring bracelet, submit to mental health counseling and restrict his travel within and between the Northern District of California and the Southern District of New York.
Federal prosecutors called this the “largest-ever pretrial bond.” They argued that Bankman-Fried was the heart of “a fraud of epic proportions.” Judge Gabriel Gorenstein said Bankman-Fried would require “strict” supervision following his release to his parent’s home in California.
Federal authorities claim over $8 billion in customer money is missing. Two top FTX executives, Caroline Ellison, and Gary Wang pleaded guilty to related fraud charges and are cooperating with federal prosecutors.
If you have been charged or are under investigation, then contact the Law Offices of John D. Rogers to schedule a free consultation with an experienced Newport Beach criminal defense attorney.