Hey Peeps!
Sam Bankman-Fried is free....sort of.
A couple days ago, SBF was in the Bahamas awaiting extradition, now on December 22nd he is on his way to his parents' house to await his trial.
Today, December 22nd, Sam Bankman-Fried found himself in court for the first time following charges being filed against him.
After U.S. Attorney Nicolas Roos offered a $250 million bail package, and SBF's defense council accepted the terms, Magistrate Judge Gabriel W. Gorenstein approved the release.
This $250 million bond is reportedly the highest pre-trial bond ever.
Under the terms of the bond, Bankman-Fried will wear an electronic monitoring device, while living with his law-professor parents in San Francisco.
SBF will also have to surrender his passport, and will not be allowed to make "financial transactions in excess of $1000 without preapproval by the government, except to pay legal fees".
The next hearing in the SBF drama is scheduled for January 3rd, 2023.
The Complex Frauds and Cybercrime Unit at the Southern District of New York US Attorney’s Office is currently charging Sam Bankman-Fried with:
- conspiracy to commit wire fraud on customers
- wire fraud on customers
- conspiracy to commit wire fraud on lenders
- wire fraud on lenders
- conspiracy to commit commodities fraud
- conspiracy to commit securities fraud
- conspiracy to commit money laundering
- conspiracy to defraud the United States and violate the campaign finance laws
"For bail, you must consider the weight of the evidence. This was a fraud of epic proportions. If that was the only test, detention would likely be appropriate. But he voluntarily consented to extradition. That should be given weight. If he had resisted, we would have opposed release. But his assets have diminished. This is a financial crime and he no longer works for FTX or Alameda. So risk to the community is a marginal consideration. We propose a restrictive bail package. We believe this is the highest ever pre-trial bond. That's our proposal: A $250 million bond, signed by defendant and his parents, and a non family member, secured by the parents' home, where he will live, in Palo Alto."
- Nick Roos, Assistant U.S. Attorney
Many people were quick to point out that there were no restrictions on Sam Bankman-Fried's computer/internet usage.
It appears that it is common for computer/internet usage to be restricted for financial crimes.
If this is the case, it is certainly odd that SBF is allowed to continue to access the internet freely.
Will SBF try to make a run for it?
How do you feel about this news?
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