FTX Founder Sam Bankman-Fried Leaves Jail After Paying N111.2bn Fine
- The disgraced FTX founder, Sam Bankman-Fried, has been released on a bail bond of $250 million
- The former FTX billionaire was released to his parents in California on Thursday, December 22, 2022
- The conditions of his bail include wearing a monitoring bracelet, attending mental health counselling and some restrictions
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The former billionaire and founder of the crashed FTX crypto exchange has been released on a $250 million bond as he awaits trial for fraud and other criminal charges, according to a New York federal judge ruling on Thursday, December 22, 2022.
Sam Bankman-Fried left the US District Court in Manhattan accompanied by his parents, his legal team and court security.
Source: Getty Images
Bankman-Fried to be arraigned in January
Prosecutors and Bankman-Fried’s lawyers agreed to his personal recognition bail conditions.
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The 30-year-old ex-billionaire will face his next hearing on January 3, 2022, where he will enter his plea and be docked.
A recognizance bond is a written commitment from a suspect to appear in court when ordered. In exchange, Bankman-Fried’s camp would not be asked to meet the full collateral conditions for his bail, CNBC reports
The bail bond was secured by the equity of his family home and by the signatures of his parents and two other persons with enough assets.
Bail one of the biggest in US history
Additionally, the $250 million package, the largest-ever bond, Bankman-Fried would also be needed to wear an electronic monitoring device, submit to mental health counselling and restrict his travel within the district of California and Southern and Eastern Districts of New York.
Judge Gabriel Gorenstein stated that Bankman-Fried would need strict supervision after his release to his parent’s home in California.
His parents were present in the courtroom as he was flanked by two US marshals, dressed in blue suits and brown shoes.
SBF, as he is called, will also be barred from opening new lines of credit of more than $1,000 while awaiting trial over what federal regulators have called a brazen fraud at FTX.
Meet Sam Bankman-Fried, the 30-year-old billionaire once richer than Dangote, now officially poor
Legit.ng reported that Sam Bankman-Fried, one of the world's youngest billionaires, has gone from a net worth of $26 billion (N11.4 trillion) to nothing in eight months (November 11, 2022).
Bankman-Fried's massive losses has stunned the world and have been regarded as the worst destruction of wealth by one individual in history.
Bloomberg billionaire index had in March 2022 ranked Bankman-Fried five places above Aliko Dangote, while Forbes, in its list of crypto billionaires, described him as 'a crypto genius.
Source: Legit.ng
