After making his initial court appearance on Thursday in a federal court in Manhattan, FTX founder Sam Bankman-Fried is scheduled to be released on a bond of $250 million. He will also be placed under house arrest in the Palo Alto home which he shares with his parents Joseph Bankman and Barbara Fried, prominent Stanford University Law professors.
SBF Released On Bail
Judge Gabriel Gorenstein of the US District Court approved the agreement that saw the alleged fraudster leave his place of residence at the Bahamas to stand trial for a number of offenses, including wire fraud, securities fraud, conspiracy, money laundering, and violations of campaign finance laws. 115 years in prison are the potential penalties for these charges.
According to reports the deal was prearranged and came after the Bahamian authorities handed over the 30-year old crypto tycoon to U.S. officials on Wednesday. As earlier, when the suspected crypto fraudster was arrested at his Caribbean island resort, his bail application got rightaway rejected.
SBF Under House Arrest
According to prosecutors, the suspect would be allowed to leave his parent’s home for exercise, mental health care, and drug abuse treatment but would not be allowed to carry out non-sanctioned transactions above $1,000. The only exception being that of legal bills and related fees.
This is a developing story and is being frequently updated.
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