Last Updated: 23 December 2022
Sam Bankman-Fried may await his trials in his parents’ home. The founder of FTX and Alameda Research will be released on $250 million bail.
Bankman-Fried is under house arrest in picturesque Palo Alto, in California. So reports the Inner City Press. Collateral includes real estate owned by Bankman-Fried’s parents.
The lifestyle of Bankman-Fried aka SBF must be in steep decline. For any expenditure over $1,000, he has to seek permission from the court. One exception is the litigation fees for the many lawsuits the fallen crypto billionaire is involved in.
Judge Gorenstein: The defendant has achieved sufficient notoriety it would be impossible for him to continue financial transactions – this notoriety also goes to risk of flight. He would be recognized. So I am going to permit release…
— Inner City Press (@innercitypress) December 22, 2022
Earlier this year, FTX, Alameda and a string of other companies exploded in SBF’s name. Literally billions of dollars were ‘lost’. The judge indicated that the likelihood of flights was low, partly because of SBF’s notoriety.
Eight cases are currently pending from US prosecutors against SBF. They include bank fraud, lying to customers and ignoring US election laws. Earlier today, it became clear that his former associates threw him under the bus in their own cases.
Caroline Ellison was reportedly Bankman-Fried’s girlfriend in addition to being a business partner. She was put in charge of Alameda Research. The trading company received many benefits on the FTX trading platform. Customer funds from FTX also allegedly went to Alameda.