Sam Bankman-Fried was refused bail by the court a few days ago, while he was still in the Bahamas. After being extradited to the United States, the fugitive secured bail of up to $250 million.
The disgraced crypto billionaire was informed by the court that he could stay with his parents in Palo Alto as he awaited trial. But SBF previously informed us that he had less than $100,000, so how did he come up with the money for bail?
However, because this is a personal recognizance bond, SBF had not paid the court those hundreds of millions. This occurs when a judge orders a defendant’s release without requiring any deposit.
According to the release agreement that was filed on December 22, it was not necessary to make a cash deposit with the court; rather, the terms of the bond stipulate that the five-bedroom property that SBF’s parents own in Palo Alto would be utilized as collateral for the $250 million bail.
In accordance with the terms of the bail agreement, the full amount of the bond will only be paid out if Bankman-Fried fails to show up for any of his upcoming court dates or breaches any of the other conditions of his release, such as the mandate to turn himself in to serve a court sentence.
Reviewers of the court filings also expressed worry for Bankman-family Fried’s members, the guarantors, in the event that SBF violates his bail terms and ends up having to pay the $250 million. These family members include Bankman-father, Fried’s Allan Joseph Bankman, and mother, Barbara Fried.
Sam Bankman-Fried, the infamous criminal, is being charged with eight different crimes: conspiracy to conduct wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, commodities fraud, securities fraud, money laundering, and conspiracy to defraud the United States and violate campaign funding laws.
The allegations against SBF include potential sentences of up to 20 years in prison and large fines. More than a century in jail may be in store for him if he is found guilty on all counts, as the terms would likely run concurrently.
I think the record-breaking $250 million bail is well-deserved. Hope the criminal doesn’t break any of the rules or his loved ones will have to foot the bill (literally).