The former billionaire and founder of the crypto scheme FTX was released on $250 million bail after appearing in a Manhattan court on Thursday. The package includes terms that he will be confined to his parents’ house in California, where he awaits trial.
Samuel Bankman-Fried, 30, has been charged with 8 counts of defrauding customers, as well as money laundering and violations to campaign finance laws.
His parents have agreed to put up the equity they own in the house where Bankman-Fried will be staying as part of the bail. Two other people who have yet to be named, one relative and one non-relative, will pay the rest of the required bond.
It is not known what portion of the $250 million bond he has been required to pay. According to NBC News, Bankman-Fried was released on a personal recognizance bond, meaning that he and his team would not be required to meet the full collateral requirements if Bankman-Fried appears in court as agreed upon.
A grand jury indictment accused Bankman-Fried of "knowingly" scheming to defraud investors by moving funds into his girlfriend’s crypto fund, Alameda Research. The Department of Justice has also accused the alleged fraudster of breaking campaign finance laws.
Bankman-Fried is accused of making "tens of millions of dollars" worth of illegal campaign donations.
According to Fortune, "30-year-old Bankman-Fried has been a major force in Democratic politics, ranking as the party’s second-biggest individual donor in the 2021–2022 election cycle."
His donations totaled a documented $39.8 million.
He is accused of defrauding a total of $1.8 billion from investors.
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