With Parents' Help, SBF Will Be Freed on $250M Bond

Bankman-Fried must remain at home of parents in California
By John Johnson,  Newser Staff
Posted Dec 22, 2022 1:22 PM CST
With Parents' Help, SBF Will Be Freed on $250M Bond
FTX founder Sam Bankman-Fried, center, is escorted from the Magistrate Court in Nassau, Bahamas, Wednesday, Dec. 21, 2022, after agreeing to be extradited to the US.   (AP Photo/Rebecca Blackwell)

Sam Brinkman-Fried will be able to prep for his fraud trial from his parents' home in California rather than a jail cell. A judge in New York on Thursday agreed to let the 30-year-old go free on $250 million bond, reports the Wall Street Journal. Parents Joseph Bankman and Barbara Fried, both of whom are Stanford Law professors, agreed to use equity in their Palo Alto home to partially satisfy the conditions of their son's bail, per NBC News. SBF has said his personal fortune fell from more than $1 billon to about $100,000 as his FTX crypto currency exchange imploded.

Federal judge Gabriel Gorenstein said SBF would be under “strict” supervision during his home arrest. Among other things, he will have to wear an electronic monitoring bracelet, per the AP. SBF, recently extradited from the Bahamas, "perpetrated a fraud of epic proportions," said Assistant US Attorney Nicolas Roos in federal court in Manhattan. But he got the bail deal in part because he agreed not to fight his extradition to the US. (Two of his former FTX colleagues already have reached plea deals.)

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