BREAKING NEWS: FTX founder Sam Bankman-Fried is released on $250 million bail after returning to the US from the Bahamas – despite claiming to have only $100,000 to his name
SBF was released on bail in New York City on Thursday, a day after being extradited
His parents and two other people will pay the bail – the largest in US history
The 30-year-old is charged with eight counts of fraud and money laundering
Prosecutors say he used his platform FTX as a ‘personal piggy bank’
SBF filed for bankruptcy before his arrest; he claims he has $100,000 to his name
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Fallen FTX founder Sam Bankman-Fried will be released on a $250 million bond, according to a deal struck today in a New York City courtroom.
The disgraced financier had recently claimed to have only $100,000 to his name.
His parents, a Stanford law professor, and two other individuals, who have not been named, are expected to post bail, but it remains unclear whether they will be required to pay the full $250 million or a cash percentage.
Prosecutors today described it as the largest bail ever given by a US judge.
Sam Bankman-Fried will be extradited to the US yesterday
Bankman-Fried’s mother, Barbara, will arrive in court on Thursday
Bankman-Fried, 30, has been charged with a series of fraud and money laundering charges after allegedly stealing $1.8 billion from his crypto trading platform, FTX, to fund his own life.
Federal prosecutors and SEC investigators say he used the platform as a “personal piggy bank” to fund his own lifestyle.
Bankman-Fried was arrested in the Bahamas last week and extradited to New York, where he appeared before a judge today.
He was set to testify before Congress about his failed company, and in leaked testimony claimed that he only had $100,000 to his name, but that he could “blood health” to all of his investors who lost money.
Bankman-Fried’s ex-girlfriend and former CEO, Caroline Ellison, has entered a plea deal with prosecutors to avoid her own indictment.
She faced 110 years in prison for seven tax violations and several counts of fraud, but prosecutors have agreed not to prosecute her on the most serious charges.
In return, she will cooperate with their ongoing investigation and plead guilty to the minor tax violations, for which she would be fined $250,000.
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