Yesterday, a federal judge ruled FTX founder Sam Bankman-Fried to be released on $250 million bail while he awaits trial for eight federal criminal charges related to fraud at his collapsed crypto empire, including wire fraud, conspiracy and money laundering. The charges could carry a sentence of up to 115 years in prison.
The $250 million package, which prosecutors called “the largest ever pretrial bond,” was secured by equity in his family home and by the signatures of his parents and two other individuals with “considerable” assets.
The former CEO has been placed under house arrest with an ankle monitor in his parents’ Palo Alto residence.
The 30-year-old will face his next hearing, presided over by Judge Ronnie Abrams, in New York City on Jan. 3., where he’ll enter his plea and be arraigned.
Bankman-Fried’s bail dwarfs other federal white-collar bonds. Bernie Madoff posted a $10 million bond while awaiting trial on his multibillion-dollar Ponzi scheme. Jeff Skilling, former Enron CEO, posted a $5 million bond, while Elizabeth Holmes, Theranos founder, posted a scant $500,000.
Related: The Pros and Cons of Adding Cryptocurrency to Your Portfolio
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Episode 135 – Cryptocurrency and Taxes With Micah Fraim