When Sam Bankman-Fried comes out on his record $250 million bond and under house arrest, he’ll take refuge in his parents’ $4 million house on the edge of the Stanford University campus in Palo Alto, California. .
U.S. District Judge Gabriel Gorenstein signed the deal Thursday, allowing the disgraced founder and ex-CEO of FTX — who faces a slew of charges up to 115 years in prison — to leave New York for his State of origin.
Charges against 30-year-old Bankman-Fried include conspiracy, money laundering, wire fraud, and securities fraud. He is charged with scamming investors of $1.8 billion in federal charging documents.
The ousted crypto monarch is given an ankle monitor and ordered to stay at his family home, which is a block from the Stanford campus and where his parents, Joseph Bankman and Barbara Fried, are all two-time professors of law, while he awaits a federal trial. Bankman-parents’ Fried’s equity in their five-bedroom, three-bathroom home, which Zillow values at more than $4 million, is claimed to provide a partial security for the record bond and is likely to be paid within three weeks. said Gorenstein.
Sam Bankman-Fried will be under house arrest
The suspected crypto thief will be able to leave his parents’ house to exercise, take care of his mental health and treat addiction. He is also authorized to make purchases online, but cannot make unauthorized payments over $1,000 that are not legal fees, prosecutors said.
Although it’s close to the college campus, the 3,092-square-foot home on a wooded lot in Bankman-Fried should offer some privacy.
Her family’s Craftsman-style home was built in 1917, according to PastHeritage.org. Records show the family has lived there since the early 1990s, but his parents were split between the United States and the Bahamas, where Bankman-Fried operated FTX.
It will certainly be a big step up from the rat-infested Bahamian prison where he was held before his extradition Wednesday.
Assistant U.S. Attorney Nick Roos called for house arrest, saying that Bankman-Fried’s “willingly agreed to be extradited” from the Bahamas “should be considered important.”
His $250 million bond is 25 times larger than the guarantee officials demanded from disgraced Ponzi scheme financier Bernie Madoff in 2009.
Bankman-Fried is accused of illegally using investors’ money to buy real estate, finance his trading company Alameda Research and make political donations, among other charges.
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