Sam Bankman-Fried begins house arrest at his parent’s place. Live now
USA news update: Sam Bankman-Fried, the disgraced founder of FTX, was seen Friday morning entering his parents’ Palo Alto, California, residence, where he will remain under house arrest following his release on a record $250 million bond. Read more
Around 4:30 a.m., two cars were seen approaching Joseph Bankman and Barbara Fried’s home in a posh area on the outskirts of Stanford University’s campus.
Outside the residence where the alleged bitcoin fraudster will spend time with his parents, who are both law professors, a Stanford campus police car was spotted.
Sam Bankman-Fried begins house arrest at his parents’ place.
Sam Bankman-Fried, the disgraced founder of FTX, was seen Friday morning entering his parents’ Palo Alto, California, residence, where he will remain under house arrest following his release on a record $250 million bond. Thursday, when Bankman-Fried appeared in federal court in Manhattan, the judge approved a settlement that would see the former CEO released on a $250 million bond and put under home arrest with an ankle monitor.
To deter curious observers, sheriff’s deputies, campus police, and private security barricaded roads with barrier barriers throughout the region on Thursday afternoon. According to records, Bankman-parents Fried’s paid about $700,000 (about $1.5 million in today’s money) for their spacious four-bedroom, three-bath home in 1992.
His parents’ house is not without charm, though it is a long cry from Bankman-extravagant Fried’s penthouse in the Bahamas where he was detained last week. It has a sun-dappled dining room with a fireplace, a modern kitchen, a library, and a gated pool.
Following the collapse of his FTX trading platform, Bankman-Fried is accused of defrauding investors and stealing customer deposits, according to Assistant US Attorney Nicolas Roos, who claimed that Bankman-Fried “performed a fraud of epic proportions.” In addition to the $250 million bond, which Roos claimed to be the biggest federal pretrial amount ever, he also suggested draconian bail conditions.
According to Sam Bankman-attorney, Fried’s Bernie Madoff should “shut up.”
Ira Lee Sorkin, the lawyer who defended Madoff in his Ponzi scheme trial, said in an exclusive interview on “The Claman Countdown” on Thursday, “I’ve been there, done that.” “The Madoff swindle expanded, and it eventually turned into a circus. Satellite dishes, cameras, and even ABC News, from what I understand, rented a space across the street with a camera that could see right into his apartment. There were cameras everywhere.
Therefore, he couldn’t possibly skip. Furthermore, it doesn’t appear that Mr. [Bankman-Fried] was planning to skip.”
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