When Sam Bankman-Fried is out on his record-breaking $250 million bond And under house arrest, he would take refuge in his parents’ $4 million home on the edge of Stanford University’s campus in Palo Alto, California.
US District Judge Gabriel Gorenstein signed the agreement On Thursday, allowing the disgraced FTX founder and ex-CEO — who is facing multiple charges carrying sentences of up to 115 years — to leave New York for his home state.
Bankman-Fried, 30, wire fraud, securities fraud, conspiracy, money laundering and campaign finance violations. Federal charging documents accuse him of defrauding investors out of $1.8 billion.
while awaiting a federal trialThe fallen crypto king will be fitted with an ankle monitor and will have to live at his family’s residence – just a block from the Stanford campus, where his parents, Joseph Bankman and Barbara Fried, are both law professors.
Bankman-Fried’s parents’ interest in their five-bedroom, three-bathroom home will partially secure the record-breaking Bonds – which Zillow Estimates Gorenstein said that to be north of $4 million — and that equity would have to be paid within three weeks.
The alleged crypto grifter will be able to leave his parents’ home for exercise, mental health and substance abuse treatment. Prosecutors said he would also be allowed to make online purchases, but banned from making any unapproved payments of more than $1,000, which is not a legal fee.
Although close to the college campus, the 3,092-square-foot home, on a tree-covered lot, should provide Bankman-Fried with some privacy.
His family’s Craftsman-style home was built in 1917, According to PastHeritage.org, Records show the family has lived there since the early 90s, but her parents split their time between the US and the Bahamas, where Bankman-Fried was operating FTX.
Sure to be a big step up from the rat-infested Bahamian prison where he was previously being held Wednesday’s extradition,
Assistant US Attorney Nick Roush argued in favor of house arrest, saying that Bankman-Fried “voluntarily consented to extradition” to the Bahamas should be given importance.
he has a $250 million bond 25 times bigger than the collateral authorities demanded from infamous Ponzi scheme financier Bernie Madoff in 2009.
Bankman-Fried’s charges include illegally using investors’ money to buy real estate, fund his trading firm Alameda Research, and make political donations.