FTX's Sam Bankman-Fried reportedly arrives at parents' home after $250M bail
Dec. 23, 2022 9:45 AM ETBy: Max Gottlich, SA News Editor20 Comments
- After being released on a $250M bail, FTX (FTT-USD) co-founder Sam Bankman-Fried was seen at his parents' home in Palo Alto, California where the 30-year-old onetime billionaire will stay under house arrest, the New York Post reported Friday.
- Bankman-Fried made an appearance in Manhattan federal court Thursday, when a magistrate judge agreed to allow SBF to be granted bail and be placed under house arrest with an electronic monitoring bracelet.
- The former FTX CEO, who arrived in the U.S. Thursday following his extradition from The Bahamas, is facing a raft of federal charges ranging from money laundering to wire fraud.
- His parents' property, which consists of a gated pool and a library, is estimated to be worth up to $4M, the NYP noted. Both of SBF's parents are law professors teaching at Stanford Law School.
- On December 21, when SBF was en route to the U.S., his associates Ellison and Wang plead guilty to federal fraud charges.