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Sam Bankman-Fried To Be Under GPS-Monitored Home Confinement After Release on Largest-Ever Pretrial Bond: Report

Disgraced FTX founder Sam Bankman-Fried will reportedly be beneath monitored home arrest after posting what prosecutors are calling the biggest pretrial bond of all time.

In line with a brand new report by CNBC, Bankman-Fried will probably be released on a staggering $250 million bail as he awaits trial for allegedly defrauding buyers and mismanaging buyer funds.

The report finds that the previous chief government’s bond was secured by the fairness in his household house, signatures of his mother and father, each of whom are regulation professors at Stanford College, together with two different unnamed people who’ve sizable property.

As a part of the phrases of his launch, the 30-year-old must put on an digital system on his ankle that displays his actions, submit himself to obligatory psychological well being counseling, in addition to keep confined to the Northern District of California.

The presiding Choose, Gabriel Gorenstein, mentioned that Bankman-Fried would require “strict” supervision after his launch. Different restrictions positioned on the previous billionaire embody being banned from acquiring credit score strains over $1,000, in line with the report.

Bankman-Fried is accused of spearheading a multibillion-dollar fraud scheme the place he allegedly lied to prospects and commingled the funds they deposited into FTX.

In line with prosecutors, Bankman-Fried loaned out $8 billion value of his prospects’ funds to Alameda Analysis, FTX’s buying and selling department, to make large bets on digital property which went awry, and in addition used the funds to buy luxurious objects. He’s additional accused of creating unlawful marketing campaign contributions.

Just lately, Caroline Ellison, the CEO of Alameda Analysis, and FTX co-founder Gary Wang took a plea deal and agreed to assist construct the prosecution’s case in opposition to Bankman-Fried.

Bankman-Fried’s subsequent court docket date is scheduled for January third.

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