On Thursday, US Magistrate Judge Gabriel Gorenstein approved the release of FTX co-founder Sam Bankman-Fried on a $250 million personal recognizance bond guaranteed by his parents' house in Palo Alto, California, CNBC reports.
It has been established that Bankman-Fried is required to reside with his family at their home under strict supervision. As per the bail agreement, the disgraced entrepreneur is also required to surrender his passport and receive mental health and substance abuse treatment.
Bail amounts vary depending on the severity of the crime, past criminal activities of the defendant, appearance to previous court dates or skipping bond, and how much risk there is of them fleeing. The typical fee range from low misdemeanors at around $500 to higher felonies which could be up to $50,000 or even more. Michael Milken, a Wall Street star who was charged with insider trading and securities fraud back in the 80s, paid an astonishing $250 million bail ($600 million in today's dollars).
Earlier today, Bankman-Fried appeared at a federal court hearing in Manhattan today to face fraud charges linked to the collapse of the FTX exchange after being brought to the U.S. overnight.
As reported by U.Today, the former head of the now-defunct cryptocurrency exchange FTX, agreed to be extradited to the U.S. on Wednesday.
Bankman-Fried is accused of committing one of the most egregious financial frauds in US history. The 30-year-old denies the charges against him.
Arman Shirinyan
