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Earlier quoted context omitted.
How does it work then?
This is, in fact, how bail works. But you can often get a bail bond (from a third party) for 10%-20% of the bail amount.
Note: as a practical matter, SBF's out-of-pocket is probably between 25-50 million (bondsmen normally charge 10%-20%, depending on risk factors and bail amount), and SBF's parents have this much in assets and savings to cover it (and can probably take loans to cover any shortfall), though this will definitely wipe out any of their legitimate holdings.
How many bail bondsmen have $225M lying around and why would they risk it on SBF who is a major flight risk?
But bondsmen don't have to just cut you loose with zero oversight. For a small slice of the $25m they can hire a team to follow him around 24/7. I assume they also put him in a ankle tracker and have him checking in on a strict schedule. All of this cuts into their profit so it's only as risky as they are cheap about monitoring him.
Note: as a practical matter, SBF's out-of-pocket is probably between 25-50 million (bondsmen normally charge 10%-20%, depending on risk factors and bail amount), and SBF's parents have this much in assets and savings to cover it (and can probably take loans to cover any shortfall), though this will definitely wipe out any of their legitimate holdings.
His ex-girlfriend and CEO of Alameda really put the nail in the coffin. Turned on him for 250K$ bail, forfeiture of all assets and basically no prosecution (except some taxes) as long as she co-operates. Probably dropped the entire playbook of Sam and made the case irrefutable and ironclad. https://s3.documentcloud.org/documents/23495436/crypto-coope...
Earlier quoted context omitted.
Which bail bond company came up with the other $225M?
When I needed to post a large bail I couldn't afford I got a personal loan so I wouldn't have to forfeit the bond amount. Bail bond companies are mostly a tool for those without any assets.
Earlier quoted context omitted.
This is, in fact, how bail works. But you can often get a bail bond (from a third party) for 10%-20% of the bail amount.
But that 10% is a non-recoverable fee, right? It seems insane they would have agreed to pay a third party $25M as a non-recoverable fee.
I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my money market accounts than this crypto forex NFT nonsense.