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FTX founder Sam Bankman-Fried to be released on $250M bail

cnbc.com

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Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#171

Post by carabiner »

jcampbell1 wrote: post #57
themodelplumber wrote: post #8

Earlier quoted context omitted.

Likely needed 25M for actually posting bail. He also did a lot of nice things and has a lot of friends, not to mention family. No big stretch of the imagination here.

Bail doesn't work that way at this scale. His parents put up the deed to their house, and a couple of really rich friends showed that they have $250 million in assets and agreed to let the government seize them if SBF doesn't show up. No cash really changes hands.

This system just seems insane. Why allow people to temporarily buy their way out of jail? How is this not grossly unfair to the poor?

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#172

Post by 323 »

pessimizer wrote: post #36
pearjuice wrote: post #7

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...

It's good that she did, because he played her for a sucker. He routed that entire massive fraud, which she may have barely understood (we'll see), through her as the CEO of a fake company whose only purpose was to embezzle deposits from FTX customers.

She's 28 and well educated. The "sucker" defense will not work for her.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#173

Post by Frost1x »

WJW wrote: post #121
jhawk28 wrote: post #109

Earlier quoted context omitted.

His parents used their house as collateral.

His parents' house is worth 250 million USD? (!?!)

I read the same two things in the article and scratched my head. I mean, I assume the entire $250 million mentioned didn't have to come from the home, the way its written it could be a modest home. None the less, it makes me very curious what the actual value of the home is estimated at and where he materialized that much in assets supposedly out of nowhere.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#174

Post by knorker »

tibbydudeza wrote: post #14

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.

His father worked for FTX for a while. He may be facing charges too.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#175

Post by shafyy »

It's so wrong that rich folks can just skip jail. I'm just reading Harari's Sapiens, and one of his points is that it's crazy that today it's accepted that poorer people are discriminated against. That many people think that being poor is a not something that happens by chance, but by people being lazy or dumb.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#176

Post by virgildotcodes »

mrguyorama wrote: post #143
tibbydudeza wrote: post #64

Earlier quoted context omitted.

As a parent it does not work that way unless you have a toxic relationship with yours.

Bullshit. You are perfectly capable of letting your children be punished for their negligence or stupidity, and any action to lessen that punishment will just show them how far you are willing to sacrifice your own life to keep them from learning a hard lesson. They know he knowingly defrauded millions of people out of billions of dollars. If I did that, my mom would let me go to prison for the rest of my life becaus…

Eh, this is probably their last chance to spend a significant amount of time with their son. By the time he gets out of prison they’ll likely be dead.

I can totally understand how parents wouldn’t give two shits about “teaching their child a lesson” in this scenario.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#177

Post by dredmorbius »

Animats wrote: post #120
dredmorbius wrote: post #105

Earlier quoted context omitted.

Which is specifically what the Coindesk article discusses. (Note that it's a description of the agreement, rather than the full text of it directly.)

Here's the full text of the agreement.[1] Those are the tough conditions you see when a federal prosecutor has a really good case. [1] https://www.documentcloud.org/documents/23495436-crypto-coop...

Thanks!

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#178

Post by edf13 »

pavlov wrote: post #115

David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…

$250m secures on their home?? How much is that valued at?

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#179

Post by stevenwoo »

annexrichmond wrote: post #159
pavlov wrote: post #115

David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…

More like he moved into his parents’ attic? They don’t have basements in California :P

They do if you spend enough money. I met someone who was related to an executive of Intel and they had a basement with dumb waiter and a laundry chute from the other floors.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#180

Post by dredmorbius »

dragonwriter wrote: post #166
dredmorbius wrote: post #103

Earlier quoted context omitted.

Bail isn't a punishment but a guarantee for future appearance . (Edited for clarity.)

Guarantee of appearance, or guarantee against flight.

Fair point.

I was writing in the sense of "a guarantee based upon", though the wording I used ("against appearance") is ... confusing.

Parent comment edited for clarity.

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