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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

#291

Post by berberous »

hn_throwaway_99 wrote: post #252
happyopossum wrote: post #205

Earlier quoted context omitted.

> secured only on his parents’ home in Palo Alto, This part is incorrect - his parents and 2 other individuals with ‘significant assets’ signed on his bond.

Normally when you post bail you have 2 options: 1. Pledge the full amount of the bail yourself. You get this back if the accused shows up in court, you lose it of they flee. 2. Pay some percentage (usually X%) to a bail bondsman. You never get that money back, and if the accused flees, the bail bondsman will try to get the money from whomever signed the bond (as the bail bondsman is on the hook). The bail bondsman ma…

I think bail norms probably vary by jurisdiction, etc., and your assumptions are not correct.

My guess is he was not required to post full collateral, i.e. the only collateral here is the home, and then Sam, his parents, and two others posted essentially an unsecured guarantee for the full $250M, such that the government could recover up that amount from any assets held by any of those parties. While unsecured, note that the government probably has priority over any creditors and could and would seize any assets of those parties per the guarantee.

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

#292

Post by karpierz »

xeromal wrote: post #230
Gasp0de wrote: post #224

Earlier quoted context omitted.

I am not from America, but iirc bail doesn't exist after you have been sentenced to jail, it's only to make sure that you will come to your trial? In Germany, you are only held in jail in the time before the trial if there is a reasonable suspicion that you might flee the country or commit other crimes.

Yeah, bail is basically a deposit promise that you'll come to the trial when it comes up. Some trials take a few months to a year or two to come up on the docket depending on how busy they are. Bail is usually proportional to your crime and there are businesses that will pay your bail if you give them 10%. They take the risk and will send a bounty hunter after you if you skip bail. Some states like California are tes…

To be clear: bail is not for criminals, it's for people accused of a crime.

Which is not to say if you commit murder, you go to jail without bail.

It's if you're accused of murder and made to stand trial, then you go to jail without bail, regardless of if you're guilty or not.

Really messes with poor people because if they don't have bail money, they either:

1. Sit in jail for a few months, unable to work, while their bills pile up, kids go uncared for, and rent is due.

2. Pay 10% of bail to a bail bondsman, who keeps the money regardless of if the accused is innocent or guilty, just so they have the privilege of walking free while awaiting trial for a crime they may or may not have committed.

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

#293

Post by jasonwatkinspdx »

moab wrote: post #41
elliekelly wrote: post #32

I wish we, as a society, could decide whether M is thousand or million and then only use it to represent that one concept. From the headline I initially assumed his bail was only $250,000 and I don’t think I’m the only one in this thread to have made that mistake.

I'm pretty sure you are. I've never seen M being used for thousand.

It has its roots in Latin. Mil means one thousand, so mil mil, aka million, is one thousand thousands. You'll see it in places that do more romance language family business, or in accounting where it's an old convention even in English.

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

#294

Post by civopsec »

bruceb wrote: post #16

How does he have 10% of that? "His parents, both Stanford Law professors who were present in the courtroom, will put up the equity in their home to partially satisfy bail conditions." Sure their bay area home is worth millions but not that much.

The fact that they are Stanford law professors means that it all works out. Somehow. (That part surely must have been relevant in that sentence, since it was included.)

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

#295

Post by [deleted] »

RC_ITR wrote: post #170
candiddevmike wrote: post #135

Earlier quoted context omitted.

The running theory is his parents were the puppet masters and he is the fall guy.

You think two law professors were running the show? Have you ever met a law professor? It’s not a question of corruptability, it’s a question of competence

[deleted]

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

#296

Post by prawn »

jrockway wrote: post #240
googlryas wrote: post #151

Earlier quoted context omitted.

Should be denied access to the internet too, like most internet related criminals are on bond conditions.

That seems needlessly cruel. I'm all for getting to the bottom of what SBF did, but he hasn't been convicted of any crime yet. It's important that we go through the process before applying punishments.

I think if his suggested crime involved use of the internet, there's a case for withholding internet from him. Hard to supervise that at a family home, however.

Cruel might be a bit of a stretch. He can read and do some sketching. Bit of home maintenance. Have a crafternoon or two.

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

#297

Post by civopsec »

mrguyorama wrote: post #122
pessimizer wrote: post #36

Earlier quoted context omitted.

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 not stupid, don't downplay her intelligence. She absolutely had enough knowledge, education, and know how to see what was going on, and had every opportunity to get out. She didn't because, like most of the people involved, she thought she would be free and clear because line go up

> She's not stupid, don't downplay her intelligence.

You say that. And yet.

> because line go up

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

#298

Post by dragonwriter »

happyopossum wrote: post #205
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…

> secured only on his parents’ home in Palo Alto, This part is incorrect - his parents and 2 other individuals with ‘significant assets’ signed on his bond.

> This part is incorrect - his parents and 2 other individuals with ‘significant assets’ signed on his bond.

His parents signed the $250M bond, two others are to sign lesser bonds in amounts to be agreed.

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

#300

Post by googlryas »

jrockway wrote: post #240
googlryas wrote: post #151

Earlier quoted context omitted.

Should be denied access to the internet too, like most internet related criminals are on bond conditions.

That seems needlessly cruel. I'm all for getting to the bottom of what SBF did, but he hasn't been convicted of any crime yet. It's important that we go through the process before applying punishments.

Not really, my thought is any kind of bail jumping or favor calling in, or attempts at covering up evidence would be done on the internet. It's to preserve the effectiveness of the trial, not just some arbitrary punishment.
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