January 28, 2023

Bankman-Fried Asks Judge to Hide Identities of Bail Guarantors

Disgraced FTX CEO was granted $250 million bail package keep away from, one of the largest in US history

FTX founder Sam Bankman-Fried has asked a assess to conceal the details of two people who will help secure his bail, Bloomberg reports .

“ If the two remaining sureties are publicly discovered, they will likely be subjected to probing media scrutiny, and possibly targeted for harassment, regardless of having no substantive connection to the case, ” wrote SBF’s lawyers in a letter filed on Tuesday seeking redactions of the names of the two individuals who intend to sign as sureties to his bail.

“ Therefore, the privacy and safety of the sureties are “ countervailing factors” that considerably outweigh the presumption associated with public access to the very restricted information at issue, ” the letter continues.

Bankman-Fried’s $250 million bail package – given in his first appearance on US soil since his arrest in the Bahamas, has been secured by his parents’ Palo Alto home, that is worth nowhere near that amount. The judge in the case also required that two people associated with “ considerable means, ” at least one of whom cannot be a relative, also sign the particular bond.

Bankman-Fried was granted the $250 million bail deal in December, one of the largest within US history. The personal recognizance bond approved by the determine was secured by the collateral in Bankman-Fried’s parents home in Palo Alto, Ca,   which is almost certainly not really worth anywhere near that will amount. But outsized bonds are more a means of establishing harsh financial consequences regarding bail-jumping and are often backed by assets worth only around 10% of the mentioned amount. -Bloomberg

The two individuals have never yet signed the bond but intend to do so from the Jan. 5 deadline, based on the letter.

Bankman-Fried is set to appear in a New york federal court on Tuesday  to face charges on 8 criminal counts  ranging from wire fraud to conspiracy to commit money laundering, to conspiracy by misusing consumer funds,   CNN   reports.   He is likely to plead not guilty.

He faces 115 yrs if convicted on most of charges.

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