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SBF Released After $250 Million Bail Posted As Former Colleagues Ellison & Wang Begin Collaboration with Feds

SBF was ordered to surrender his passport, maintain an electronic monitor, and not to possess weapons or partake in transactions which exceed $1,000

by Addison Basurto
December 22, 2022
in News
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Last Updated on December 22, 2022

Hours after the SDNY unsealed the guilty pleas of former Alameda Research CEO, Caroline Ellison, and former Chief Technology Officer (CTO) of FTX, Gary Wang on Thursday, Sam Bankman-Fried, former Chief Executive Officer (CEO) of the now-defunct cryptocurrency exchange, FTX, was released conditionally from U.S. federal custody on Thursday on a personal recognizance bond in the form of a lien signed by his parents against their home in Palo Alto, California.

SBF was ordered to surrender his passport, maintain an electronic monitor, and not to possess weapons or partake in transactions which exceed $1,000.

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Sam Bankman-Fried, former Chief Executive Officer (CEO) of the now-defunct cryptocurrency exchange, FTX, was released conditionally from U.S. federal custody on a personal recognizance bond in the form of a lien signed by his parents against their home in Palo Alto, California. pic.twitter.com/xVRhuZOQQx

— Addy Adds (@OneAddyAdds) December 23, 2022

“Bail is set as follows: $250,000,000 PRB cosigned by four (4) financially responsible persons (one non-family( and secured by parent’s home in Palo Alto; travel restricted to SDNY/EDNY (solely for Court appearances) and ND California; surrender travel documents and no now applications; strict Pretrial supervision; mental health evaluation/treatment as directed by Pretrial Services; home detention; location monitoring technology as directed by Pretrial Services; Defendant not to possess firearm/destructive device other weapon; two (2) non-parent sureties to sign bonds in lesser amounts to be agreed to; Defendant to live in  parents’ home in Palo Alto in N.D. California and to be supervised from that District; Pretrial Services officer may exercise discretion to allow Defendant to leave home for exercise; Defendant not to open new lines of credit, open a business, or enter other financial transactions in excess of $1,000 without pre-approval of the Government or Court, except to pay for legal costs and fees; equity interest in parent’s home to be posted by 1/12/23. Defendant to be released on own signature plus signature of parents and surrender passport/installation of electronic monitor with remaining conditions to be met by January 5th, 2023.”

-Bail conditions set by SDNY for Sam Bankman-Fried (SBF)

Former FTX CTO, Wang, and Alameda Research CEO, Caroline Ellison, both pled guilty before U.S. District Judge Ronnie Abrams on Monday.

Independent veteran court reporter, Matthew Russell Lee, already noticed a process anomaly with regards to Bankman-Fried’s entrance into the SDNY system.

“Bankman-Fried was also in and out of the courthouse faster than any other location-monitored defendant I’ve seen. Bond hearing at 1pm, out of the courthouse with location monitoring installed before 2:30 PM,” Lee said.

Caroline Ellison, 28, was charged with two counts of conspiracy to commit wire fraud, two counts of wire fraud, one count of conspiracy to commit commodities fraud , one count of conspiracy to commit securities fraud, and one county of conspiracy to commit money laundering. All crimes to which Ellison pled guilty and which carry a sentence which ranges from five to 20 years in prison.

“With the pleas announced today, Ms. Ellison and Mr. Wang admitted they were willing participants in schemes to defraud FTX.com’s customers and backers out of their money. The FBI will continue to seek justice for the victims of this case,” FBI Assistant Director Michael J. Driscoll said.

Ellison’s sentencing date has been set for December 19th, 2023.

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RELATED: Marjorie Taylor Greene Defends McCarthy’s Handling of FTX Dark Money 

Tags: crimeFinancial CrimeFTXSam Bankman-FriedSBFSDNY

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