NEW YORK — A federal magistrate on Thursday ordered disgraced FTX founder Sam Bankman-Fried released on a $250 million personal recognizance bond signed by his parents and secured by their Palo Alto, California, home. A prosecutor called it the largest pretrial bond ever.
Bankman-Fried, who did not enter a plea during the brief hearing, appeared in a dark suit and tie with his distinctive mop of curly hair. Shackles were not visible around his ankles but echoed through the courtroom as he entered. Both of his parents, former Stanford Law professors, appeared in the gallery.
In addition to the bond, Magistrate Judge Gabriel Gorenstein ordered Bankman-Fried's passport taken and his travel restricted. He will be under strict pretrial supervision, required to live with his parents at their house. He can go to the gym but otherwise his movements are limited and monitored by an ankle bracelet fitted before leaving court.
According to the indictment, Bankman-Fried stole $8 billion from FTX investors and customers and used it to pay debts and expenses of Alameda Research, his privately held hedge fund. He also used the money to purchase lavish real estate and make political donations to mainly Democrats but also some Republicans as he sought influence in Washington, prosecutors said.
The judge imposed one other restriction: Bankman-Fried can open no new lines of credit and conduct no financial transaction in excess of $1,000 without court approval. "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it," U.S. Attorney Damian Williams said in a videotaped statement, referring to Bankman-Fried's privately controlled hedge fund."We are moving quickly and our patience is not eternal."
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