Former FTX founder Sam Bankman-Fried will be released on a
$250 million bail after a deal agreed upon by his attorneys and federal
prosecutors, a New York federal judge said Thursday. Last week, federal
prosecutors indicted Sam Bankman-Fried on eight criminal charges that included
wire fraud, money laundering, and campaign finance violations. Following the
bankruptcy of FTX, it has been accused of transferring customer funds to cover
up trading losses at Alameda Research.
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Under the conditions of his bail, SBF is required to stay
with his parents in California. The bail package included a personal $250
million recognizance bond, which doesn’t require the posting of bail but a
written promise to appear in court as required and was signed by his parents.
Who is Gabriel
Gabriel Bankman-Fried is the younger brother of former FTX
founder and billionaire Sam Bankman-Fried. He is a former Wall Street trader
and the former director of the non-profit Guarding Against Pandemics and its
associated political action committee (PAC).
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According to legistorm.com, Gabriel completed his
Bachelor’s in Computer Science from Brown University.
His parents, Barbara Fried and Joseph Bankman, both are
professors at Stanford Law School. Joseph Bankman is a lawyer, professor, and
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Alameda Research, a hedge fund founded by Sam
Bankman-Fried, donated over $12 million to Gabe Bankman-Fried’s nonprofit since
late last year, according to California state campaign finance records.
Guarding Against Pandemics used the funds to help finance a campaign to support
a California ballot initiative that would charge a special tax against people
making more than $5 million a year to fight future pandemics, according to
state records. The ballot measure will be voted on in the 2024 election.
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The nonprofit organization erased all records of the
Bankman-Fried brothers from its website after FTX filed for bankruptcy in
November, including a mention of Sam Bankman-Fried as one of its donors.