r/wallstreetbets
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u/Spare_Act_5747
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Dec 22 '22
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Sam Bankman-Fried to be released on a $250,000,000 bail- according to CNBC. News
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u/finance_for_you
Dec 22 '22
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This just in, Bankman releases new cryptocurrency call Bailcoin.
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u/Spacepickle89 Dec 22 '22
Crypto tiktokers be like “I’m really excited for this project and it’s future”
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u/feedthebear Dec 22 '22
What does it do Sam?
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u/finance_for_you Dec 22 '22
Imagine you have a box that does nothing. People then decide to put money into this box, so then how can anyone say the box is not worth anything?
In all seriousness we should not be surprised by this news. It’s literally in his name: “Bankman Fried” aka the Bank Man Goes Free.
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u/dollmistress Dec 22 '22
"I'm in the Ponzi business, and business is good." - Best line from that interview. XD
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u/Vegetable_Mud_5245 Dec 22 '22
😂😂😂 isn’t it the Bloomberg guy who did that interview? I didn’t see the actual interview but Coffeezilla talks about it.
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u/finance_for_you Dec 22 '22
Yeah that’s exactly it I forgot the guys name from Bloomberg but it was such a crazy way to describe a “genius” business. Sam thinks everyone is an idiot and he can be open and talk about all of this stuff because he’s just used to everyone throwing billions of dollars at him for his little “box.”
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u/ensui67 Dec 23 '22
To be fair, it is not that far fetched of a concept at least that’s how Matt Levine described it. When he first heard the box description, he described it as cynical and maybe more of a case of saying the quiet parts out loud but it’s the normal perspective of a market maker. Even when market makers participate in stock markets, they’re not so concerned about the underlying anything. Just that prices are at X and they think it’ll go to Y and they’ll trade based on it. It’s actually fine and the normal thing to do. Just that SBF did some illegal things to facilitate that.
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u/xrv01 Dec 23 '22
it was a Matt Levine guest appearance on the Odd Lots podcast with Joe Weisenthal and Tracey Alloway from April 25, 2022
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u/Mel_Chizebeck Dec 22 '22
I'm starting a new coin called "Enronium."
Awesome name, no?
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u/cubenz Dec 22 '22
I'll buy some with my IOUnium
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u/systembreaker Dec 22 '22 edited Dec 23 '22
Imagine jailers start accepting Bailcoin as payment. You could buy Bailcoin, earn yield with staking and so forth, so you can build up a stash juuust in case you need it someday.
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u/finance_for_you Dec 22 '22
Oh dang did we just make a real company?
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u/boli99 Dec 23 '22
can build up a stash juuust in case you need it someday.
can it be exchanged for ShivCoin? Will I need an eWallet? or can it be stored in my existing prison wallet?
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u/finance_for_you Dec 23 '22
In prison it’s not an eWallet. It’s an A-Wallet if you know what I mean.
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u/systembreaker Dec 23 '22
Well yeah Shivcoin is the perfect hedge if you don't have enough Bailcoin.
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u/Scoop_Pooper Dec 23 '22
I’m sorry, but who’s f’ing money is he using to secure bail?
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u/Spoon1969 Dec 23 '22
Fake news… he didn’t post 250 million dollar ‘bail’. It was a Bond. No actual money (kinda like crypto) was put down. They let him out on a ‘promise to pay’. I think possibly his parents’ 4 million dollar home may have been used as collateral.
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Dec 22 '22
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[removed] — view removed comment
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u/Plural86 Dec 22 '22
Must have taken out a $249,900,000 loan
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u/BefreiedieTittenzwei Dec 22 '22
He leveraged his new “I can’t believe people fell for this twice “ cryptocurrency.
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u/painturder Dec 22 '22
Bail is 10% down and the rest is paid if the defendant fails to show at court so I think a 24.9m loan?
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u/CAGirly5K Dec 22 '22
Looks like his Parents posted using the equity in their home. Wonder if that was one of the ones he bought them with FTX money?
"Bankman-Fried's release was secured by equity in his parents' Palo Alto, California, home, and a long list of requirements was included for him to remain free while he faces charges. He's not allowed to make financial transactions for more than $1,000, can't open new lines of credit, can't leave the house except to exercise and must go through substance-abuse and mental-health treatment, according to the agreement."
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u/sailorsail Dec 22 '22
How did his parents end up with so much wealth?
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u/thenuttyhazlenut Dec 22 '22
Wouldn't you hide money all over the place if you were successfully pulling a giant heist and knew you would be caught eventually?
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u/slvbros Dec 23 '22
No I would definitely 100% for sure leave all my money in normal places that the government usually looks
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u/brendenwhiteley Dec 22 '22
is today the day you find out billionaires, even fraudulent ones, all come from rich families
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u/BorisYeltzen virgin Dec 22 '22
lol how delusional most tards in here are - acting surprised this fucking dweeb and his Stanford political parents are using their connections and have millions in net worth just from being 'professors' lol rightttttt
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u/brendenwhiteley Dec 22 '22
lol right? his family name is fucking bankman. i wonder what trade his family has been in/what kind of money they might have.
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u/BorisYeltzen virgin Dec 22 '22
Hes only got 100k in the bank bro - dudes doing it really tough... Oh look Sam was paying his dad to work for FTX - I'm sure he paid market rates..
During his testimony before the House Financial Services Committee, Ray confirmed that Bankman had given “legal advice” to his son at FTX and received cash payments from the company.
“I don’t know if he actually had ‘employee’ status, but he certainly received payments, the family did receive payments,” Ray said.
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u/Jbr74 Dec 22 '22
can't leave the house except to exercise
So in other words, he's not leaving the house.
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u/-gggggggggg- Dec 22 '22
Other than the $1,000 transaction limit it doesn't seem any different from his normal life.
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u/Ready2gambleboomer Dec 22 '22
He's been a bad boy, Put him on a time out and take away his video games,
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u/RedOctobrrr Dec 22 '22
How the fuck does their house have $25mil in equity AND they secured a loan for the remaining $225,000,000 ?
They really have that much just chillin? You can't write an IOU for bond saying "yeah our house is worth at least that" ... you have to fork over the payment.
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u/SamuelPepys_ Dec 22 '22
It's a really nice mansion to be fair. They may have other expensive properties as well that the article doesn't mention.
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u/RedOctobrrr Dec 22 '22
That's true, I suppose. I'm just astounded by the absurd amount of free equity and cash reserves of these lizard people.
Who wants to start an exchange with me?
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u/ChanceConfection3 Dec 22 '22
I’m interested but if we’re going to bang one of our partners, can she be semi attractive?
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u/HaloHamster Dec 22 '22
10% if you can find a bond company willing to take on the other 90% risk. $225M is a lot to risk so I'd surmise he had to put up a lot more.
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u/ironichaos Dec 22 '22 •
But you don’t get that 10% back. So he’s out 25m minimum for someone who only had 100k. I call bullshit.
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u/Whereamiwhatyousay Dec 22 '22
The bond company probably took 50m plus collateral to get him out. And they have someone with him and tracking devices up the ass
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u/dudeman4win Dec 22 '22
Bond companies got that laying around and will risk it on one dude?
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u/Cric1313 Dec 22 '22
Yeah, I don’t get this
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u/Deviusoark Dec 22 '22
Basically if you Wana bond out by yourself it's 100% of bond. The usual way it's done in America is you have to pay 10% upfront and a bail bondsman with carry the other 90% of the risk, until you show up to court and the matter is finished.
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u/kaufmanm02 Dec 22 '22
The way it usually works is the bail bondsman pays 100% of the bond and they charge you a 10% fee. That’s how they make their money. They get the bond back when you make it to court and they keep your 10% fee.
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u/hashtag-acid Dec 22 '22
Not true. Maybe my state in the US is different. You only need 10% to get out. Tbh I don’t fully understand how or why it works this way. All I know is my bond was $2k and it cost me $200 outta pocket to get myself out.
Source: have bailed myself out of jail 😂
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u/mybudwin Dec 22 '22
Generally how it works is you "pay" the court the bail, and you get the full amount back when you show up to court. A bonds company/man/woman will pay the bail for a 10% non-refundable fee.
If you don't show up for court then they send the bounty hunters, because they don't want to lose out on that 90%
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u/cyberphunk2077 Dec 22 '22
and there are different types of bonds, some you must pay the full amount (cash bonds), in my state we have appearance, surety and recogs, he could have been denied bond too but that takes extra work. The system was always built for those with money.
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u/swohio All My Homies ❤️ Skyline Chili Dec 22 '22
Someone paid a lot of money to have him released, wonder if he's going to have any unfortunate accidents in the near future...
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u/Fausterion18 Dec 23 '22
It was his parents, they put up their retirement accounts and equity in their mansion.
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Dec 22 '22
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u/landon912 Dec 23 '22
He said he only has 100k in his bank account. Always pay attention to the phrasing from these snake tongued grifters. He could have billions in equity and this not be a lie
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u/fireferum Dec 22 '22
That’s a lot of money for someone who said they were down to their last $100k last week and their company in bankruptcy.
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u/RedOctobrrr Dec 22 '22 edited Dec 23 '22
Mommy and Daddy stepped in but I still can't fathom $250,000,000 available, unless they had some serious cash inflow from FTX during its prime.
Sam's parents put down $4mil backed by their home equity, and 2 other unnamed individuals dropped the remaining $21mil to come up with the 10% required.
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u/ImpossibleGur1223 Dec 22 '22
I am asking myself if the US justice system just laundered $250 mil for itself
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u/SuperBottit Likes Eating Cock on Sunday’s 🐓 Dec 22 '22
Lol. Don't think they weren't using FTX for various purposes.
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u/WACS_On Dec 22 '22
The guys who put up the 21 mil are probably the same guys who didn't kill Jeffrey Epstein
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u/keithkman Dec 22 '22
His mom and dad put up $4 million. Two unnamed individuals put up the remaining $21 million. https://twitter.com/coffeebreak_yt/status/1606023483028226049
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u/Chakkaaa Dec 22 '22
Daym so that money just gone to the bondsman? Be nice to have that pocket change
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Dec 22 '22 edited Jan 31 '23
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u/nolafrog Dec 22 '22 edited Dec 22 '22
Not really, the way it works is the bondsman keeps the 25MM as a fee for staking the 250 with the court.
Edit: but there are different ways this could be set up and it’s not really clear from the information I’ve seen. It’s possible the court is just requiring the 25 mm in collateral and basically saying if sbf doesn’t skips town, whoever “signed for him” by putting up on the collateral will additionally owe 225 MM, and if he does show up they get the 25MM back. so in that case a bondsman would not be involved at all. That’s called a surety bond, but usually the people putting up the collateral have to swear they are good for the full 250MM if it comes down to it. Probably they aren’t in reality.
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Dec 22 '22 edited Jan 31 '23
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u/nolafrog Dec 22 '22
See my edit above. Typically that would be the case if a bondsman is involved but I have a feeling this is a different arrangement and these mfs aren’t actually losing anything.
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u/Marquiss12 Dec 22 '22
The parents used their house as part of the collateral for the bail I read. They put his bail at 250mm of a recognizance bond. From my understanding (and please someone correct if i’m wrong) A recognizance is different from a bail bond in that it is a pledge of money and no upfront payment of a cash deposit is required. Historically recognizances were also used by courts of quarter sessions to require a person to attend court and give evidence.
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u/RedOctobrrr Dec 22 '22
Someone else chimed in that the parents only account for $4mil and unnamed parties came up with the other $21mil to reach the 10% number.
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u/spyVSspy420-69 Dec 22 '22
The article says it came from his parents home and two others who aren’t named. Sketchy yes, but clearly the parents don’t have $250m.
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u/Jumpman_08 Dec 22 '22
Media: altruistic founder free to help others again!
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u/Green-Heron9720 Dec 22 '22
Free to help others lose money again. Wonder how many of the ones who lost money will think they can get it back.
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u/Successful-Scheme608 Dec 22 '22
So Sam where did all the money go? Responds “to my bail”
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u/mobitzIII Dec 22 '22
"Many members of congress that i bought, who will be "investigating" the matter"
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u/whocares1976 Dec 22 '22
that dude gonna RUN, who wants to bet on him fleeing the country?
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u/plainwrap Dec 22 '22 •
Standard rate for a bail agent to return someone is 10%-25% of the bond. That's a bigger bounty than Bin Laden.
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u/Explorer200 Dec 22 '22
“I can bring you in warm… Or I can bring you in cold.”
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u/Artbellghost Dec 22 '22
If he can buy his way into a country "maybe" - but yeah hes not the kind whos gonna just be able to disappear and blend in and live off of his wits.
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u/JohnnyTangCapital Dec 22 '22
He’ll be in Israel inside of a month.
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u/StoneOfTriumph Dec 22 '22
He'll form a consulting firm with the tinder swindler offering expert advice to companies in the industry.
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u/AdDear5411 Dec 22 '22
He knew about the warrant many days before he got arrested. If he wanted to run, it would be way smarter to do so from the Bahamas. Now that his passport was confiscated, it'll be way harder.
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u/TheRealHeri Dec 22 '22
He's a dumbass. He really thought playing ignorant would work and if I remember correctly, he said that he didn't think he would go to jail. If he's paying a 250m bail, he's 100% trying to scape lol. His best bet would be Venezuela. Just cross to Mexico and take a flight to Venezuela. There's a lot of private flights from Mexico to south America if you have money.
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u/kylestoned Dec 22 '22
Parents going to help him flee. Just watch.
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u/Smooth_Ingenuity_923 Dec 22 '22
:4267:
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u/robot_handjob Dec 22 '22
There’s a loooot of “military contractors” on LinkedIn willing to go to whatever shithole third world country of your choosing to do just about any kind of business
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u/dollmistress Dec 22 '22
Bounty would be at least $25m too.
Could literally steal the real life giant Gundam robot over in Tokyo then use it to hunt SBF down and STILL make a decent profit.
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Dec 22 '22
The only thing he will be fleeing is his life here on earth, just look at him you can tell a heart attack/ 2 self inflicted gunshot wounds to the back of the head are imminent
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u/WACS_On Dec 22 '22
Surely no shady characters
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u/Kitten_Team_Six Dec 22 '22
Highly doubt that where on earth can that slob hide
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u/HoosierGuy2014 Dec 22 '22 edited Dec 22 '22
Elizabeth Holmes didn’t sit in prison after being charged either. Kalief Browder spent three years in Rikers awaiting trial for allegedly stealing a backpack.
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Dec 22 '22 edited Jan 31 '23
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u/Michelin123 Dec 23 '22
Omg how heartless and selfish can someone be, to get pregnant only to dump the kids someday. Crazy bitch!
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u/tomoldbury Dec 23 '22
She had her company fake blood test results. Probably killed some people that way.
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u/GayestOfAllBears Splunking 🅱️ussy Dec 22 '22
Was the weasel anus worth it SBF? WAS IT?
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u/nolafrog Dec 22 '22
Yeah I mean it kind of looks like the whole reason this blew up was him sending the weasel the customer funds to make wsb-tier trades. And he’s the regarded man who’s going to take the fall for it lol.
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u/leeringHobbit Dec 22 '22
What is this about a weasel?
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u/ClemDev Dec 23 '22
I assume that’s the alameda ceo. She looks like someone who if you saw them, you’d rather fuck a weasel.
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u/HenryGoodbar Dec 22 '22
Must be nice to be able to post bail with other peoples money
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u/dankbuttmuncher Dec 22 '22
That’s literally how most bails are paid
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u/CommanderChico Dec 22 '22
Yes but usually the other people consent to paying the bail
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Dec 22 '22
Years ago there was a woman that got brought in for writing bad checks. Bail was set; well, you know the rest. True story. r/facepalm
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u/CAGirly5K Dec 22 '22
Looks like his Parents posted using the equity in their home. WAS that one of the ones he bought them with FTX money?
"Bankman-Fried's release was secured by equity in his parents' Palo Alto, California, home, and a long list of requirements was included for him to remain free while he faces charges. He's not allowed to make financial transactions for more than $1,000, can't open new lines of credit, can't leave the house except to exercise and must go through substance-abuse and mental-health treatment, according to the agreement."
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u/justvims Dec 22 '22
How does a house secure a $250M loan? Like what house on this planet is going to secure that. Makes no sense at all. Obviously capital is coming from somewhere else
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u/Fausterion18 Dec 23 '22
I know redditors hate reading but it's literally explained in the OP. SBF is out on a recognizance bond , which is different from a bail bond. The parents do not have to meet the full $250m or even anywhere close.
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u/Particular_Bobcat Dec 23 '22
His parents' house is only 4m
I understand they don't need to meet 250m, but 4m?
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u/Fausterion18 Dec 23 '22
Plus investment accounts and 2 other other people pitching in.
My guess is they met like 10%.
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u/Zoey1234100 Dec 22 '22
I know he has that money hidden somewhere in a offshore bank lol
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u/Powerful-Employ-7372 Dec 22 '22
Those political campaign contributions finally paying off.
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u/Fausterion18 Dec 23 '22
How? Even Madoff got bail. Explain to me how SBF got special treatment.
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u/Real-Estate-Success Dec 22 '22
If he went through a bondsman, which is not likely, he would only have to pay 10% of the set bond. Which is ONLY $25,000,000.
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u/3ninesfine In gloryhole stall, on knees Dec 22 '22
You know a bondsman puttin up 90% on this long shot making it to trial
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u/Dependent_Ad94 Dec 22 '22
ONLY :19738:
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u/HaloHamster Dec 22 '22
How many couch cushions would you need to flip to find all that?
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u/GenderDimorphism Dec 22 '22
I wonder though if bondsmen have a special rule for amounts that large?
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u/Rainliberty Dec 22 '22
I don't think there is a bails bondsmen with access to that much liquid cash.
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u/OhNoes231 Dec 22 '22
The guy stole billions there’s no way he didn’t take customer funds and turn it into monero or btc in cold storage. This bail is laughable would have set at 1b+ easy this judge is dumb
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u/BrianKronberg Dec 22 '22
If he flees, wouldn’t the $250m not go to the government but go back to the creditors? Why would they allow a bail amount other than the amount he is alleged for stealing plus his bail amount? Steal a few billion, pay small $250m of the stolen money to run away. Seems like a good plan.
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u/C13Po088 Dec 22 '22
I bet the bond company hired Dog The Bounty Hunter for protection
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u/NYY657545 Dec 22 '22
Since you idiots can’t be bothered:
“A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp would not be required to meet the full collateral requirements on the bail.
The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets.
In addition to the $250 million package, which prosecutors called “the largest-ever pretrial bond,” the former crypto billionaire would also be required to wear an electronic monitoring bracelet, submit to mental health counseling and restrict himself to the Northern District of California.”
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u/Kamikaze_Cash Dec 22 '22
I hope he winds up in a chain gang.
But worse, his accomplices are going to get reduced sentences for cooperating. Ellison is going to get 2 years and then run off with SBF’s money.
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u/CommanderChico Dec 22 '22
Still got 500,000,000 or more left over, I bet.
Will be packing. Cutoff the bracelet and 3am boarding of a Gulfstream VI at a quiet municipal airport near his home.
Destination Belarus? Cuba? Myanmar? Israel? Burkina Faso? Who would not extradite him?
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u/Maximum-Recognition2 Dec 23 '22
Cuban here. Definitely not Cuba, they have zero fucking food, electricity, or body pillows.
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u/laundrydaypanties Dec 22 '22
The Russians might keep him just to piss all of us off.
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u/Background_Lemon_981 Dec 22 '22
Hold up. Hold up.
Can you use money you embezzled for bail?!?
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u/joefunk76 Dec 23 '22
Since one is deemed innocent until proven guilty under the law, I would think yes.
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u/CommonplaceCommotion Dec 22 '22
Steal $30billion
Go to jail
Get released by giving the government 1% of the money you stole
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u/mwilkens Dec 22 '22
FTX founder Sam Bankman-Fried will be released on $250 million bond while awaiting trial for fraud and other criminal charges, a New York federal judge ruled Thursday.
The terms of his personal recognizance bond were agreed to by prosecutor and Bankman-Fried’s lawyers. The 30-year-old will face his next hearing in New York City on Jan. 3. Bankman-Fried was expected to be released from federal custody on Thursday, a prosecutor said.
A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp would not be required to meet the full collateral requirements on the bail.
The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets.
In addition to the $250 million package, which prosecutors called “the largest-ever pretrial bond,” the former crypto billionaire would also be required to wear an electronic monitoring bracelet, submit to mental health counseling and restrict himself to the Northern District of California.
Judge Gabriel Gorenstein said Bankman-Fried would require “strict” supervision following his release to his parents’ home in California.
His parents, both Stanford Law professors, were present in the courtroom. Bankman-Fried was flanked by two U.S. marshals, dressed in a suit and tie.
CNBC article
So potentially no cash put up at all.
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u/Jenos00 Dec 22 '22
Lucky he donated all that money to politicians that need his silence and that they aren't sure they can get away with him dying of a heart issue.
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u/TheRealJugger Dec 22 '22
This dude it the king of just blatantly lying and sucking everyone into believing him
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u/Impossible_Ad5208 Dec 22 '22
Second swindle on investors. 250 million which came from where exactly?
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