Two FTX Executives Plead Guilty to Criminal Charges. SBF Released on $250M Bond at U.S. Court Appearance: Home Confinement at Parents' Home in Palo Alto, California
Bankman-Fried, 30, was arrested last week in the Bahamas, where he lived and where FTX is based, cementing the one-time billionaire's fall from grace. He departed the Caribbean nation in FBI custody on Wednesday night.
Sam Bankman-Fried was not asked to enter a plea on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court.
Nicolas Roos, a prosecutor, told U.S. Magistrate Judge Gabriel Gorenstein that the bail package would require Bankman-Fried to surrender his passport and remain in home confinement at his parents' home in Palo Alto, California.
His parents - both Stanford Law School professors - will co-sign the bond and post the equity in their home as assurance for Bankman-Fried's return to court.
He would also be required to undergo regular mental health treatment and evaluation.
Ellison pleaded guilty to seven counts, including wire fraud and conspiracy to commit securities fraud and money laundering, which carry a maximum sentence of 110 years in prison, while Wang pleaded guilty to four counts of fraud and conspiracy to commit fraud, with a maximum 50-year sentence.