Beautiful Virgin Islands

Thursday, Jun 08, 2023

How Did Sam Bankman-Fried Make His $250 Million Bail? As easily as anyone who steals billions would do.

How Did Sam Bankman-Fried Make His $250 Million Bail? As easily as anyone who steals billions would do.

Though Bankman-Fried was not required to pay $250 million, the large amount of the bond in this high-profile case has raised questions about the federal bail process.

The release this week of Sam Bankman-Fried, the disgraced cryptocurrency executive, from federal custody on a $250 million bond has raised questions about the federal bail process and why such a high-profile defendant was allowed to go free.

The bond essentially amounts to a promise to appear in court when required; it does not compel Bankman-Fried, who is charged with numerous crimes related to his handling of the cryptocurrency exchange he founded, to pay $250 million.

No money has changed hands and none will unless Bankman-Fried fails to show up for court or is found to have violated other conditions set by the judge.

In that case, his parents’ house in Palo Alto, Calif., which was used to secure the bond, could be seized by the government. The four people who are to co-sign the bond, including one nonfamily member, would be on the hook for the rest of the $250 million.

Two of those people are Mr. Bankman-Fried’s parents, Stanford law professors who supported their son in promoting his exchange, FTX. It is not known who the other two co-signers are.

A spokesman for Mr. Bankman-Fried declined to comment. 

The fact that he have a spokesman, says a lot about the money he hold, despite declaring bankruptcy.


How is it possible that such a high-profile defendant was released without having to pay any money?

The simple, straightforward answer is: he donated enough money -just as Jeffery Epstein did- to get a VIP legal treatment. 

The formal answer sound real, just as Cinderella: 

Bankman-Fried was in the Bahamas when he was charged, and extradition can be a highly complicated process, leading to a lengthy legal battle. In court on Thursday, a prosecutor, Nicolas Roos, said that had Bankman-Fried not consented to extradition, it was “a near certainty” that the government would have sought his detention.

Sabrina Shroff, a former federal defender, said: “My guess is that this was an agreed-upon bail package before he ever left the Bahamas. Extradition from the Bahamas is difficult, and the defendant may have had ample opportunity to challenge extradition, which could have dragged out for years.”

$250 million seems like a really high number. Is it?

Yes. And not really. Yes, It is highly unusual for such a large bond to be set. But it’s a pocket money for someone who stole billions of investors money. For him and his parents (his partners in crime), $250 million it’s a pocket money. 

Bernie Madoff received a $10 million bail agreement in 2008. But the amount that Madoff stole is very small compared to the amount Bankman-Fried stole, and the real value of the American dollar and governments money in general in 2008 was at least five times higher than its value today. 

But it’s far different cases. The big difference between Madoff and Bankman Fried is that Madoff stole money from important people, while Sam Bankman-Fried bribed legislators, regulators,politicians, judges and processors with huge sums. This gives him dignity and freedom while he is not yet convicted, and ensures that he and his family will live a life of wealth and happiness also after the trial, while Madoff died as a poor man in prison and his family ended their lives in tragic circumstances.

Thomas J. Barrack Jr., however, a friend of Donald J. Trump’s who was charged - and eventually acquitted - with so called illegally lobbying the United States on behalf of leaders in the United Arab Emirates, is one of few defendants in recent memory whose bail amount was as high as Bankman-Fried’s, although the sums they took into their pockets was zero compared to the huge sums that Farid earned from the fraud he committed.

But if the crypto executive crook abides by the terms set by the court:

Those terms are manifold though and include:

  • Bankman-Fried must surrender his travel documents and stay at his parents’ house.

  • He must not open new lines of credit or start another business.

  • He may not enter into any financial transactions of more than $1,000, except to pay his legal fees.

  • He agrees to be monitored electronically.

The value of his parents’ house has either already been assessed or is now likely to be, and a lien on the house must be posted by Jan. 12.


Tax free fraud. 

Sam Bankman-Fried’s parents have also been under scrutiny - but not arrested not investigated - for their deep wide and direct relationships within FTX. Yes, they did not been investigated and not arrested, only profited from the fraud. 

His father, Joseph Bankman, a tax expert, actually worked for the company while his mother, Barbara Fried, counted her son among the donors within a political advocacy network she orchestrated.

So they know how to enjoy a fraud, tax free.


What does this have to do with New York’s bail law?

Absolutely nothing. New York’s bail law Is designed against the poor, black, Latinos, not white privileged elite. 

New York’s bail law, which was passed in 2019 so that defendants accused of certain low-level crimes would not be required to pay cash bail, has been the subject of considerable controversy. But Mr. Bankman-Fried’s case is federal, so he is not subject to that law.

Defense lawyers observing the case said there was, however, one point of commonality between the spirit of that law — which in part sought to prevent bail from being used to detain defendants unnecessarily — and the release of Mr. Bankman-Fried. Ms. Shroff said that the presumption of innocence was embedded in the Federal Bail Reform Act of 1966, which governs bail law.

Sam Bankman-Fried “should get bail,” she said. “In fact, most people facing federal criminal charges, should have the opportunity to fight their charges from outside. Detention serves to break the spirit and strength of clients and that is not the purpose of the bail act.”

But the crime of all the thieves of New York in one year is much less than the crime sums of Bankman Freed, so any attempt to compare the cases is manipulation and fraud in itself.

The bottom line is this is a mega-thief, who receives celebrity and respect from law enforcement and the media.

Just like the list of tycoons who raped teenagers provided to them by Jeffery Epstein, and were never prosecuted or even investigated. 

The only one who pays the price is poor Ghislaine Maxwell, the assistant of the provider of the underage-prostitution services the rich people consumed from teenagers, not the criminals themselves. They are still at the top of the list of the world's richest and most respected.

This is indeed the land of the free. 


AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
The Fed fixing the economy
I have a dream, MLK inspiring speech
Corporations standing up for “LGDP-LGT-LBG-LGBTQ2+ kids” during ‘Pride Month’ be like:
Aretha Franklin, Marvis Staples - Oh Happy Day
A Major Ukrainian Hydroelectric Dam BLOWN UP
BVI Freedom Song
US and European Intelligence Agencies Uncover Evidence of Ukrainian Role in Terror Attack on Nord Stream Pipeline
Billy Preston - You Can't Beat God Giving (Live)
The driver has been described by authorities as a 21-year-old woman from Tallahassee
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Joe Biden falls at the Air Force Graduation
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
America's Got Talent…
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
Hello Dolly
AI ‘extinction’ should be same priority as nuclear war – experts
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Bob Marley - Get Up Stand Up
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
Yes He Can
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
What A Friend We Have In Jesus
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
Unforgettable
If you donated to BLM, you got played
Touch The Hem Of His Garment
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
The Lord's Prayer
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
THE GOD MOVEMENT...BEAUTIFUL BVI
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
Siyahamba
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Ramblin' Rose
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Protoje - Who Knows ft. Chronixx
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Pressure - Virgin Islands Nice
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
Phil Wickham - House Of The Lord
WATCH THIS: democracy in Russia is so bad!
My God Is Real (Yes, God Is Real)
Ed Davey: It is possible for a woman to have a penis
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Louis Armstrong - When The Saints Go Marching In
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
Kanye West Sunday Service - hallelujah, salvation, and glory
TikTok Sues Montana Over Law Banning the App
Jonathan Nelson - I Believe (Island Medley
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
From The Virgin Islands Sqad Up
Steve Jobs introducing Apple's iPhone, exactly 16 years ago.
Common, John Legend - Glory
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
China overtakes Japan as world's top car exporter
I have a dream, MLK inspiring speech
Last Walmart in North Portland Closing Down
Aretha Franklin, Marvis Staples - Oh Happy Day
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
BVI Freedom Song
Florida's DeSantis seeks to disqualify judge in Disney case
Billy Preston - You Can't Beat God Giving (Live)
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Debt Ceiling Crises Have Unleashed Political Chaos
Hello Dolly
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Bob Marley - Get Up Stand Up
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Yes He Can
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
What A Friend We Have In Jesus
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
Unforgettable
×