Disgraced FTX founder Sam Bankman Fried was seen early Friday arriving at his parents’ home in Palo Alto, California, where he will remain under house arrest after being released on a record $250 million bond.
Two cars were seen driving to the residence of Joseph Bankman and Barbara Fried located in a private neighborhood on the edge of the Stanford University campus at about 4:30 a.m.
A Stanford police car is seen outside the house where the accused cryptocurrency scammer is going to spend time with mom and dad, both law professors.
Bankman-Fried, 30, who returned to the United States after extradition from the Bahamas, faces a slew of federal charges, including wire fraud, conspiracy and money laundering that carries a penalty of up to 115 years in prison.
Bankman-Fried appeared in federal court in Manhattan on Thursday, when a judge signed a deal allowing the former CEO to be released on a $250 million bond and placed under house arrest with an ankle monitor.
Preparations for Bankman Fried’s shameful homecoming have been underway for days in the affluent San Juan community, Mercury News reports.
Sheriff’s deputies, campus police and private security blocked roads with checkpoints across the precinct Thursday afternoon to discourage curious onlookers.
The Bankman-Fried parents bought their cozy four-bedroom, three-bathroom home in 1992 for $700,000 — roughly $1.5 million in today’s money — records show.
The estate, which was built in 1917, is valued at more than $4 million.
Although it’s a far cry from Bankman-Fried’s luxurious penthouse in the Bahamas where he was arrested last week, his parents’ home is not without charm, including a sunlit dining room with fireplace, modern kitchen, library, and walled pond.
Assistant US Attorney Nicholas Ross said Thursday that Bankman-Fried “committed fraud of epic proportions” by allegedly defrauding investors and plundering customer deposits on its FTX trading platform during its collapse.
Ross proposed strict bail terms including a $250 million bond—which he said he believed was the largest federal pretrial bond ever.
Ross said the “personal pledge bond” was to be secured by equity in the home of Bankman-Fried’s parents and the signatures of them and two other financially responsible persons with substantial assets.
The terms of the bail also require that Bankman-Fried not open any new lines of credit, start a business, or enter into financial transactions greater than $1,000 without government or court approval.
Bankman Fried is scheduled to return to court on January 3.
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