SBF asks judge to keep the identifies of his bail sureties confidential News โธ US โธ FTX โธ Bankruptcy
SBF asks judge to keep the identifies of his bail sureties confidential
Along with SBF and his parents, the $250 million bail bond requires two guarantors of "considerable means," one of whom cannot be a relative.
2 min read
Updated: Aug. 14, 2023 at 3:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Founder of defunct crypto exchange FTX, Sam Bankman-Fried (SBF), requested federal judge Lewis Kaplan to keep the identities of his additional bail guarantors secret. Judge Kaplan was assigned to oversee SBF’s criminal trial after judge Ronnie Abrams recused herself citing a potential conflict of interest.
In a letter dated Jan. 3, SBF’s lawyers asked judge Kaplan to redact the names and identifying information of the two individuals who will co-sign SBF’s bail bond. The lawyers also requested that the personal data of the individuals who will provide bail sureties not be publicly disclosed by the government.
SBF was granted a $250 million bail on Dec. 22, 2022 โ the highest pre-trial bail bond in US history. The bond was secured by SBF’s parents, who pledged the equity in their house in Palo Alto, California. Large bail bonds only require asset backing of around 10% of the bail amount, which becomes payable if the defendant skips town.
SBF and his parents signed the bail bond, but the judge โ as is usual in the case of large bail amounts โ asked that the bond be signed by two other individuals of โconsiderable means,โ one of whom should not be a relative.
For large bail bonds like that of SBF, courts often require multiple people to sign on as sureties to ensure that the defendant appears in court. Defense lawyers often seek to mask the identities of the bail guarantors to shield them from public criticism.
The letter stated that the two additional guarantors of SBF’s bail bond intend to sign by the deadline of Jan. 5.
As per a Bloomberg report, SBF’s lawyers wrote in the letter:
โIf the two remaining sureties are publicly identified, they will likely be subjected to probing media scrutiny and potentially targeted for harassment, despite having no substantive connection to the case.โ
In the FTX bankruptcy case, a judge granted anonymity to FTX creditors, including those with substantial net worths, who did not wish their names to be made public.
SBF is scheduled to appear in the Southern District of New York court later today. SBF is reportedly expected to enter a plea of ‘not guilty.’ In addition to money laundering charges, SBF faces multiple counts of fraud, including wire fraud, securities fraud, and commodities fraud.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
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Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.