Judge Tells 30-Year-Old SBF to Move Back in With Parents on $250 Million Bail

Sam Bankman- Fried heard the news that his son was moving back in with his family. For all the young people who lived with their parents into their 20s, let's hope that the old man didn't get rid of his childhood bed

FTX co-founder Bankman-Fried was allowed to be released on a $250 million bond by a New York federal court judge. The bail was secured thanks to a deal between prosecutors and the FTX ex-CEO's legal team that eventually got Bankman- Fried to agree to be extradited.

According to CNBC, the judge told the founder that he would need to wear an electronic monitoring bracelet, go in for mental health counseling, and limit his movements to the Northern District of California. The assistant U.S. Attorney recommended that the bail terms be very strict. He said that the FTX case was one of the biggest financial frauds in American history.

SBF has been charged with eight counts of wire fraud and conspiracy to commit securities fraud, as well as violating campaign finance laws. The charges equate to a max of 115 years in prison, but that is a bit of a stretch considering other recent major fraud convictions.

After the failure of his exchange, there is an open question of how much money SBF has left. The founder of the digital currency has been removed from the list of richest billionaires. The condition of his bail requires him not to open any lines of credit larger than $1,000, even though he stated his wealth was limited to $100,000. He will ask his people for their credit cards for purchases.

The parents of Bankman-Fried are both professors at the same university. Two U.S. marshals were present as well as the founder. The parents of the alleged fraudster would have to use equity in their home to get out of jail.

The documents from the Bahamas show that FTX and his parents bought millions of dollars worth of property. The couple and their son were in the Bahamas during the fight over their son's fate.

The next hearing is scheduled for January 3. It is likely that a trial will look into SBF's dealings. The current charges stem from the fact that prosecutors flipped former executives for Bankman- Fried. Gary Wang and the ex-CEO of SBF's hedge fund have pleaded guilty to federal charges.