from ZeroHedge:
FTX founder Sam Bankman-Fried has asked a judge to conceal the identities of two people who will help secure his bail in addition to his parents’ house in Palo Alto, California, Bloomberg reports.
“If 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,” wrote SBF’s lawyers in a letter filed on Tuesday seeking redactions of the names of the two individuals who intend to sign as sureties to his bail.
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“Consequently, the privacy and safety of the sureties are “countervailing factors” that significantly outweigh the presumption of public access to the very limited information at issue,” the letter continues.
Bankman-Fried’s $250 million bail package – granted in his first appearance on US soil since his arrest in the Bahamas, was secured by his parents’ Palo Alto home, which is worth nowhere near that amount. The judge in the case also required that two people of “considerable means,” at least one of whom cannot be a relative, also sign the bond.
Bankman-Fried was granted a $250 million bail package in December, one of the largest in US history. The personal recognizance bond approved by the judge was secured by the equity in Bankman-Fried’s parents home in Palo Alto, California, which is almost certainly not worth anywhere near that amount. But outsized bonds are more a means of establishing harsh financial consequences for bail-jumping and are often backed by assets worth only around 10% of the stated amount. -Bloomberg
The two individuals have not yet signed the bond but intend to do so by the Jan. 5 deadline, according to the letter.
Bankman-Fried is set to appear in a Manhattan federal court on Tuesday to face charges on eight criminal counts ranging from wire fraud to conspiracy to commit money laundering, to conspiracy by misusing customer funds, CNN reports. He is expected to plead not guilty.
He faces 115 years if convicted on all charges.
