The terms of his personal recognizance bond were agreed to by prosecutors and Bankman-Fried’s lawyers. The 30-year-old will face his next hearing, presided over by Judge Ronnie Abrams, in New York City on Jan. 3., where he’ll enter his plea and be arraigned.
A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp would not be required to meet the full collateral requirements of the bail.
The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets.
In addition to the $250 million package, which prosecutors called “the largest-ever pretrial bond,” the former crypto billionaire would also be required to wear an electronic monitoring bracelet, submit to mental health counseling, and restrict himself to travel within and between the Northern District of California and the Southern and Eastern Districts of New York.
[In other words, SBF acted as his own bail bondsman. Most people don’t have sufficient assets to make a significant bail requirement, and it’s not even clear that the combined assets of all these individuals would make $250 million or even $25 million. Essentially, SBF got out of jail on a promise, plus an agreement to travel restrictions. — Ed]
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