The names of the wealthy backers who guaranteed indicted FTX co-founder Sam Bankman-Fried’s $250 million bail bond were finally revealed Wednesday. Reports Yahoo
Former Stanford Law School dean Larry Kramer and Stanford University research scientist Andreas Paepcke helped make it possible for the former CEO to remain out of federal custody as he awaits trial, unsealed court documents reveal.
The court filings were made public by Manhattan U.S. District Court Judge Lewis Kaplan, who is presiding over the embattled entrepreneur’s criminal fraud case. Bankman-Fried’s previously objected to disclosing the names.
Kramer and Paepke each co-signed Bankman-Fried’s unsecured personal recognizance bonds, with Kramer pledging property worth $500,000 and Paepke pledging property worth $200,000.
Typically, a defendant must pledge assets equal to around 10% of the bond amount. In Bankman-Fried’s case, his bond was set at $250 million — one of the largest bail figures in history — meaning he could be expected to pledge assets totaling around $25 million.
Before the details of the bail arrangement were made public, court documents showed that Bankman-Fried’s bond was secured in part by a San Francisco Bay Area home valued around $4 million and owned by the defendent’s parents, as well as two to four individuals of “considerable means.”
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