Sam Bankman-Fried’s parents used their house to secure bail for their son Sam Bankman-Fried, who is facing criminal charges after the collapse of FTX. They used their Palo Alto home to secure bail. However, the land on which the house is built belongs to Stanford, and they have a lease on the ground, according to a popular news outlet in California.
The Los Angeles Times was the first to report the news. A source told the outlet that the parents of Sam Bankman-Fried (SBF) had ensured that the authorities at Stanford were aware that the house was being used as collateral to get their son to remain at home with them.
According to the outlet, a representative from Stanford said that the professors at Stanford, who are SBF’s parents, did not need to secure permission from Stanford to use the house for their son’s bail application. However, the Californian university did not respond when the LA Times asked for a copy of the lease agreement.
The outlet also quoted Alison Siegler, a University of Chicago Law School professor who said that prosecutors treated “white-collar cases totally differently than other cases” and added that there was “a lack of equity in all of this.”
In a recent report “Freedom Denied,” Siegler also said that the transcript of SBF’s bail suggested that his lawyers might have negotiated with the government that they would agree to extradition (from the Bahamas) in exchange for a bail package that included a pretrial release.
The outlet also said that in addition to Joseph Bankman and Barbara Fried’s home, two people whose names have not been disclosed, paid $500,000 and 200,000, separately for his release.
In the words of the prosecutors, the former CEO of FTX Sam Bankman-Fried “perpetrated a fraud of epic proportions, stealing billions of dollars.”
Seigler questioned the release of a person who was accused of such a huge crime and said that it “should really make us question why we’re locking so many people in jail pending trial who are accused of far less serious crimes.”
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Watch FTX asks for documents of Sam Bankman-Fried’s Family Wealth and want to question them
