The identities of the two people that helped the former FTX CEO Sam Bankman-Fried to secure a $250M recognizance bond have been revealed. The two guarantors include the dean emeritus at Stanford Law School, Larry Kramer, and senior research scientist at Stanford University, Andreas Paepcke.
Signees of Bankman-Fried’s $250M bond revealed
Bankman-Fried was released on a $250M recognizance bond in December after being extradited from the Bahamas to the United States. The former FTX CEO is facing eight counts of fraud and conspiracy. Several guarantors enabled him to secure the bond, including his parents.
Bankman-Fried’s lawyers had requested that the names of the two other signees for the bond be sealed. However, a Manhattan federal judge granted a motion by media companies to unseal the details.
JUST IN: SBF's $250 million bail was funded by former Dean of Stanford Law School Larry Kramer & Stanford Research Scientist Andreas Paepcke.
— Watcher.Guru (@WatcherGuru) February 15, 2023
One of these guarantors is Larry Kramer, the dean emeritus at the Stanford Law School and the president of the William and Flora Hewlett Foundation. Kramer signed a $500,000 unsecured bond. The other signee is Andreas Paepcke, who signed a similar bond for $250,000.
Bankman-Fried’s parents are among the faculty members of Stanford University. Paepcke is a graduate of Harvard University and holds a Ph.D. in computer science after studying in Germany. The research scientist has yet to issue a statement about signing the bond.
On the other hand, Kramer has commented on signing Bankman-Fried’s bond, saying that he was a close friend of Bankman-Fried’s parents, Joe Bankman and Barbara Fried, for many years. He said that he acted in his personal capacity to sign the bond and that he did not have any interest in the matter other than helping his and his wife’s friends.
“During the past two years, while my family faced a harrowing battle with cancer, they have been the truest friends –bringing food, providing moral support, and frequently stepping in at moment’s notice to help. In turn, we have sought to support them as they face their own crisis,” Kramer said.
Bankman-Fried is expected to return to court in New York this week, where he will be in a hearing to determine his bail conditions. In January, Bankman-Fried pleaded not guilty to all fraud and conspiracy charges. His trial was scheduled for October this year.
Bankman-Fried banned from using a VPN
The prosecutors in charge of the criminal case against Bankman-Fried were recently granted a request to keep the former crypto billionaire from using a VPN. The request was granted by Judge Lewis Kaplan, who is in charge of the bankruptcy proceedings.
The filing made by the prosecutors on February 13 said that they had detected Bankman-Fried using a VPN on January 29 and February 12. Bankman-Fried’s lawyers said that he used the VPN to watch sports events. On January 29, he used a VPN to watch the AFC and NFC Championship games and to watch the Super Bowl on February 12.
The lawyers said that using a VPN did not implicate any of the concerns raised by prosecutors. However, they pledged that the FTX founder would no longer use VPNs.
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