Sam Bankman-Fried was arraigned in court on fraud and other charges.
was arraigned in a Westchester, New York court today. Other former employees of FTX, and floating in Bankman-Fried's orbit have already pled guilty and are cooperating with federal authorities.The federal judge ruled that Bankman-Fried could be freed on $250 million bail, stemming from eight counts of alleged fraud in relation to the collapse of FTX this year.
A recognizance bond is an article of commitment that Bankman-Fried will appear in court on the agreed upon date, and stand trial. With this agreement the court allows Bankman-Fried to avoid the full cost of the bond, but is required to put up a portion of the total as collateral. Of the charges prosecutors said in their presentation that the former FTX CEO was said to be at the heart of a fraud that was of epic proportions.
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