Following a request made by multiple news outlets, a federal judge agreed to allow the identities of the guarantors who signed on as sureties for former FTX CEO Sam Bankman-$250 Fried’s million bond to be made public. This decision was made in response to the judge’s ruling that the identities of the guarantors could be made public.
Andreas Paepcke, a senior research scientist at Stanford University, and Larry Kramer, a former dean of Stanford Law School, have been revealed to be the two persons who had not been previously named, according to court records that were made public on February 15th. On January 25, each of these individuals put up $200,000 and $500,000, respectively, as sureties in order to secure Bankman-release Fried’s on bail.
SBF’s parents, Joseph Bankman and Barbara Fried, were the other two people that signed off on their son’s bail in December 2022, after his arraignment. This occurred after SBF had been charged with a crime. Prior to the arrest of their son, the two were law professors at Stanford. Bankman seems to be becoming more of a target in FTX’s bankruptcy case, as corporate creditors sent subpoenas to him, his son, and other “insiders” on February 14.
According to a story published by Business Insider on February 15, Kramer said that he had known Bankman and Fried since the 1990s, and that the reason for his gift of half a million dollars was because of their friendship. At the time of publishing, it is unknown what kind of relationship, if any, Paepcke may have had with Bankman-Fried or his parents.
The terms of Bankman-bail Fried’s required that he be placed under house arrest at his parents’ home in California; however, he is free to leave the residence for court appearances and other authorized activities. The terms of SBF’s release on bail have been modified by Judge Lewis Kaplan to include prohibitions on accessing specific messaging applications, utilizing virtual private networks, and communicating with current and former employees of FTX and Alameda Research.
In a letter dated January 12, eight major news sites petitioned Judge Kaplan, asking the court to divulge the identities of the two persons “who supplied financial support to Mr. Bankman-Fried.” Initially, the petition was granted, but the court halted the revealing of the guarantors’ names until February 7 so that SBF’s legal team might have time to appeal the decision.
In a letter dated January 3, attorneys for Bankman-Fried argued against the publishing of Paepcke’s and Kramer’s names, noting that their clients had been the subject of “extreme media attention, harassment, and threats.” Paepcke and Kramer had not been identified at the time the letter was sent. As a result of the legal team’s announcement that they want to appeal Kaplan’s judgment, the distribution of the material has been postponed until February 14th.
The criminal prosecution against SBF is expected to commence in October, while the lawsuit against FTX’s bankruptcy is still active. Gary Wang, who was a co-founder of FTX, and Caroline Ellison, who was a former CEO of Alameda Research, have both pled guilty to specific offenses and are apparently collaborating with the police.
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