Sam Bankman-Fried Arrives at Parents’ Home to Begin House Arrest

Disgraced FTX founder Sam Bankman-Fried was spotted early Friday arriving at his parents’ Palo Alto, California, home where he will remain under house arrest after being released on a record $250 million bond.

Two vehicles were seen pulling up to Joseph Bankman and Barbara Fried’s residence located in an exclusive neighborhood on the edge of Stanford University’s campus at around 4:30 a.m.

A Stanford campus police vehicle was seen outside the home, where the accused cryptocurrency fraudster will be spending his time with mom and dad, both law professors.

Bankman-Fried, 30, who was back in the US after his extradition from the Bahamas, is facing a slew of federal charges, including wire fraud, conspiracy and money laundering carrying a sentence of up to 115 years in prison.

Bankman-Fried appeared in Manhattan federal court Thursday, when a judge signed off on a deal allowing the former CEO to be released on a $250 million bond and be placed under house arrest with an ankle monitor.

Preparations for Bankman-Fried’s ignominious homecoming had been underway for days in the well-heeled Upper San Juan community, the Mercury News reported. 

Sheriff’s deputies, campus police and private security closed roads with barrier barriers throughout the area Thursday afternoon to thwart curious onlookers.

Bankman-Fried’s parents bought their cozy four-bedroom, three-bath home in 1992 for about $700,000 — close to $1.5 million in today’s money — records show.

The property, built in 1917, is now estimated to be worth upwards of $4 million.

Although a far cry from Bankman-Fried’s over-the-top luxury penthouse in the Bahamas where he was arrested last week, his parents’ home is not devoid of charm, including a sun-dappled dining room with a fireplace, a modern kitchen, a library and a gated pool.

Assistant US Attorney Nicolas Roos on Thursday said Bankman-Fried “perpetrated a fraud of epic proportions” by allegedly swindling investors and looting customer deposits on his FTX trading platform as it crumbled.

Roos proposed strict bail terms including the $250 million bond — which he said is believed to be the largest federal pretrial bond ever.

The “personal recognizance bond” was to be secured by the equity in Bankman-Fried’s parents’ home and the signature of them and two other financially responsible people with considerable assets, Roos said.

The bail conditions also require that Bankman-Fried not open any new lines of credit, start a business or enter financial transactions larger than $1,000 without the approval of the government or the court.

Bankman-Fried is due back in court Jan. 3.

With Post wires

*As an Amazon Associate I earn from qualifying purchases