After making his initial court appearance on Thursday in a federal court in Manhattan, FTX founder Sam Bankman-Fried is scheduled to be released on a bond of $250 million. He will also be placed under house arrest in the Palo Alto home which he shares with his parents Joseph Bankman and Barbara Fried, prominent Stanford University Law professors.

Judge Gabriel Gorenstein of the US District Court approved the agreement that saw the alleged fraudster leave his place of residence at the Bahamas to stand trial for a number of offenses, including wire fraud, securities fraud, conspiracy, money laundering, and violations of campaign finance laws. 115 years in prison are the potential penalties for these charges.

(by Pratik Bhuyan)

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