Two mysterious co-signers on FTX founder Sam Bankman-Fried’s bonds managed to hide their identities for a long time, but new court document Finally revealed who they are.
The two previously unknown persons are Andreas Paepke and Larry Kramer. Paepcke is a senior research scientist at Stanford University, and Kramer previously served as dean of Stanford Law School.
Bankman-Fried’s parents Joseph Bankman and Barbara Fried are both professors of law at Stanford University.
According to newly released documents, Paepke and Kramer invested $200,000 and $500,000, respectively, to help secure Bankman-Fried’s release from prison.
Largest pretrial bond in memory
Bankman-Fried released from prison After posting a $250m bond in a New York court in December last year. The bond’s sheer size raised eyebrows, and US Attorney Nicholas Roush said at the time that the bond was the largest pretrial bond he could remember.
At the time Bankman-Fried was released, the only known co-signers of the bond were her parents, who put up their Palo Alto, California home as collateral for the bond.
Given that the relatively modest home is not worth anywhere near $250m, however, it has long been unclear what role the two additional co-signers played in securing Bankman-Fried’s release. However, it now appears that the additional $700,000 put up by the two individuals was sufficient to meet the bond requirements.
A reports The Daily Beast indicated Wednesday that Bankman-Fried’s legal team has fought back against multiple attempts by the media to reveal who the additional co-signers were. Still, he ultimately decided not to appeal against the judge’s ruling on disclosing the names, the report said, citing a person familiar with the matter.
Friendship with Bankman-Fried’s parents
in a statement to coindesk On Wednesday, Larry Kramer said it was his close friendship with Bankman-Fried’s parents that prompted him to sign and put up half a million dollars for the bond.
Kramer explained that Joseph Bankman and Barbara Fried had offered care when his own family was battling cancer, and so he wanted to support them “as they face their own crisis.”
“My actions are in my personal capacity, and I have no commercial dealings or interest in this matter other than to help our loyal and steadfast friends. Nor do I have any comment or position regarding the substance of the legal matter, which That will be up for trial,” Kramer was quoted as saying.
Sam Bankman-Fried was arrested in the Bahamas – where his exchange was headquartered – on 13 December. In the beginning he was the infamous fox hill detention centerbefore being extradited to the United States and released on bail.
she has pleaded not guilty to criminal chargesBut admitted that some mistakes were made during his time as head of FTX.
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