Sam Bankman-Fried Weighs Book and Movie Choices at Parents’ Fort Palo Alto

Sam Bankman-Fried may be facing serious legal risk and years in prison for the collapse of his FTX crytocurrency exchange, but for now, he’s enjoying some semblance of a privileged upbringing by living under house arrest in his parents’ spacious Palo Alto home.

On the leafy one-acre property, which an expensive private security firm has turned into a “guarded fortress,” the genius billionaire once reportedly met with “Big Short” and “Moneyball” author Michael Lewis about the possibility of turning his life and infamous adventures into currency. encoded in a bio, as reported by the New York Post. On the downside, the 30-year-old accused fraudster faced death threats and succumbed to wearing an electronic ankle monitor, the newspaper reported.

Bankman Fried arrived at the home of his parents, Stanford law professors Joe Bankman and Barbara Fried, on Friday. He was arrested in the Bahamas on December 12 on multiple charges of fraud and money laundering, but waived an extradition hearing and posted a $250 million bond so he could be released to his home in Palo Alto.

Michael Lewis, of Berkeley, Calif., author of “Boomerang: Travels in the New Third World” (W.W. Norton, $25.95). (Jose Carlos Fajardo/Contra Costa Times/MCT)

Immediately upon his arrival, Bankman Fried received a visit from Lewis, the newspaper reported. They’ve already been in touch, with the Berkeley-based financial journalist who’s been “an integral part” of the mop-haired entrepreneur for the past six months, as they work on a book about the rise and fall of FTX, according to entertainment newsletter The Ankler. Lewis’ publisher has also offered the film rights to his book about Bankman-Fried to potential buyers, The Ankler also reported. Lewis’ books, “Moneyball” and “The Big Short,” have been made into films that have been nominated for and won Academy Awards.

Sure, it must have been a relief for Bankman Fried and his parents to bring him home after spending more than a week in the notoriously overcrowded and unsanitary Fox Hill prison on the Bahamas main island of New Providence. He was transferred to New York where he appeared in US District Court last week and was released on $250 million bail, an unprecedented amount for a bail, the New York Times reported.

NEW YORK, NY - DECEMBER 22: Barbara Fried, mother of FTX founder Sam Bankman-Fried, arrives for his bail and arraignment hearings in Manhattan federal court on December 22, 2022 in New York City.  Bankman-Fried, who was indicted Dec. 9 and arrested 3 days later by law enforcement in the Bahamas at the behest of US prosecutors, has agreed to extradite him to the US where he faces eight felony counts of fraud and conspiracy. and money laundering.  Make illegal political contributions.  He potentially faces life in prison if convicted.  (Photo by Michael M. Santiago/Getty Images)
Barbara Fried, mother of FTX founder Sam Bankman-Fried, arrives in Manhattan federal court on December 22, 2022 in New York City. (Photo by Michael M. Santiago/Getty Images)

Bankman-Fried, who said last November that it was down to the last $100,000, really shouldn’t have handed over $250 million. The New York Times said the amount would only have to be paid if he failed to appear in court or violated the terms of his home confinement. Bankman-Fried’s parents used the equity in their home to help secure part of the bond, while two unnamed co-signers are on the hook for the remainder.

In Palo Alto, Bankman-Friend can enjoy using his parents’ pool and the driveway of the 3,000-square-foot historic home, which sits on a cul-de-sac in the tony-upper-San Juan neighborhood of the South. Part of the Stanford University campus. The area is more a country club than a college dormitory and is home to dozens of top Stanford faculty. Neither Bankman nor Fried will teach classes at Stanford Law School this coming quarter.

While under house arrest, their son must adhere to some strict restrictions. He must remain at his parents’ home and be monitored electronically. He can only leave the drug for substance abuse treatment, exercise and mental health purposes.

The New York Post reports that due to death threats, sudden global infamy and a dead end that has turned into a horrific tourist attraction, Bankman and Fred have turned their home into a “guarded fortress”. The family pays about $10,000 a week to have a private security company in the Gulf patrol their territory around the clock. They have also extended fencing on the property to limit people’s ability to see.

“They’re nervous,” a source told the New York Post. There were death threats. They don’t take any chances.”

A Stanford spokesperson told the media that the university’s Department of Public Safety had posted temporary security in the neighborhood around the house, and that a few roads were closed nearby. A Bankman and Fried spokesperson said the professors are “grateful to be a member of the Stanford community and for the services of the Stanford Department of Public Safety,” the Stanford Daily reports.

As of Tuesday, Bankman and Fred had rarely left their home, the newspaper said, as the family relied on food and groceries delivered. The banker, however, sought to relieve some of the tension by taking some escorted tours around the neighborhood, the newspaper added. In addition to welcoming Louis to their home to meet their son, the couple has also hosted several gatherings since their son’s return.

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