Samuel Bankman-Fried, the founder of cryptocurrency exchange company FTX, will remain confined to his parents' Stanford home as a condition of his bail arrangement, according to court documents filed on Thursday in U.S. District Court for the Southern District of New York.
Bankman-Fried was released from custody on a $250 million bond, which his parents, Alan Joseph Bankman and Barbara Fried, arranged using their home as collateral, according to federal documents.
Under the terms of the court order, he must remain confined to his parents' home, will be monitored electronically and must have a mental health evaluation and adhere to any treatment. He can't open any new lines of credit, start any new businesses or enter into financial transactions greater than $1,000, according to the order, with the exception of paying for legal costs and fees. His equity interest in his parents' home is to be provided to the court by Jan. 12.
FTX Trading Ltd., the company Bankman-Fried founded, and 101 debtors filed for Chapter 11 bankruptcy on Nov. 11 and 14. Founded in 2019, the company quickly rose to be the third largest cryptocurrency exchange by volume with more than a million users, according to financial news reports.
Bankman-Fried, 30, was charged on Dec. 9 with conspiracy to commit wire fraud; wire fraud on customers of FTX.com by misappropriating customer deposits and using the deposits to pay expenses and debts of Alameda Research, a crypto hedge fund owned by Bankman-Fried; conspiracy to commit wire fraud on vendors for misrepresenting the financial condition of Alameda Research; conspiracy to commit commodities fraud; conspiracy to commit securities fraud; conspiracy to commit money laundering; and conspiracy to defraud the United States and violate campaign finance laws for making financial contributions to federal officials and fundraising campaigns under the names of other people in excess of $25,000, which violates federal law.
On Thursday, security preparations were underway outside his parents' home on the Stanford University campus, according to a video posted on Twitter. Alan Joseph Bankman, known as Joseph Bankman, is a professor at Stanford Law School and a scholar on tax law. Barbara Fried is a professor of law emerita at Stanford Law School, according to their online Stanford University biographies.
The case will continue to be overseen by the federal court in New York and in the U.S. District Court in Northern California, according to the court order regarding Bankman-Fried's release.
Comments
Registered user
another community
on Dec 22, 2022 at 6:33 pm
Registered user
on Dec 22, 2022 at 6:33 pm
"Under the terms of the court order, he must remain confined to his parents' home" -- Likely outfitted with a master bedroom suite, with air conditioning and heating. "will be monitored electronically" -- whoa now. Is that 711 style or an all day pulse oximeter on hi finger? "and must have a mental health evaluation and adhere to any treatment." We already know from his Bahamian court that he needs speed to make himself get up in the morning and downers to get to sleep. He will definitely be adhering to the "treatment!" "He can't open any new lines of credit" (Doesn't sound like they closed his old lines of credit), "start any new businesses or enter into financial transactions greater than $1,000, according to the order, with the exception of paying for legal costs and fees." I guess that means he will be at the post office, buying a LOT of $1000 money orders. Do any of these rules mean he can't speak to the press to taint the jury pool in a 300 mile radius?
[Portion removed.]
Registered user
Palo Verde
on Dec 22, 2022 at 7:42 pm
Registered user
on Dec 22, 2022 at 7:42 pm
I think the headline is not correct and is in dire need of correction. The home is not in fact within Palo Alto city limits, the home in question is on Stanford University property. "Confined to Stanford Home" would be correct, as would "Confined to Santa Clara County Home". "Confined to Palo Alto Home" is FACTUALLY incorrect.
It is an important distinction, Palo Alto does not deserve to see its reputation tarnished like this. Stanford 100% owns this.
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College Terrace
on Dec 22, 2022 at 9:10 pm
Registered user
on Dec 22, 2022 at 9:10 pm
Could the explanation for the completely factually incorrect headline be that the PA Weekly believes Stanford “does not deserve to see its reputation tarnished” but Palo Alto does?
Registered user
Another Palo Alto neighborhood
on Dec 22, 2022 at 9:24 pm
Registered user
on Dec 22, 2022 at 9:24 pm
Did he pay his $250 million dollar bail with money defrauded from his investors?
Registered user
Embarcadero Oaks/Leland
on Dec 23, 2022 at 2:09 am
Registered user
on Dec 23, 2022 at 2:09 am
Re the increased security, I hope Palo Alto police aren't involved in providing it; they're already strained so badly they won't go the scene of major accidents unless someone is severely injured. And I sure hope Stanford doesn't try to stick Palo Alto taxpayers with ANY of the financial costs
We're already paying for it because of Stanford;s long and constant drumbeat of bad news -- Brock Turner, Elizabeth Holmes, the president's possible, plagiarism, Meyer's suicide, the nurses' strike, etc etc, and just recently the StanfordSpeak handbook -- "don't say stupid / don't say American/ don't say landlord" etc --has made Stanford -- and by extension Palo Alto -- the global butt of jokes.
Our local paper shouldn't compound image problem and should clarify that the house is NOT in Palo Alto but on Stanford land.
Re the using the Stanford house for bail, since his father was a paid consultant to FTX and is likely to be investigated and possibly charged., I don't get how his parents' house can be used for bail. Wouldn't the house be part of any restitution settlement? (Elizabeth Hoilmes's pr team constantly stresses how her parents only own one home and that she's totally destitute -- just like poor SBF is down to his last $100. )
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Another Palo Alto neighborhood
on Dec 23, 2022 at 8:59 am
Registered user
on Dec 23, 2022 at 8:59 am
@Online name,
“We're already paying for it because of Stanford;s long and constant drumbeat of bad news -“
The only institution which gets the biggest CA tax exemptions each year, to the tune of $16.8 billion. They should have their own police, but I find it strange how the people who live there don’t vote except for school board, probably best that someone outside the bubble is running policing.
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Embarcadero Oaks/Leland
on Dec 23, 2022 at 10:10 am
Registered user
on Dec 23, 2022 at 10:10 am
@resident3, Indeed they should be able to afford their own police that the students will actually call and orderlies to support the patients and nurses instead of inflating the exec salaries.
"but I find it strange how the people who live there don’t vote except for school board, probably best that someone outside the bubble is running policing"
Well they, like Palantir before them, have no problem ensuring their interests are represented on City Council, in PA Planning Dept decisions etc.
They should also be housing their constantly expanding population instead of taking more homes off our tax rolls and telling us their expansion has "produced no bet new car trips" ... another miracle claim that PA laughably accepts from them, from Casti...
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College Terrace
on Dec 23, 2022 at 10:27 am
Registered user
on Dec 23, 2022 at 10:27 am
Please make the correction in the heading to state that SBF will live at Stanford. His parents do not reside in Palo Alto. Stanford is an unincorporated area of Santa Clara county.
Registered user
Community Center
on Dec 23, 2022 at 11:15 am
Registered user
on Dec 23, 2022 at 11:15 am
Only 10% of the $250M bail/bond is required for release which means $25M was the actual amount posted by his parents.
Since a Stanford residence is not worth that much, his parents had to dig-up.the balance from other sources.
Registered user
another community
on Dec 23, 2022 at 12:34 pm
Registered user
on Dec 23, 2022 at 12:34 pm
@OnlineName, we aren't supposed to know where they really live because public records are suppressed in Santa Clara County. See this at the Clerk Recorder's website: "Real estate records for Santa Clara County since 1850 are available after they have been recorded. These records will only be available for purchase in person or by mail. This affords greater privacy protections to all individuals whose information appears in the database, and furthers use of the index only for lawful and appropriate purposes." AFAIK, "public records" request are lawful and appropriate everywhere else. But no, not here. It's fruitless, however, to try to put up barriers to public information. A simple google search reveals their address. But the Clerk can honestly say they tried their best to block public records access. That dang google.
Re: the StanfordSpeak handbook, are you referring to this recent youtube which explains at length the hows and whys of the need for indoctrination before one can continue their endeavors whether they be a professor, student, or any kind of staff or relation to any/all of the named Stanfordites? Web Link That dang youtube.
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Embarcadero Oaks/Leland
on Dec 23, 2022 at 12:55 pm
Registered user
on Dec 23, 2022 at 12:55 pm
@MyFeelz, yes, that's what I mean. Here are some other links to the types of coverage it's getting as well as Stanford's own mea culpa:
Web Link
Web Link
Web Link
Registered user
another community
on Dec 23, 2022 at 1:07 pm
Registered user
on Dec 23, 2022 at 1:07 pm
@OnlineName I'm so glad they didn't eliminate the names Jesus, Mary and Joseph. Those are 3 of my friends who I always name out loud when I am confronted by something ridiculous.
I put these dictates of Stanford's to the Mark Twain test. If Mark said it, it must be OK. And if it's NOT OK that he said it, why are they still handing out The Mark Twain Prize for American Humor at the Kennedy Center every year?
At the bottom of the Stanford site it says "DISCLAIMER: IT Community News is accurate on the publication date. We do not update information in past news items. We do make every effort to keep our webpages up-to-date." I can't find the original article you referred to. Has it been "updated" with the mea culpa?
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College Terrace
on Dec 23, 2022 at 1:10 pm
Registered user
on Dec 23, 2022 at 1:10 pm
I understand parents helping their child, but I kinda doubt mommy and daddy are going to be able to fix this one. It's hard to imagine a bigger white-collar mess than the one SBF created for himself.
Registered user
Duveneck/St. Francis
on Dec 23, 2022 at 1:48 pm
Registered user
on Dec 23, 2022 at 1:48 pm
My "conspiracy theory" guess is that Stanford has an army of lawyers that will lean on local news outlets pretty hard for publishing news that shows the University in a negative way. Palo Alto does not. So news outlets just cave and use Palo Alto instead.
Sometimes that's just not possible, like the StanfordSpeak story. A certain rival of this news outlet also published a story centering the SBF drama in Palo Alto.
Any distinction between Stanford and Palo Alto to most non-Bay Area folks is, umm, "academic", shall we say...
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College Terrace
on Dec 23, 2022 at 2:36 pm
Registered user
on Dec 23, 2022 at 2:36 pm
There is an excellent opinion piece in today’s SF Chronicle regarding SBF being an example of white privilege. How many nonwhite people would go out on bail to a five-bedroom home in an exclusive private university’s historic neighborhood with excercise breaks and
one thousand dollars spending money? The bond is $250 million dollars. This trio do not reside in Palo Alto.
Registered user
Old Palo Alto
on Dec 23, 2022 at 2:43 pm
Registered user
on Dec 23, 2022 at 2:43 pm
Where did he get the $250 million for bail? I would hope that all of his assets would have been confiscated by the bankruptcy court. I find it interesting that you can steal from people and keep "your" money.
Registered user
another community
on Dec 23, 2022 at 3:40 pm
Registered user
on Dec 23, 2022 at 3:40 pm
His parents put their house up as collateral. It will be interesting to find out who's house they will put up for collateral if both or even one of the other parents gets indicted as co-conspirators. This kid didn't work alone, and nobody will be willing to take the fall for anybody in this mess.
ALB: He needed security and comfort and he got it. Cameras everywhere protecting him 24/7. I'm surprised the parents didn't try to get him into a witness protection program ASAP. (Because I'm sure their defense will include "somebody else bigger put him up to this")
Registered user
Embarcadero Oaks/Leland
on Dec 23, 2022 at 3:48 pm
Registered user
on Dec 23, 2022 at 3:48 pm
By putting down $250,000 secured by his parents' house which is reportedly worth "only" between $2-$4,000,000 because the land is owned by Stanford and byu two unidentified people described only as being of "people of substantial means."
If he fled, the $250,000 would be sacrificed and then the $250,000,000 would be owned.
Registered user
another community
on Dec 23, 2022 at 5:53 pm
Registered user
on Dec 23, 2022 at 5:53 pm
The house in Stanford looks overgrown, which attracts mice and vermin of all varieties. It doesn't look "lived-in" as much as "abandoned". I'm sure they have other properties they would rather have their baby boy await trial at, but this one comes with Stanford security. And it's the only one they want to have a lien against. For all the restrictions this house arrest comes with, the biggest one is missing: internet access. Cut the cord and take his phones, computers, etc. Otherwise they have left him free to destroy critical evidence.
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Another Palo Alto neighborhood
on Dec 23, 2022 at 6:08 pm
Registered user
on Dec 23, 2022 at 6:08 pm
@Len,
“Where did he get the $250 million for bail? “
The Palo Alto daily Post print publication reports that two other people helped post SFB’s bail. They reported correctly that the house is in unincorporated Santa Clara and Stanford.
This is a Stanford story. The Weekly should add a Stanford tab and correct the headline because it’s not a “Palo Alto home.”
Registered user
East Palo Alto
on Dec 23, 2022 at 8:51 pm
Registered user
on Dec 23, 2022 at 8:51 pm
Just relaxing here in East Palo Alto enjoying so many Palo Altans distancing themselves from Stanford. We are all much better off than SBF and his fam right now. Happy Holidays!
Registered user
College Terrace
on Dec 23, 2022 at 11:11 pm
Registered user
on Dec 23, 2022 at 11:11 pm
Since the Weekly still hasn’t corrected the error in their headline I’m wondering why the editor appears to be deliberately cultivating a reputation for unreliable reporting. It’s not too difficult to find out that the central Stanford campus including faculty housing is not within Palo Alto’s city boundaries or jurisdiction.
Registered user
Embarcadero Oaks/Leland
on Dec 24, 2022 at 8:49 am
Registered user
on Dec 24, 2022 at 8:49 am
Someone asked above if Stanford has updated its response to its mea culpa issued on Tuesday Web Link and the answer is no.
But in looking for the updates, it's fascinating to see how this has gone both viral and global. Also to stumble yesterday's news item about a Stanford professor fined $29,000,000 for intentionally deceiving his investors Web Link
I echo mjh's question since correcting a headline seems so simple.
Registered user
Another Palo Alto neighborhood
on Dec 24, 2022 at 9:34 am
Registered user
on Dec 24, 2022 at 9:34 am
@Jerry,
“Any distinction between Stanford and Palo Alto to most non-Bay Area folks is, umm, "academic", shall we say...”
I agree with your comments, so the Weekly reports on our schools though and and if they or anyone cared to report accurately (on one of the biggest fraud stories that will be in the news for years to come) - SBF is not a Palo Alto school product, the house of his two Stanford professor parents is not Palo Alto, Palo Alto is not their “home.”
Weekly - your headline with “Palo Alto home” is misleading. A home is where you go to school, where you are raised and where you are part of a community or where you live. SBF’s home was the Bahamas and his parents don’t live in Palo Alto.
Registered user
Embarcadero Oaks/Leland
on Dec 24, 2022 at 11:09 am
Registered user
on Dec 24, 2022 at 11:09 am
What's worse is that the "Palo Alto" headlined story is now appearing on Google News from the other publications owned by Embarcafdero Media like The Mountain View Voice Web Link where it's the top article under my Local News section which is sorted by popularity as the new editor here knows.
Why???
Registered user
Old Palo Alto
on Dec 24, 2022 at 11:42 am
Registered user
on Dec 24, 2022 at 11:42 am
He is 30 years old and "confined" to his parents' house? A defendant with billions of dollars of evidence against him should not be released on bail, and certainly not to his "parents' house." And how were the Bankman-Frieds able to offer a Stanford University Professor home as collateral without Stanford's written agreement and signed release? From my understanding, usually the professors own only the building but the University owns the land (for which, as pointed out above, they pay no property tax).
How is it ok that poor kids who steal purses worth $30,000 get locked up without affordable bail, yet this far more destructive criminal defendant who literally stole *billions of dollars* gets to stay at his parents' house? This is not to say that robbing the Apple Store is a victim-less crime, but its harm pales in comparison to this con artist who stole billions of dollars from people who actually trusted him.
I wish that our criminal justice system would pay more attention to the property criminals like BF whose actions bankrupt retirement funds and drive families into insolvency. If Stanford truly is sorry, they would not collaborate with the criminal by agreeing to the security interest on their property to free him. It is low-integrity of Stanford to assist SBF and his parents, who may not have been involved, but are creating the perception of having been very involved.
Registered user
Another Palo Alto neighborhood
on Dec 24, 2022 at 11:54 am
Registered user
on Dec 24, 2022 at 11:54 am
@online name,
“Why???”
The Weekly’s stories are very long when it’s about buildings or Planning approvals, blow by blow of Council meetings, he said, she said. Fewer readers for those stories. Their local competition (in news) does a better job with short spaces, today the other local news source explains that SBF is out on bond, not bail.
This headline is however not only inaccurate but misleading.
Registered user
Embarcadero Oaks/Leland
on Dec 24, 2022 at 12:15 pm
Registered user
on Dec 24, 2022 at 12:15 pm
The misleading and uncorrected inaccuracy was repeated in today's New York Times article Web Link "How Did Sam Bankman-Fried Make His $250 Million Bail? Though Mr. Bankman-Fried was not required to pay $250 million, the large amount of the bond in this high-profile case has raised questions about the federal bail process."
Evidently not a dime of money changed hands because it was a negotiated deal as a condition of SBF "agreeing" to be extradited from the Bahamas.
Yes, the devil's in the details. If he flees, it will be interesting to watch the Feds and Stanford battle over the details of seizing the house since Stanford owns the land on which the house sits.
Registered user
Palo Alto Weekly staff writer
on Dec 24, 2022 at 1:44 pm
Registered user
on Dec 24, 2022 at 1:44 pm
Thanks for pointing out the discrepancy, readers. We have updated the story and also added the following note: Editor's note: A previous version of this story based on a federal court order stated that Bankman-Fried was staying in Palo Alto rather than Stanford.
The court order states Palo Alto, which is why so many news agencies are picking that up. It was only later that it became clear the home is on Stanford land.
Registered user
another community
on Dec 24, 2022 at 1:57 pm
Registered user
on Dec 24, 2022 at 1:57 pm
@Online Name, if he flees and it proves that it was easy enough to do under the supervision of Stanford giving him a hideout where he could plot his escape with Stanford agencies watching over him ... look out. Aiding and abetting a felon who flees from federal justice would make Stanford and his parents co-conspirators. They'd have been better off leaving him in the Bahamas. But both of his parents are Law Professors, so I'm sure they know what they're doing. And that last part of the sentence, "the know what they're doing" can be taken many different ways.
@Sue Drennan, you oould also change the headline that still says "Court orders FTX founder Samuel Bankman-Fried to be confined to parents' Palo Alto home".
Registered user
Another Palo Alto neighborhood
on Dec 24, 2022 at 2:02 pm
Registered user
on Dec 24, 2022 at 2:02 pm
@Sue Dremann,
“We have updated the story….
The court order states Palo Alto, which is why so many news agencies are picking that up. “
Good to know. Headlines have been changed before online, why not make this one end at “parent’s house” and hope the print edition will not repeat the misleading comment.
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Embarcadero Oaks/Leland
on Dec 24, 2022 at 2:16 pm
Registered user
on Dec 24, 2022 at 2:16 pm
Thanks for finally updating it.
I don't see how the wording of the court order matters when our local paper(s) presumably know the difference between Stanford and Palo Alto; they should strive to be more accurate knowing that they're going to be used as sources for national and international coverage.
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College Terrace
on Dec 24, 2022 at 2:29 pm
Registered user
on Dec 24, 2022 at 2:29 pm
Thank you Sue Dremann for informing readers of the provenance of how this error came to be. I and certainly others appreciate the revised heading to reflect the domicile for this man out on bail to be his parents’ home at Stanford not in Palo Alto.
Registered user
another community
on Dec 24, 2022 at 3:05 pm
Registered user
on Dec 24, 2022 at 3:05 pm
@Online Name, was the original article with the offending words behind a redirect requiring a Stanford Password to view, like it is now? Web Link
Registered user
Old Palo Alto
on Dec 24, 2022 at 3:31 pm
Registered user
on Dec 24, 2022 at 3:31 pm
The Daily Post got it wrong today. Bond and bail are not "very different things." Bonds are a way to pay bail. It is like a collateralized loan. The house is used instead of paying cash. But because they can't just hand over a house, they likely handed over the title. This of course continues to beg the question of how they would have the title to a house on Stanford. It sounds like Stanford is partially (or possibly wholly?) posting the bail in the form of a bond. It could be that the Bankman-Fried family owns the home outright, but I haven't heard of that happening with Stanford property. Maybe others have. So why in the world is Stanford posting the bail for this multi-billion-dollar flight risk?
Here is a brief, nonscientific, plain-language overview:
Web Link
How could Stanford risk losing a house if SBF doesn't appear? Why would they trust a person who successfully fooled so many otherwise powerful, wealthy, educated people?
Registered user
another community
on Dec 24, 2022 at 4:09 pm
Registered user
on Dec 24, 2022 at 4:09 pm
The Stanford house that is being used as bond does not look "lived in". I think I said this above, it looks more like it's been abandoned. Since Santa Clara county property records are "secret" (even though they're supposed to be public records) I assume his parents have other properties that they actually reside in. The Bahamian court observed that the family had many financial resources. So why use THIS house, is the question? My theory is that it's because they have nothing to lose. If he skips, the fallout becomes Stanford's responsibility. As it has been noted, there's no way a property owner would allow a, for lack of a better word, "TENANT" use the OWNER'S property to put up a bond. Maybe I can put it this way. Suppose they had a mobile home, in a mobile home park, and the own their mfg home outright. The land it's on belongs to the owner of the park. There's no way in the world that the property owner would ever let someone use THEIR property as security. We have to assume Stanford doesn't know anything about this, right? They have to be CLUELESS. But ... They knew his parents weren't going to be teaching this semester, due to their son's plight. They knew the parents were going to the Bahamas to bring their son back. Were they so clueless they thought he would be staying in a Motel 6? Stanford's Law School, if they in any way cooked up a scheme, will lose their accreditation if it can be proved the had prior knowledge of this. I'm sure they will very soon print a full "WE DIDN"T KNOW" article in their own newspaper.
ETA Stanford can not only say they never knew, they can also prove it by showing that the Bahamaian judge said he could go to Palo Alto. Not to Stanford. So it's the COURT's mistake.
Registered user
Another Palo Alto neighborhood
on Dec 24, 2022 at 4:44 pm
Registered user
on Dec 24, 2022 at 4:44 pm
“Court orders FTX founder Sam Bankman-Fried to be confined to parents' Stanford home”
This new headline appears on the “Top stories” link but the thread still shows the old headline. It may just need to be updated.
Registered user
another community
on Dec 24, 2022 at 5:07 pm
Registered user
on Dec 24, 2022 at 5:07 pm
@resident3 where I'm seeing it is in the slider graphic on the main page, where it says " FTX founder heads back to Palo Alto thanks to bond deal"
Lots of fishy stuff going on about that house and the other people who are listed as living in it who's last names are not Bankman or Fried or Bankman-Fried. If the Bahamian Court is waiting for the kid to show how much equity he has in the house that's being used as collateral, I think the answer is "NONE". But the kid gets at least a week to possibly get an alibi together supported by others who also don't want to go down in this fiasco. In a house that hasn't been lived in for quite some time. If the Court was smart they would subpoena utility records. That would show if a place is actually a residence or used for some other purpose. Some of the articles in other publications have suggested that's why he set up housekeeping in the Bahamas, because they would make it easy for him to make a sweet deal to get the kind of house that really pays off -- internet access, phones, computers ... the things he used to start his company in the first place. It's time for the festivities to begin around here, with an internet fireplace instead of a real one since we can't have anything nice on this side of Palo Alto, like a Christmas fire to roast chestnuts over!
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Embarcadero Oaks/Leland
on Dec 24, 2022 at 5:15 pm
Registered user
on Dec 24, 2022 at 5:15 pm
"@Online Name, was the original article with the offending words behind a redirect requiring a Stanford Password to view, like it is now? Web Link"
No. Easy to get to with no password required. They must be getting too much traffic for their taste, esp since they should have been able to see where their visitors where coming from and going.
The sad thing about this is that it feeds right into the current anti-education book-banning anti-elitist narrative which is most mostly focused on not using the word "American."
I on the other hand wonder about some of the more common sense questions like how one refers to "landlords" after that word is banned -- landpeople? landnobles? landpeers?
And with "victim" banned, what do we call ther person against whom a crime has been committed?
Other examples abound.
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another community
on Dec 24, 2022 at 6:00 pm
Registered user
on Dec 24, 2022 at 6:00 pm
@Online Name, it seems they have violated their own standards. If this is true: "DISCLAIMER: IT Community News is accurate on the publication date. We do not update information in past news items. We do make every effort to keep our webpages up-to-date." it must mean "uness it puts us under a harsh light, and then we will change whatever we want."
You can still see the original IT page by linking to this: (but be forewarned, they will likely fix THIS too as soon as they see it: "Web Link Those darn google people again, making things too easy!
Registered user
Palo Alto Weekly staff writer
on Dec 24, 2022 at 7:15 pm
Registered user
on Dec 24, 2022 at 7:15 pm
Just got back in. I've updated the slider headline. Thanks!
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Embarcadero Oaks/Leland
on Dec 24, 2022 at 8:36 pm
Registered user
on Dec 24, 2022 at 8:36 pm
@Sue, not to be a stickler but your update didn't take here in Town Square. The following is what still appears in the menu list showing your comment above as the last commenter.
CRIMES & INCIDENTS
Court orders FTX founder Samuel Bankman-Fried to be confined to parents' Palo Alto home
Samuel Bankman-Fried, the founder of cryptocurrency exchange company FTX, will remain confined to his parents' Palo Alto...
Original post made on Dec. 22, 2022
Last comment by Sue Dremann, 1 hour ago | 41 comments | 8227 Views
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Embarcadero Oaks/Leland
on Dec 24, 2022 at 8:43 pm
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on Dec 24, 2022 at 8:43 pm
The "Palo Alto home" headline carries over to Google News from the various Embarcadero Media pubs.
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College Terrace
on Dec 25, 2022 at 3:52 am
Registered user
on Dec 25, 2022 at 3:52 am
Given there are reports that the Stanford home doesn’t look lived and/or someone with a different name is living in their, could the family own, are leasing, or a guest in another home which is in in Palo Alto?
Which might explain why the court papers list Palo Alto as where he will be confined, and is actually correct? Possibly up on one of the large very private estates in the Palo Alto foothills hills which would be well away from prying eyes?
Meanwhile, the press and public are assuming they are living in their known family home on the Stanford campus.
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another community
on Dec 25, 2022 at 7:26 pm
Registered user
on Dec 25, 2022 at 7:26 pm
Other publications have linked to videos of police putting barricades at the familys known Stanford address. Im inclined to agree with mjh, that its just a smokescreen. The public isnt allowed to have access to Santa Claras public records, so theres no telling how many places they could be living. I dont believe it has anything to do with bond or making sure he appears in court. It could be about giving jr time and access to things to build a defense. And the parents, if they are at all involved, need to come off as just caring parents -- not representimg him as attorneys. There will be all the makings of a made for tv movie. Stanfords sheen has been wearing off for a while now. They take exception to any news that would besmirch their reputation. I predict a stern announcement to the media where Stanford disclaims any knowledge of wrongdoing by their tenants or their children. And maybe, since they own the property these folks' house sits on, I suggest they have some repairwork done so it doesnt look like a weed farm. It doesnt look good that they let their properties be left untended. In other cities, if you let your flora and fauna grow unchecked, the city does the work and bills the property owner.
But that will never happen because they have their own zip code and do whatever they want.
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Embarcadero Oaks/Leland
on Dec 25, 2022 at 7:34 pm
Registered user
on Dec 25, 2022 at 7:34 pm
"The public isnt allowed to have access to Santa Claras public records, so theres no telling how many places they could be living."
Huh? How can the public not have access to public records? Not disagreeing; just curious.
"And the parents, if they are at all involved, need to come off as just caring parents -- not representimg him as attorneys."
Since the father was a paid consultant to the son's company, there would appear to be a clear conflict.
"I predict a stern announcement to the media where Stanford disclaims any knowledge of wrongdoing by their tenants or their children."
And the professor who was just fined $29M for intentionally defrauding investors, an the Zazzle founder who was ripping off his artists' material AND stealing revenue from his starving artists... and of course Ms Holmes whose appeals will probably last forever...
Your movie has the potential for becoming the Dallas/FalconCrest/Reality Show of the decade.
Registered user
another community
on Dec 25, 2022 at 11:56 pm
Registered user
on Dec 25, 2022 at 11:56 pm
@Online Name, several days ago I looked at the Santa Clara County Clerk-Recorder website, to see what they might use for collateral. The website says the following: "Real estate records for Santa Clara County since 1850 are available after they have been recorded. These records will only be available for purchase in person or by mail. This affords greater privacy protections to all individuals whose information appears in the database, and furthers use of the index only for lawful and appropriate purposes."
It doesn't say how much they will charge, and doesn't say what constitutes lawful and appropriate purposes. Recorded documents are public records.
This is relevant to another discussion that keeps popping up, which is the Landlord Registry PA is supposed to maintain, to aid people who are being wrongfully evicted. If the public records aren't available to the City, there's no way they could even try to create a registry.
Another confict in the parents representing the kid is that as far as I know, neither parent is an attorney of record in the case. Any time an attorney is substituted or added, it becomes part of the public record in a court proceeding.
So, if they are "assisting" their son with legal guidance, they can offer pro bono advice but they have to be listed as a lawyer in the case. If they are just being "supportive" and not offering legal advice, I guess it's OK. But already they are using subterfuge in the bond issue (because they claim they're all broke -- yet a bond (whether $25 or $25 million) has to be backed by actual assets that can be seized. Courts can't seize Stanford land to satify a lien against someone else. It's not like the parents don't know this. There's a fine line between acting too dumb in making these kind of mistakes, and actually BEING so dumb they could be too dumb to be lawyers.
All of the secrecy that happens in Stanford Land is hiding behind the Santa Clara County Seal of Approval.
Registered user
another community
on Dec 26, 2022 at 10:07 am
Registered user
on Dec 26, 2022 at 10:07 am
A $250 million bond, he's a flight risk. He shouldn't have been released. Home for the holidays shouldn't include someone facing serious charges who could easily flee by removing his ankle monitoring bracelet.
Registered user
College Terrace
on Dec 26, 2022 at 1:13 pm
Registered user
on Dec 26, 2022 at 1:13 pm
Wait - what? A "landlord" registry?? Didn't Stanford just release a 13-page guideline that included a substitute for that word? Santa Clara County: get with the program!!
Registered user
another community
on Dec 26, 2022 at 1:57 pm
Registered user
on Dec 26, 2022 at 1:57 pm
Yes that's true Annette but I wasn't allowed to vote on it. My choice would have been "rent gouger". If we're talking landowners who were the original people it was stolen from, they should get a say in it, too.
Registered user
Another Palo Alto neighborhood
on Dec 26, 2022 at 4:20 pm
Registered user
on Dec 26, 2022 at 4:20 pm
@Rebecca Eisenberg,
“Bond and bail are not "very different things."
They sound very different if you have rich parents and friends - according to the link you posted -
“The main difference between bond and bail setting is who agrees to pay.”
This group probably has made a lot of friends with $8 billion.
Registered user
Embarcadero Oaks/Leland
on Dec 26, 2022 at 7:43 pm
Registered user
on Dec 26, 2022 at 7:43 pm
@MyFeelz, thanks for clarifying the public records issue. I wonder how much they make selling our information because I get so many property-related pitches.
Registered user
Downtown North
on Dec 26, 2022 at 9:13 pm
Registered user
on Dec 26, 2022 at 9:13 pm
Worth $19 billion to living in your parents basement...
Registered user
another community
on Dec 27, 2022 at 9:26 am
Registered user
on Dec 27, 2022 at 9:26 am
@Online Name there are several ways to get direct mail address lists besides paying the Clerk for them. Depends on whether it has a stamp on it and if it addresses you by name. I wonder if the County Clerk can be asked to change their M.O. by a higher authority?
Registered user
Old Palo Alto
on Dec 28, 2022 at 4:09 pm
Registered user
on Dec 28, 2022 at 4:09 pm
The PA Daily Post explained the difference between Bail and Bond, here Web Link
Registered user
Menlo Park
on Dec 28, 2022 at 5:24 pm
Registered user
on Dec 28, 2022 at 5:24 pm
Am doubling down on what "Op. Miss. Real. (Cheshire Catting). (smiling). Whats the Big deal? You act like someone came and painted a "Scarlett Letter" on your garage doors? Zip Codes 94300 to 94304. Stanford is 94305. And what about what someone else brought up? Others grabbed $30,000 Handbags out of Stanford Shopping Center. Even more from the Store "The Real Real" and those kiddies can't get 1% of that spoiled brats bail?
Geezus Christ? Then there are the Sex Offenders? All of them (except 2) are forced fed into East Palo Alto's mouth. Let's not even bring up the creation of "Whiskey Gulch". They thought that they were keeping alcohol out of their little spoiled kiddies hands? And....If you aren't aware of it. You have MUCH MORE convicted persons residing next door to you.
Didn't they just "Raid" a $8 Million Dollar House off of the 1500 Block of University Avenue? Around the corner from the Zuckerberg's?
Well there goes that Neighborhood. Gees..