The judge in SBF's case chose to make a statement by making his bail $250,000,000. This huge bail amount generated many clickbait news articles, most of which focus on the bail amount and ignore how the US pre-trial detention system works.
Getting Bail
In the US justice system, you will likely be given the opportunity for bail prior to your trial. Bail is often denied if you have committed a violent crime (this is self-explanatory). It is also frequently denied if you are deemed a flight risk. SBF had access to his passport before he was arrested in the Bahamas and has shown he is a low-flight risk.
SBF did not get special treatment in getting offered bail.
$250,000,000 Bail
It does not matter if the judge put bail at $25 million or $250 million. The system works the same.
Typically the defendant, friends of the defendant, and family of the defendant put assets worth $1-5 million as collateral and co-sign the bond. The people that co-sign the bond are responsible for it should the defendant default on it. The most common assets put up for collateral are houses, then retirement accounts, then cash.
The judge is making a statement by putting the bail at $250 million. He is drawing more public attention to himself and the case. There is no functional reason to make the bail $250 million vs $25 million.
SBF's parents put their ~$4 million house as collateral and co-signed the bond. SBF did not get special treatment
FTX money was used to buy the house his parents put up for collateral
SBF's parents bought the house in 1992 for $700,000, the same year that SBF was born. FTX money was not used to purchase this house. Now, there might be other homes that are in SBF's father's name that were purchased with FTX money, but not this one.
The US criminal justice system is set up so that if you have money or have a family that has money, you will spend minimal time in jail before your trial (often a very different story than if you are poor). SBF's experience with bail is typical if you can post $1 million+ in collateral. It does not mean he will not spend a long time in jail. Having 2 people already flip and plead guilty shows that the US government is serious about getting a conviction for SBF.
Submitted December 23, 2022 at 09:39PM by pbjclimbing https://ift.tt/e8vJXxl https://ift.tt/fQ2SDvl
from #Bitcoinmovement - The hub of Bitcoin and Crypto media https://ift.tt/shZlz5c
via IFTTT
No comments:
Post a Comment