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Welcome to bitboy crypto my name is Ben Uh today we're going to be talking about Sam Bateman fried's Bond and why this is Such an important story we're talking About some stuff that you may not Actually know Um and here's here's what I want you to Take away from this video Sam bingman freed has paid nothing for His bond nothing it's unreal when you Unwrap this story and they photoshop This guy I want to know what is up okay Guys this is a story on coindesk uh by James Murphy it's called Bateman Freed's Incredible Shrinking 250 uh million Dollar Bond and there's several points That uh you know I want to hit here Number one here we've got this bangman Free got out of jail by posting a Gargantuan unprecedented 250 million Dollar Bond it was the largest pre-trial Bond ever unbelievable right But in fact it's a lot less now I've Been hearing people everywhere saying oh Well you know 250 million dollars they Only got to pay 10 blah blah blah well Let's take a look at that guys in a Typical federal case a bails of our bail Bondsman would charge between 10 to 15 Percent of the amount in cash and I've Been trying to figure out who would take On 225 million dollars in cash In the case of Beekman Freed's Astronomical Bond 15 would be 37.5
Million but he didn't pay 37.5 million In fact He paid no cash at all this is Unbelievable when you start to break This down There's a second way to acquire a bail Bond A defendant a defendant or someone on Their behalf which will probably another Video look at some other people that may Be behind this Um but they may pledge collateral so the Defendant fails to appear uh the pledge Collateral or most mostly property is Forfeited to the court that would mean He would need a benefactor to step up And pledge property worth 250 million Dollars to get the bond but that also Did not happen now let's talk about his Parents Alan Joe bingman and Barbara Freed we got a lot more on them in a Future video this week instead his Parents promised to pledge collateral For their Palo Alto home It's four million dollars now the Question is was this home paid for with FTX funds with customer funds that's Something else to pay attention to Um so no other collateral other than That four million dollars was posted or Promised so what is that 250 million Dollars mean this is unbelievable people Do not have a clue what is happening Here okay he was not required to post a
Conventional bail bond instead he was Simply released from custody on Something called a personal Recognizance Bond okay the personal Recognizant Bond contains bankman Freed's solemn promise we're going on a Solemn promise and his parents promise We know they're all super honest right To pay the court 250 million dollars if He fails to show up for the trial at the Appointed time now Why would the court accept this from Someone who is a total liar well we go Back To this Bitcoin address right here that We have found we have isolated we Believe that this is Sam bankman Freed's Personal Bitcoin wallet That comes from um there is a another One that uh we showed earlier in a video On Friday and go back and watch that on Friday night it had several billion Dollars On the day he was extradited okay or on The day he was supposed to be extradited On the 19th after he talked to his Lawyers Via phone in the courtroom suddenly 236 million dollars shows up Absolutely unbelievable hard to imagine Hard to Fathom and yet here it is it has Happened so in my opinion I think the Court knows he has this money do they Know it's customer funds I mean surely
They're not idiots surely they do this Is why that 236 million dollars was Moved it's the collateral they're saying Okay well we can't you know there's Probably no no precedent for having this Packed up and you say well why would Someone allow that why would someone Allow that in a court Um especially when you know who would Have thought the Bahamas would have Strict their bail laws for financial Fraud in the United States well then we Get into this story here which is Sbf's judge steps down cites convict of Interest Oh Judge Abrams Ronnie Abrams recused Herself due to potential conflict of Interest involving husbands firm and Password with FTX SBF partner Ellison Bleeds guilty yada yada yada a series of Legal developments have occurred in the Case involving Sam Bateman freed and the Bankrupt exchange FTX judge Ronnie Adams Has recused herself due to a potential Conflict of interest involving her Husband's Law Firm which had previously Advised FTX now they advised FTX on the Potential acquisition of block five so She stepped down now But even though she stepped down the Bond stands because she said it and now Once again you start to see the Topsy-turvy world of politics and
Lawyers and securities lawyers and fraud And how they're so entangled it's hard To separate who the frauds are from who The heroes are Sam Bateman freed most Definitely a fraud his parents also most Definitely frauds and we're going to Continue to track the story and I can Tell you we are going to continue to Watch this wallet and as soon as there Is any movement in this wallet you can Guarantee we'll be on it that's all I Got be blessed big boy out
