Sam Bankman-Fried was released on a $250 million bail!
(DAYUM – that’s 8x bigger than Bernie Madoff’s 👀)
But hold on, what does that mean exactly?
Bail is quite the conundrum.
Here’s how it works…
Let’s say you get arrested.
👉 You’ll have some time to kill before your day in court.
I’m sure you’d prefer to spend this time at home rather than in jail.
👉 But if you want to go home before your trial, you’ve gotta promise the court that you’ll show up for your court date.
Unfortunately, judges don’t accept pinky promises. So you’ve gotta put your money where your mouth is and pay bail. You’ve gotta vouch (with your wallet) that you’ll appear in court.
But what if you can’t afford bail?
That’s where bail bondsmen come in. The bondsman will cover the cost of your bail as long as you pay them a percentage upfront.
But do you ever get the money used for bail back?
Well, the answer is (drumroll please)…. it depends!
It all comes down to the specifics of your unique situation.
Here’s the skinny:
👉 If you made bail yourself and made all your court dates, you’ll receive a full refund of your bail money.
👉 If you used a bail bondsman and made all your court dates, your bail bondsman will receive a full refund.
But when it comes to the money you paid the bail bondsman, kiss that cash goodbye. 👋
You ain’t gettin’ that back. 🙅♂️
Okay, let’s get back to our good buddy, Sam… 🙄
After being released on an unprecedentedly-large $250m bond, Sam can finally head home for the holidays.
When he gets home, I hope he gives his parents a colossal hug considering they paid his bail.
Sam’s parents put up their Palo Alto residence as collateral.
👉 So if Sam skips town, the court can snatch up that Palo Alto mansion and get their money.
👉 But if Sam does what he’s supposed to, the lien will be released, and Sam’s parents will be in the clear.
Of course, there were conditions to Sam’s release:
👉 He had to surrender his passport and don a monitoring device until further notice!
But aside from an annoying anklet, the man will be straight up chillin’ over the holidays.
One last hurrah before life in prison.