FTX Scandal: Media Companies Push For Public Disclosure Of Former CEO Sam Bankman-Fried's $250M Bond Co-Signers

Zinger Key Points
  • Media companies argue for public's right to know the identities of bond co-signers.

Eight major media companies, including The Associated Press, Bloomberg, Reuters and Dow Jones, have made a request to the Southern District of New York court to release the names and identifying information of the two individuals who guaranteed the $250-million bond for former CEO of FTXSam Bankman-Fried.

In a letter sent to the court, the media companies argue the public has a strong interest in knowing the individuals who are co-signing the bond for a person accused of perpetrating one of the largest financial frauds in history.

They further state that transparency is crucial for maintaining trust in the judicial process and that the public interest cannot be overstated.

Bankman-Fried is accused of misappropriating multiple billions of dollars from his investors and using customer funds to purchase personal properties, backstop trades at his hedge fund, Alameda Research and fund extensive political donations.

Also read: Top 4 Craziest Things Sam Bankman-Fried Laid Bare In His New Substack

The charges against Bankman-Fried have caused turmoil in financial markets and have cast doubt on the democratic process and government institutions, the media outlets stated.

They argue the public has a right to know the identities of the individuals who have guaranteed the bond for a person accused of such serious crimes.

“Bankman-Fried is accused of violating campaign finance laws and that the public has a right to know the individuals who may be involved in such activities.”

Notably, Bankman-Fried, who was released on a $250-million bond, was required to have “two non-parent sureties” sign bonds by Jan. 5, 2023.

The court has yet to make a decision on this request.

Next: The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable

Photo via Shutterstock.

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Posted In: CryptocurrencyNewsLegalMarketsMediaAlameda ResearchCryptocurrency ExchangesFTXSam Bankman-FriedSouthern District of New York
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