Trump friend Tom Barrack ordered released on $250 million bond, his SPAC pulls SEC registration, IPO plan

A federal judge in Los Angeles on Friday ordered the release on a $250 million secured bond of Thomas Barrack, the private equity investor charged with illegally lobbying his close friend ex-President Donald Trump for the United Arab Emirates.

The order requires the release bond — which is among the highest ever set in the world — to be secured by $5 million cash, another $21.23 million in securities and Barrack’s home in California.

Barrack and his co-defendant Matthew Grimes, a 27-year-old business associate, had been in jail since Tuesday, when they were arrested in Los Angeles on an indictment issued in Brooklyn, New York, federal court.

Grimes earlier Friday was ordered released on a $5 million bond. Neither he nor Barrack were in court before Judge Patricia Donohue, having waived their right to appear.

Donohue ordered Barrack to surrender his passport, to be fitted with an electronic bracelet, and be subject to GPS monitoring and a curfew.

Barrack also was ordered to stay in the company of his lawyers until at least his and Grimes’ arraignment Monday in Brooklyn.

He also cannot transfer any funds overseas, is barred from transferring more than $50,000 except for attorneys fees, and is prohibited from trading securities without written permission from prosecutors. His travel is restricted to the federal Central District of California, and to the Southern and Eastern districts of New York, which encompass New York City, Long Island, and several counties to the north of the Big Apple.

Barrack was identified as a billionaire on the Forbes richest list in 2013, but since then has not appeared on that roster.

Earlier Friday, Falcon Acquisition, a special purpose acquisition company backed by Barrack, told the Securities and Exchange Commission it is withdrawing its registration statement with the agency “because the company has elected to abandon” planned transactions.

Article source: https://www.cnbc.com/2021/07/23/trump-ally-tom-barrack-spac-pulled-bail-hearing-in-uae-case-changed.html