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Slashdot: Sam Bankman-Fried's Legal Defense Is Being Funded With Alameda Money He Gifted His Father

Sam Bankman-Fried's Legal Defense Is Being Funded With Alameda Money He Gifted His Father
Published on March 30, 2023 at 01:30AM
While still CEO of now-collapsed FTX, Sam Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, Forbes os reporting, citing two sources close to the company. From a report: Sam Bankman-Fried, founder of fallen cryptocurrency exchange FTX who claimed to have just $100,000 in his bank account last November, is preparing for trial in October backed by a roster of powerful attorneys. But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX's sister company. In 2021, while CEO of FTX, Bankman-Fried made a large monetary gift to his father, Stanford Law professor Joseph Bankman, two sources with operational knowledge of both companies told Forbes. It was funded by a loan from the exchange's trading firm, Alameda Research, they said. Bankman-Fried -- who has pleaded not guilty to 12 criminal charges including wire fraud, money laundering and securities fraud, and faces an additional bribery charge -- is accused of misappropriating FTX customer funds through Alameda dating back to the exchange's founding in 2019. A source close to Bankman-Fried told Forbes that his defense costs are likely in the single-digit-millions range. "I didn't steal funds, and I certainly didn't stash billions away," he wrote on Substack earlier this year. Two additional sources familiar with the family told Forbes that Bankman once begged his son to put away savings, but Bankman-Fried reportedly declined.

Read more of this story at Slashdot.

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