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

FTX founder Sam Bankman-Fried is accused of misappropriating FTX customer funds through Alameda Research. While still CEO of now-collapsed cryptocurrency exchange FTX, he transferred millions of dollars to his father, Joseph

Highlights

• While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father, Stanford Law professor Joseph Bankman, sources say.
• Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company.
• He has pleaded not guilty to 12 criminal charges including wire fraud, money laundering and securities fraud, and faces an additional bribery charge.
• FTX debtors claim he improperly received $2.2 billion in company loans, and alleged this month that $8.9 billion in customer deposits are still missing.
• Two additional sources familiar with the family told Forbes that Bankman once begged his son to put away savings,

---

Read the original article