Sam Bankman-Fried (SBF), the founder of fallen crypto exchange FTX, has been paying for his legal defense with millions of dollars that he allegedly gave to his father using money from Alameda Research.
The multi-million dollar donation financed by an Alameda loan was handed to SBF’s father, Joseph Bankman, a Stanford Law Professor, in 2021.
Bankman-Fried gave father multimillion-dollar gift now used to fund defense
SBF is scheduled to go on trial in October on 12 criminal counts, including wire fraud, money laundering, securities fraud, and a further accusation of bribery.
The former FTX CEO pleaded not guilty to all charges, is supported by a group of lawyers as he prepares to contest the allegations. It is still unknown, though, how the former millionaire will pay for his pricy defense, which might cost several million dollars.
SBF handed his father, Joseph Bankman, a multimillion-dollar gift, which he is now using to cover his legal expenses.
Two persons with operational knowledge of both organizations claim that a loan from Alameda Research, the trading firm connected to FTX, was used to pay for the present.
The sources claim that in 2021, the gift and loan took place when Bankman-Fried planned to give his father money. Bankman-Fried transferred the money to Bankman utilizi
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Author: Julius Mutunkei
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