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The erstwhile FTX CEO reportedly gave Joseph Bankman astir $10 cardinal funded by a indebtedness from Alameda Research arsenic a portion of a beingness property and acquisition taxation exemption.
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Former FTX main enforcement serviceman Sam Bankman-Fried, besides known arsenic SBF, is reportedly backing the ineligible squad defending him against national charges with millions of dollars helium talented his begetter from Alameda Research.
According to a March 29 Forbes study citing sources with “operational knowledge” of FTX and Alameda, successful 2021 Bankman-Fried gave his begetter astatine slightest $10 cardinal that was funded by a indebtedness from Alameda. The erstwhile FTX CEO sent the funds to his father, Joseph Bankman — a Stanford Law prof who has stopped teaching classes amid his son’s ineligible troubles — arsenic portion of a beingness property and acquisition taxation exemption.
Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Fatherhttps://t.co/7o21VwaE2n by @SarahNEmerson, @Steven_Ehrlich pic.twitter.com/ttbfa2kjmA
— Forbes (@Forbes) March 29, 2023Bankman-Fried’s defence squad consists of Mark Cohen and Christian Everdell of the instrumentality steadfast Cohen & Gresser, whom the erstwhile FTX CEO reportedly retained anterior to his extradition to the United States successful December. Though SBF remains escaped connected bail astatine the clip of publication, galore of his in-person tribunal appearances since his arraignment person focused connected perchance restricting these conditions. A justice precocious ordered Bankman-Fried beryllium prohibited from utilizing a smartphone with net access.
Amid the illness of FTX and Bankman-Fried’s consequent arrest, members of his household including his father, mother, and adjacent associates person go embroiled successful the concern with the crypto exchange. Bankman reportedly retained his ain attorney successful January, and helium and others person been named successful imaginable subpoenas for FTX’s bankruptcy case.
Related: Sam Bankman-Fried petitions tribunal to prioritize reimbursing his ineligible fees
SBF faced 12 transgression counts pursuing a superseding indictment from national prosecutors successful February, which was amended to 13 connected March 28 pursuing allegations helium used $40 cardinal to bribe a Chinese authorities official. Other charges see conspiracy counts related to fraud arsenic good arsenic those for ligament fraud and securities fraud. Bankman-Fried entered a not blameworthy plea successful December, with the proceedings scheduled to statesman successful October 2023.
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