Former FTX chief government officer Sam Bankman-Fried, also referred to as SBF, is reportedly funding the authorized workforce defending him in opposition to federal costs with tens of millions of {dollars} he gifted his father from Alameda Analysis.
In keeping with a March 29 Forbes report citing sources with “operational information” of FTX and Alameda, in 2021 Bankman-Fried gave his father no less than $10 million that was funded by a mortgage from Alameda. The previous FTX CEO despatched the funds to his father, Joseph Bankman — a Stanford Regulation professor who has stopped teaching classes amid his son’s authorized troubles — as a part of a lifetime property and reward tax exemption.
Sam Bankman-Fried’s Authorized Protection Is Being Funded With Alameda Cash He Gifted His Fatherhttps://t.co/7o21VwaE2n by @SarahNEmerson, @Steven_Ehrlich pic.twitter.com/ttbfa2kjmA
— Forbes (@Forbes) March 29, 2023
Bankman-Fried’s protection workforce consists of Mark Cohen and Christian Everdell of the legislation agency Cohen & Gresser, whom the previous FTX CEO reportedly retained prior to his extradition to the US in December. Although SBF stays free on bail on the time of publication, lots of his in-person court docket appearances since his arraignment have targeted on probably limiting these circumstances. A choose not too long ago ordered Bankman-Fried be prohibited from utilizing a smartphone with web entry.
Amid the collapse of FTX and Bankman-Fried’s subsequent arrest, members of his household together with his father, mom, and shut associates have change into embroiled within the scenario with the crypto alternate. Bankman reportedly retained his own attorney in January, and he and others have been named in potential subpoenas for FTX’s chapter case.
Associated: Sam Bankman-Fried petitions court to prioritize reimbursing his legal fees
SBF faced 12 criminal counts following a superseding indictment from federal prosecutors in February, which was amended to 13 on March 28 following allegations he used $40 million to bribe a Chinese language authorities official. Different costs embrace conspiracy counts associated to fraud in addition to these for wire fraud and securities fraud. Bankman-Fried entered a not responsible plea in December, with the trial scheduled to start in October 2023.
Journal: SBF legal fees, BTC market cap flips Meta and USDC climbs back to $1: Hodler’s Digest, March 12-18
