{"id":15615,"date":"2022-12-18T23:30:28","date_gmt":"2022-12-18T23:30:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/new-ftx-ceo-told-members-of-congress-sbfs-family-certainly-received-payments-from-the-business-bitcoin-news\/"},"modified":"2022-12-18T23:30:28","modified_gmt":"2022-12-18T23:30:28","slug":"new-ftx-ceo-told-members-of-congress-sbfs-family-certainly-received-payments-from-the-business-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/new-ftx-ceo-told-members-of-congress-sbfs-family-certainly-received-payments-from-the-business-bitcoin-news\/","title":{"rendered":"New FTX CEO Told Members of Congress SBF’s Family ‘Certainly Received Payments’ From the Business \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to multiple reports, FTX co-founder Sam Bankman-Fried\u2019s parents face scrutiny over their reported involvement with their son\u2019s business operations. The two Stanford professors Joseph Bankman and Barbara Fried have not been charged with any wrongdoing, but the current FTX CEO, John J. Ray III, recently told members of the U.S. Congress that Joseph Bankman and \u201cthe family certainly received payments\u201d from FTX.<\/strong><\/p>\n

SBF\u2019s Ethics-Obsessed Parents Face Scrutiny Over Their Alleged Ties With FTX Operations<\/h2>\n

On Saturday, a report from Reuters detailed that the FTX co-founder Sam Bankman-Fried (SBF) will likely surrender<\/a> to a U.S. extradition request, after it was initially reported that SBF would fight extradition to the United States. Reports<\/a> detail that SBF\u2019s parents, who are reportedly in The Bahamas supporting their son, face scrutiny<\/a> over how involved they were with FTX operations.<\/p>\n

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SBF\u2019s parents Barbara Fried (pictured left) and Joseph Bankman (pictured right) are two law school professors at Stanford University.<\/figcaption><\/figure>\n

While speaking in front of the U.S. Congress about the FTX collapse, the current FTX CEO, John J. Ray III, was asked about SBF\u2019s parents and whether or not Joseph Bankman was an employee. \u201cHe received payments,\u201d the new CEO and FTX restructuring chief said. \u201cThe family certainly received payments.\u201d<\/p>\n

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The new FTX CEO John J. Ray III (pictured left) testified in front of Congress and noted that SBF\u2019s family \u201ccertainly received payments\u201d from FTX.<\/figcaption><\/figure>\n

The FTX CEO\u2019s statements in front of Congress follow the report<\/a> that alleged $121 million in Bahamian real estate was associated with SBF\u2019s parents and FTX. One particular home was a $16.4 million house<\/a> purchased in SBF\u2019s parents\u2019 name, but SBF detailed \u201cit was intended to be the company\u2019s property. I don\u2019t know how that was papered in.\u201d SBF\u2019s parents\u2019 spokesperson said:<\/p>\n

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[The couple] never intended to and never believed they had any beneficial or economic ownership of the house.<\/p>\n<\/blockquote>\n

Fried and Bankman both teach law classes at Stanford University, and the news publication Puck recently published an article<\/a> that says SBF\u2019s parents were obsessed with ethics. SBF, himself, told<\/a> the New York Times (NYT) that his parents \u201cbore no responsibility\u201d for his affairs. Bankman had scheduled law classes to teach this month and he recently canceled his classes, while Fried recently resigned from super political action committee (PAC) Mind The Gap, a PAC she helped co-found in 2018.<\/p>\n

According to the Wall Street Journal authors Justin Baer and Hardika Singh, a spokesperson for the family explained<\/a> that Bankman was paid by FTX for at least a year as he was working on charitable projects for the now-defunct crypto exchange. It has also been said that Bankman advised SBF before he spoke in front of the House Financial Services Committee on Dec. 8, 2021.<\/p>\n

Reports also note that Bankman advised SBF on legal matters prior to the Chapter 11 bankruptcy filing and his resignation. While it is currently unknown if SBF\u2019s parents had been more involved with SBF\u2019s business affairs, the family faces significant legal bills from the white-collar lawyer SBF hired<\/a>.<\/p>\n

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Bahamaian real estate<\/a>, Bahamas Real Estate<\/a>, Barbara Fried<\/a>, Certainly Paid<\/a>, Chapter 11 Bankruptcy<\/a>, Ethics<\/a>, Former FTX CEO<\/a>, ftx<\/a>, FTX CEO<\/a>, FTX co-founder<\/a>, FTX collapse<\/a>, FTX fallout<\/a>, FTX Family<\/a>, John J. Ray III<\/a>, Joseph Bankman<\/a>, Law Professors<\/a>, Mind The Gap<\/a>, now-defunct crypto exchange<\/a>, Paid Employee<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, Stanford University<\/a>, Super PAC<\/a><\/div>\n<\/div>\n

What do you think about the reports that say SBF\u2019s parents face scrutiny over their alleged involvement with their son\u2019s firm? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Nathan Howard\/ Getty Images<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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