{"id":19281,"date":"2023-03-29T22:20:23","date_gmt":"2023-03-29T22:20:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftxs-bankman-fried-is-allegedly-using-alameda-funds-to-pay-for-legal-defense-bitcoin-news\/"},"modified":"2023-03-29T22:20:23","modified_gmt":"2023-03-29T22:20:23","slug":"ftxs-bankman-fried-is-allegedly-using-alameda-funds-to-pay-for-legal-defense-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftxs-bankman-fried-is-allegedly-using-alameda-funds-to-pay-for-legal-defense-bitcoin-news\/","title":{"rendered":"FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave \u201cat least $10 million\u201d from the now-defunct quantitative trading firm Alameda Research to his father.<\/strong><\/p>\n

Sources Claim SBF\u2019s Legal Defense Is Paid for by Alameda Loot<\/h2>\n

After the latest revised indictment<\/a> charges against Sam Bankman-Fried<\/a> (SBF), Forbes reports<\/a> that funds tied to Alameda Research may be paying for SBF\u2019s legal defense. Forbes contributors Sarah Emerson and Steven Ehrlich explained that two unnamed sources disclosed that SBF directed \u201cat least $10 million from Alameda\u201d to his father, Joseph Bankman. The duo is accused of using a \u201clifetime estate and gift tax exemption\u201d for the funds, which were allegedly given to Bankman in 2021.<\/p>\n

SBF has pleaded not guilty to his indictment charges, and last year, he publicly stated<\/a> that he had only $100,000 in his bank account. According to Forbes reporters, \u201cit had remained unclear, until now, how the former billionaire would afford his pricey defense.\u201d At the end of 2022, it was disclosed<\/a> that SBF would be represented by white-collar lawyer Mark Cohen. Cohen and his litigation firm, Cohen & Gresser, are well-known for representing Ghislaine Maxwell<\/a>, a convicted sex trafficker and confidant of Jeffrey Epstein.<\/p>\n

The two sources informed Forbes that in 2021, SBF made a large monetary gift to his father, funded by a loan derived from Alameda Research<\/a>. The Forbes reporters, Emerson and Ehrlich, noted that Cohen & Gresser \u201cdid not respond to a request for comment,\u201d and \u201cBankman-Fried declined to comment\u201d on the matter. The reporters also stated that SBF\u2019s father \u201cdid not respond to a list of questions\u201d sent to him. They further added that despite it being a gift, the funds still need to be filed with the Internal Revenue Service (IRS).<\/p>\n

The Forbes article follows federal prosecutors\u2019 addition of bribery charges to SBF\u2019s indictment, accusing him of paying off Chinese government officials. The new charge alleges<\/a> that the former FTX CEO utilized $40 million to influence \u201cone or more Chinese government officials\u201d in 2021. Prior to the latest charges, bank fraud charges were added to SBF\u2019s indictment at the end of February 2023. Joseph Bankman has not been charged with any wrongdoing. However, current FTX CEO John J. Ray III told members<\/a> of the U.S. Congress that Joseph Bankman and \u201cthe family certainly received payments\u201d from FTX.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
alameda<\/a>, Alameda Research<\/a>, Bank Fraud<\/a>, Bankman-Fried<\/a>, bribery<\/a>, business<\/a>, ceo<\/a>, Charges<\/a>, Chinese officials<\/a>, Confidant<\/a>, Congress<\/a>, Ethics<\/a>, Exemption<\/a>, Family<\/a>, Finance<\/a>, Forbes<\/a>, Former FTX CEO<\/a>, ftx<\/a>, FTX CEO<\/a>, Funds<\/a>, Ghislaine Maxwell<\/a>, GIFT<\/a>, hearing<\/a>, indictment<\/a>, Investigation<\/a>, IRS<\/a>, Jeffrey Epstein<\/a>, Legal Defense<\/a>, loan<\/a>, millionaire<\/a>, news<\/a>, Payments<\/a>, Professor<\/a>, Prosecutor’s<\/a>, Quantitive<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, SBF FTX<\/a>, Sex Trafficker<\/a>, Stanford Law<\/a>, Tax<\/a>, testimony<\/a>, trading<\/a>, U.S. Government<\/a>, White-Collar Lawyer<\/a><\/div>\n<\/div>\n

What are your thoughts on the latest developments in the SBF case? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\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.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

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

\n