Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Sam Bankman-Fried’s Parents Face Civil Charges
Crypto | Nov 15, 2023
Image: Unsplash/Freepik
Joseph Bankman and Barbara Fried are facing civil charges related to the collapse of their son's crypto empire, FTX.
In the aftermath of Sam Bankman-Fried's (SBF) downfall in the cryptocurrency industry, the focus has shifted to his parents, Joseph Bankman and Barbara Fried. Known for their academic contributions at Stanford Law, they now find themselves embroiled in their own legal drama linked to their son's financial misadventures.
Accused of benefiting from their son's empire, they allegedly received a cash gift amounting to $10 million and purchased a Bahamian property valued at $16.4 million for them. This property has become a subject of legal contention, with FTX investors and customers filing a lawsuit to reclaim it, as stated in the legal documents.
See: SBF’s Trial: Insight into Chaos & Mismanagement
While not criminally charged, the civil allegations against Bankman and Fried carry serious implications, both legally and reputationally.
According to the civil lawsuit, Fried, who is both an ethics expert and a co-founder of a Democratic fundraising group, counseled her son on how to obscure campaign contributions. This advice is part of a scheme that led to guilty pleas from two of his senior associates.
In a statement, attorneys representing Bankman and Fried have categorically denied the allegations in the civil lawsuit, declaring them as 'entirely untrue.' As of now, neither of them faces any criminal charges.
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