While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company.
to fraud and conspiracy charges last month. FTX debtors claim that Bankman-Fried improperly received $2.2 billion in company loans, and alleged this month that $8.9 billion in customer deposits are still missing.The gift and loan are reported here for the first time, and occurred in 2021 when Bankman-Fried arranged to give money to his father, according to the two sources with knowledge of company operations.
Amid growing scrutiny, Bankman-Fried’s parents have rallied in support of their 31-year-old son. “I’ll be spending substantially all of my resources on Sam’s defense,” Bankmanleveraged their own assets to financially support their son; in December, their $1.8 million Palo Alto home was used to secure a $250 million bail package after Bankman-Fried was released on a personal recognizance bond.
His lawyers have also argued that federal prosecutors give Bankman-Fried access to 56 million Robinhood shares he bought in 2022 with money lent by Alameda. The shares, worth $485 million at today’s prices, were seized in January based on allegations that they were purchased with allegedly stolen customer funds. His attorneys have also petitioned the Delaware bankruptcy court for financial assistance.
FTX is now led by new CEO John J. Ray III, a veteran corporate restructuring expert who reportedly charged the company $690,000 in fees for two months of work. Hundreds of lawyers and advisors working on the bankruptcy proceedings have reportedly billed FTX a combined
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