A very generous gift Bankman-Fried sent to his law professor father in 2021 was created using money taken from Alameda Research, FTX’s sister company, according to a new report.
Stanford Law School professor Joseph Bankman is using a “multimillion gift” he received from his embattled son Sam Bankman-Fried to pay for his son’s high-priced legal defense, according to a new report this week.also alleges that this gift to the longtime Stanford academic was created using money taken from Alameda Research, the sister company of Bankman-Friend’s doomed cryptocurrency exchange FTX.
The 31-year-old entrepreneur appeared in federal court in Manhattan to plead not guilty to a new set of charges, which brings to 13 the total number of criminal counts he faces. One of the new charges alleges that he orchestrated a $40 million payment to at least one Chinese official in 2021 to unfreeze $1 billion in funds belonging to Alameda Research,A source close to the 31-year-old entrepreneur told Forbes that his defense costs are likely to rise to the single-digit-millions range.
Following the collapse of FTX and Bankman-Fried’s arrest in November, the once high-flying crypto financier moved back into his childhood home, located in faculty housing on the Stanford University campus. He’s living there under house arrest. Forbes wasn’t able to confirm how much Bankman-Fried will end up paying for his high-powered defense, which is led by Mark Cohen and Christian Everdell, who were part of the legal team that represented convicted sex offender and Jeffrey Epstein companion Ghislaine Maxwell, the New York Post said. Bankman-Fried also is receiving pro bono advice from David W. Mills, a criminal defense attorney who also is a close friend of his parents and their colleague at Stanford, a source told Forbes.
“I’m convinced the dad is up to this in his eyeballs,” a person who has recently spent time with the family told Cohan.
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