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☆ Sam Bankman-Fried Sentenced to 25 Years in Prison
  + stars: | 2024-03-28 | by ( David Yaffe-Bellany | J. Edward Moreno | ) www.nytimes.com   time to read: +1 min
Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange who was convicted of stealing billions of dollars from customers, was sentenced to 25 years in prison on Thursday, capping an extraordinary saga that upended the crypto industry and became a cautionary tale of greed and hubris. Mr. Bankman-Fried, 32, did not visibly react as Judge Lewis A. Kaplan handed down the sentence in Federal District Court in Manhattan. His parents, the law professors Joe Bankman and Barbara Fried, sat two rows from the front, staring at the floor. He knew it was criminal,” Judge Kaplan said of Mr. Bankman-Fried’s actions. Before the sentence was delivered, Mr. Bankman-Fried, cleanshaven and wearing a loosefitting brown jail uniform, apologized to FTX’s customers, investors and employees.
Persons: Sam Bankman, Bankman, Lewis A, Kaplan, Joe Bankman, Barbara Fried, ” Judge Kaplan Organizations: Court Locations: Manhattan
☆ Sam Bankman-Fried sentenced to 25 years in federal prison
  + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.
Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco
☆ Sam Bankman-Fried Makes His Last Stand
  + stars: | 2024-02-27 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com   time to read: +1 min
Since Sam Bankman-Fried was convicted of fraud last year, he has hired a new lawyer known for courtroom showmanship. A group of sympathetic law professors has pushed for a reappraisal of his actions. And his parents have turned for help to former employees of FTX, the collapsed cryptocurrency exchange he founded. From a federal detention center in Brooklyn, Mr. Bankman-Fried, 31, has continued to fight his case behind the scenes, as he argues for a lenient sentence and prepares to appeal his conviction. Since last year’s trial, Mr. Bankman-Fried has hired Marc Mukasey, who once represented former President Donald J. Trump, to oversee his sentencing, as well as a separate lawyer at the law firm Shapiro Arato Bach to handle the appeal.
Persons: Sam Bankman, Fried, Bankman, Lewis A, Kaplan, Marc Mukasey, Donald J, Trump, Shapiro Arato Bach, Joe Bankman, Barbara Fried Organizations: FTX, Stanford University Locations: Brooklyn, U.S, Manhattan, FTX
☆ Why Are We So Obsessed With Sam Bankman-Fried’s Parents?
  + stars: | 2023-11-11 | by ( Katie Roiphe | ) www.wsj.com   time to read: +1 min
During the trial for disgraced crypto-wunderkind Sam Bankman-Fried , the courtroom artist did an inspired, almost abstract evocation of his parents at the moment of the crushing verdict. His father is bent over, white head in his hands, his mother is covering her face; the shadowing of their dark clothes merges them into a single mountain of unspeakable grief. Journalists in the room were equally riveted by their reaction, writing about Barbara Fried “crumpling” and Joe Bankman “doubling over” and of them “holding each other up.” Covering their faces would not shield them from the intense scrutiny aimed in their direction. As Stanford law professors, they are an unlikely couple to be watching their son remove his tie and shoelaces as he is taken off to jail. Fried taught legal ethics, and Bankman has focused on financial regulation—details that would seem a little heavy-handed in their irony if they were in a novel someone was writing.
Persons: Sam Bankman, Barbara Fried, ”, Joe Bankman “, Fried, Bankman Organizations: Journalists, Stanford
☆ Why Are We So Obsessed with Sam Bankman-Fried’s Parents?
  + stars: | 2023-11-10 | by ( Katie Roiphe | ) www.wsj.com   time to read: +1 min
During the trial for disgraced crypto-wunderkind Sam Bankman-Fried , the courtroom artist did an inspired, almost abstract evocation of his parents at the moment of the crushing verdict. His father is bent over, white head in his hands, his mother is covering her face; the shadowing of their dark clothes merges them into a single mountain of unspeakable grief. Journalists in the room were equally riveted by their reaction, writing about Barbara Fried “crumpling” and Joe Bankman “doubling over” and of them “holding each other up.” Covering their faces would not shield them from the intense scrutiny aimed in their direction. As Stanford law professors, they are an unlikely couple to be watching their son remove his tie and shoelaces as he is taken off to jail. Fried taught legal ethics, and Bankman has focused on financial regulation—details that would seem a little heavy-handed in their irony if they were in a novel someone was writing.
Persons: Sam Bankman, Barbara Fried, ”, Joe Bankman “, Fried, Bankman Organizations: Journalists, Stanford
☆ Starbursts, smuggled coffee and Martin Shkreli: How CNBC reported the Sam Bankman-Fried trial
  + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +13 min
Artist: Elizabeth WilliamsJust before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.) Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer's car to file, back up through security, over and over again. CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan. Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court.
Persons: Sam Bankman, Elizabeth Williams, Fried, MacKenzie Sigalos, Dan Mangan, Martin Shkreli, Andrew Ross Sorkin, Michael Lewis, Lewis, Indiana Jones, Ben McKenzie, McKenzie, Damian Williams, They'd, Danielle Sassoon, Jane Rosenberg, Joe Bankman, Barbara Fried, Joseph Bankman, Brendan Mcdermid, gaunt, Kaplan, Bankman, Mark Cohen, Judge Kaplan, blankly, Christian Everdell, Cohen Organizations: Alameda Research, Southern, of, CNBC, Auburn University totebag, Capitalism, U.S, Federal Court Locations: of New York, San Francisco, Vegas, Georgia, Manhattan, Indiana, New York City, U.S
☆ Who is former crypto king Sam Bankman-Fried?
  + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com   time to read: +9 min
New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.
Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,
☆ SBF's mom fought back tears and his dad slumped down when the jury said their son was guilty on all 7 counts
  + stars: | 2023-11-03 | by ( Aaron Mok | Katie Balevic | Jacob Shamsian | ) www.businessinsider.com   time to read: +3 min
The FTX founder was convicted on fraud and conspiracy charges, and faces up to 110 years in prison. Joseph Bankman and Barbara Fried, who have both taught at Stanford Law, are tied up in the FTX scandal. As the jury announced the verdict, Barbara Fried, Bankman-Fried's mother, seemed to fight back tears. As the courtroom cleared out, Bankman-Fried's parents stood and embraced. Bankman-Fried's parents, both longtime Stanford law professors, were caught up in the FTX scandal.
Persons: Sam, Bankman, Joseph Bankman, Barbara Fried, —, Sam Bankman, Joe Bankman, Fried, FTX Organizations: Stanford Law, Service, Alameda Research, Stanford, FTX, Bankman, San Francisco Bay Area Locations: Manhattan, FTX, The Bahamas, San Francisco Bay
☆ Here are the emails, texts and photos that could put Sam Bankman-Fried in prison for life
  + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +16 min
Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried.
Persons: Sam Bankman, Fried, FTX, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison, —, Alameda —, Ryan Pinder, Rob Creamer, didn't, Ellison, he'd, HOOD, they'll, FTX's, Sun, Bankman, Stephen Curry, Tom Brady, Giselle Bundchen, Larry David, Nishad Singh, Michael Kives, Bryan Baum, Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, Kris, Kylie Jenner, SDNY Singh, Baum, Drappi, Jane Rosenberg, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Ryan Salame, Changpeng Zhao, Michael Lewis, Singh, Lewis Organizations: U.S . Justice Department's Securities, Commodities, Lawyers, U.S, Alameda Research, Alameda, Geneva Trading, FIA, Traders Group, Wall Street Journal, Google, shuttering, Prosecutors, NBA, Major League Baseball, K5, Federal Court Locations: Chicago, Bahamas, Bankman, Alameda, FTX, shuttering Alameda, Hong Kong, New York City, U.S, Sequoia, Alameda's
☆ Verdict reached in Sam Bankman-Fried fraud trial
  + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. Bankman-Fried looked sunken as the verdict was read out. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them. But, unlike bank customers, FTX depositors had no federal insurance fund to compensate them when the cash dried up.
Persons: Sam Bankman, Fried, Joe Bankman, Barbara Fried, Bernie Madoff’s, FTX, Tom Brady, Gisele Bundchen, Gary Wang, Nishad Singh, Wang, Singh Organizations: New, New York CNN, Alameda Research, Bankman, Miami, Chief Locations: New York, Alameda, FTX, Bahamas
☆ Read the secret Signal messages that could help put Sam Bankman-Fried behind bars
  + stars: | 2023-10-19 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +16 min
Sam Bankman-Fried appears at federal court in New York on Oct. 4, 2023, in this courtroom sketch. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. In a direct appeal to Bankman-Fried, Singh wrote on Nov. 6, 2022, "one thing that'd seriously help me is if I didn't have debts." Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.
Persons: Sam Bankman, Fried, Claudia Johnson, Caroline Ellison, Gary Wang, Nishad Singh, Ryan Salame, Damian Williams, Yuki Iwamura, Ellison, Bankman, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Singh, Wang, reassurances, FTX, Changpeng Zhao, he'd, Um, Sam, Binance, Zhao, it's, Sam Trabucco, Ben Xie, Michael Lewis, Lewis, Adam Yedidia, Yedidia, chares, SDNY Singh, Gabe, Salame, Michael Sadowsky, Sadowsky, FTX's, Dawn Giel Organizations: Alameda Research, Stanford, Bloomberg, Getty, Massachusetts Institute of Technology, alameda, Prime Trust Bank Locations: New York, Alameda, Manhattan, U.S, FTX, Sequoia, Alameda's, Bahamas
☆ Read the transcript of text between FTX executives
  + stars: | 2023-10-19 | by ( ) www.nytimes.com   time to read: +1 min
GOVERNMENT EXHIBIT SB CE SB CE SB CE SB 406 22 Cr. banks Caroline Ellison maybe 1b from crypto exchanges? lbkr 1.5 btc 0.3 exch 1 modulo 0.3 gbtc 0.3 hood? banks total 2:44 AM 1.5 0.3 1 0.3 0.3 0.3 0.2 Caroline Ellison seems ballpark reasonable 3:06 AM cust assets? difference Send a message 11/7/2022 3:04 AM 1.5 0.3 1 0.3 0.3 0.3 0.2 3.9 2:44 AM 12 8.1 2:34 AM 3:08 AM 2:47 AM Q 2:48 AM < +
Persons: Caroline Ellison, Sam Bankman, Joe Bankman, Ramnik Arora, Zach Dexter, Ryne Miller, Constance, Ryan Salame, Nishad Singh, Gary Wang Sam Bankman Organizations: BTC Locations: HOOD, treasuries
☆ Read the transcript of FTX executives text exchanges
  + stars: | 2023-10-19 | by ( ) www.nytimes.com   time to read: 1 min
GOVERNMENT EXHIBIT 408 22 Cr. 673 (LAK) RS SB small group chat Caroline Ellison, Sam Bankman-Fried, Joe Bankman, Ramnik Arora, Zach Dexter, Ryne Miller, C, Can Sun, Constance, Ryan Salame, Nishad Singh, V, Gary Wang Ryan Salame Lol https://twitter.com/moonoverlord/st atus/1589606333468512256?s=46&t =zkVNq2BjTdOmr_t-pfPxpQ I could also retweet 5:24 AM Sam Bankman-Fried I'm tempted to give the emoji there but worry that it won't count if I make it too obvious idk maybe that's more subtle 5:24 AM for now I retweeted 11/7/2022 5:25 AM can also comment if we want 5:25 AM Send a message 5:22 AM Q 5:24 AM 9 +
Persons: Caroline Ellison, Sam Bankman, Joe Bankman, Ramnik Arora, Zach Dexter, Ryne Miller, Constance, Ryan Salame, Nishad Singh, Gary Wang Ryan, Lol, Fried I'm
☆ Sam Bankman-Fried took 21 private jet trips to and from Washington, and chartered Cessnas to transport Amazon packages to FTX HQ, sources say
  + stars: | 2023-09-30 | by ( Pete Syme | ) www.businessinsider.com   time to read: +5 min
FTX spent $15 million on flights and plane upgrades with a charter airline, a court filing said. Bankman-Fried made 21 trips to or from Washington, DC, on a Learjet 60, a person with direct knowledge told Insider. AdvertisementAdvertisementSam Bankman-Fried and FTX frequently chartered private jets from a Bahamian company called Trans Island Airways (TIA), three people familiar with the matter told Insider. They added that each trip cost between $20,000 and $30,000, which means the Learjet flights alone could cost more than $1 million. AdvertisementAdvertisementProsecutors allege that Bankman-Fried orchestrated a scheme that involved funneling $100 million of FTX funds through executives to politicians .
Persons: FTX, Fried, —, Sam Bankman, Joe Bankman, Jerome Powell, Martin, Ryan Salame, Bankman, Michael Lewis, Lewis, Sam, Ryan, Sam's Organizations: Service, Trans Island Airways, TIA, Amazon, Bombardier Global, Embraer ERJ, Trans, Airways, Prosecutors, Capitol, Yorker, New York Times, Federal, Learjet, Bankman, TIA's, Cessna, Fort, Fort Lauderdale Executive Airport, Twitter Locations: Washington, DC, Florida, Bahamas, Caribbean, New York, Chicago, Fort Lauderdale
☆ Sam Bankman-Fried's mom says prosecutors and bankruptcy estate are 'McCarthyite' and on a 'relentless pursuit of total destruction'
  + stars: | 2023-09-26 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
Barbara Fried said the prosecutors and FTX Debtors were on a "relentless pursuit of total destruction." AdvertisementAdvertisementSam Bankman-Fried's mom hit out at prosecutors and the FTX Debtors ahead of the crypto-exchange founder's trial next Tuesday, The New Yorker reported. In an email to the publication, Barbara Fried described the prosecutors and bankruptcy estate as "McCarthyite" and on a "relentless pursuit of total destruction." AdvertisementAdvertisementThe FTX Debtors filed a lawsuit against Bankman-Fried's parents last Monday, accusing them of siphoning millions of dollars from the crypto exchange. The FTX Debtors and Fried's attorney did not immediately respond to Insider's request for comment, sent outside US working hours.
Persons: Sam Bankman, Barbara Fried, —, Joe Bankman, FTX, Fried, Sam, Joe doesn't Organizations: Service, Yorker, Bankman, PAC, New Locations: Bahamas, New Yorker, Alameda
☆ Sam Bankman-Fried's mom encouraged him to skirt donation rules and give millions to the PAC she chaired, lawsuit claims
  + stars: | 2023-09-21 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
FTX lawyers are suing Sam Bankman-Fried's parents, saying they were wrongly paid millions. The lawsuit says SBF's mom encouraged him to avoid federal campaign finance disclosure rules. Lawyers handling the crypto exchange's bankruptcy case are suing Bankman-Fried's parents, Joe Bankman and Barbara Fried, accusing them of siphoning millions of dollars from company funds. The lawsuit also accuses Fried of encouraging her son to "avoid (if not violate) federal campaign finance disclosure rules." Singh and Salame have pleaded guilty to campaign finance violations.
Persons: Sam Bankman, Bankman, Joe Bankman, Barbara Fried, Fried, —, Nishad Singh, Ryan Salame, Singh, Salame, Caroline, Sean Hecker, Michael Tremonte, Tremonte Organizations: Service, Lawyers, Democratic, Bankman, Forbes Locations: Wall, Silicon, Bahamas, Delaware
☆ Stanford University says it will return all gifts from bankrupt crypto exchange FTX
  + stars: | 2023-09-19 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +2 min
New York CNN —Stanford University said it will be returning gifts it received from bankrupt crypto exchange FTX “in their entirety,” after a lawsuit against founder Sam Bankman-Fried’s parents alleged the school received millions of dollars in donations. The school said it received the gifts from the FTX Foundation and its related companies “for pandemic-related prevention and research,” a Stanford spokesperson said. “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” the spokesperson said. Bankman donated more than $5.5 million in FTX Group donations to his employer, Stanford University, the lawsuit alleges. FTX went bankrupt last November as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds.
Persons: Sam Bankman, ”, “, FTX, Joe Bankman, Barbara Fried, Bankman, Fried, Joe, Barbara Organizations: New, New York CNN — Stanford University, FTX Foundation, Stanford, FTX Group, Stanford University Locations: New York
☆ FTX sues Sam Bankman-Fried’s parents
  + stars: | 2023-09-19 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”The lawsuit aims to recover funds that the company claims were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents. FTX collapsed into bankruptcy in November last year as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds. Despite Bankman-Fried’s assertions that his parents weren’t involved in “any of the relevant parts” of FTX, the lawsuit claims that his parents played a role from the beginning. She described herself as her son’s “partner in crime of the noncriminal sort,” the lawsuit claims. In April, FTX told the bankruptcy court it had recovered $7.3 billion in assets.
Persons: Sam Bankman, “, Joe Bankman, Barbara Fried, Fried, Joe, Barbara, FTX, weren’t, Bankman, …, ” Fried, Fried’s, John J, Ray III, ”, Ray Organizations: New, New York CNN, Stanford, Southern, of, Bankman, FTX Group, Super Bowl, Alameda Research Locations: New York, of New York, Bahamas, FTX
☆ Sam Bankman-Fried's dad helped market FTX's in-house cryptocurrency and became a key legal advisor, report says
  + stars: | 2023-09-14 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
Sam Bankman-Fried's dad has been funding his son's legal defense with a $10 million gift, lawyers say. But Joe Bankman has also been closely involved with FTX's operations, Bloomberg reports. Bankman became an employee at his son's company shortly afterwards, per Bloomberg. Former staff from Alameda, FTX's sister hedge-fund, told Bloomberg that Bankman also helped draft early legal documents. When there was any legal suggestion from an employee, SBF would say he needed to "call Joe" first, the person said.
Persons: Sam Bankman, Joe Bankman, FTX, SBF, Bankman, Larry David, FTT, CoinDesk, Fried, Joe Organizations: Bloomberg, Service, Stanford, FTT, FTX Locations: Wall, Silicon, Bahamas, Alameda
☆ Sam Bankman-Fried is paying his defense lawyers with $10 million of misappropriated FTX funds, lawsuit says
  + stars: | 2023-07-21 | by ( Pete Syme | ) www.businessinsider.com   time to read: +2 min
But the FTX founder has lost much of his fortune, once worth billions of dollars. Lawyers say he has funded his defense with $10 million of company funds he previously gave to his dad. Sam Bankman-Fried is paying for his criminal defense lawyers with millions of dollars misappropriated from FTX, according to a complaint filed by the company. Since the FTX founder has lost much of his fortune, questions have been raised as to how he's been funding his defense. "On information and belief, Bankman-Fried's father has been using this "gift" to finance Bankman-Fried's criminal defense," the court document says.
Persons: Sam Bankman, Fried, FTX, John J, Ray III, he's, Forbes, Stanford, Joe Bankman Locations: FTX, California
☆ FTX lawyers accuse Sam Bankman-Fried of financing his criminal defense with $10 million in misappropriated funds
  + stars: | 2023-07-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +1 min
Sam Bankman-Fried, co-founder of failed crypto exchange FTX, was sued in Delaware bankruptcy court on Thursday by his ex-company's lawyers, who accuse him and members of his leadership team of stealing hundreds of millions of dollars. The lawyers are seeking to recover funds from Bankman-Fried and former executives of FTX and sister hedge fund Alameda Research. One way the attorneys for the bankrupt exchange say Bankman-Fried pilfered money was through a $10 million gift to his father, distinguished legal scholar Joe Bankman. Much of that $10 million gift from was routed from FTX to Bankman-Fried's Morgan Stanley and TD Ameritrade accounts around January 2022, the lawsuit alleges. WATCH: Taylor Swift agreed to FTX partnership, but the crypto exchange bailed
Persons: Sam Bankman, Fried, Joe Bankman, Fried's Morgan Stanley, FTX, Caroline Ellison, Gary Wang, Nishad Singh, Taylor Swift Organizations: Alameda Research, Bankman, FTX, Alameda Locations: Delaware, Bankman, Alameda, FTX
☆ Who are Larry Kramer and Andreas Paepcke — the two people who paid part of Sam Bankman-Fried's bail?
  + stars: | 2023-02-19 | by ( Sarah Jackson | Lakshmi Varanasi | ) www.businessinsider.com   time to read: +8 min
They are Larry Kramer and Andreas Paepcke, both of whom have ties to Stanford, where SBF's parents work. On Wednesday, unsealed court records identified the FTX founder's bail guarantors as Larry Kramer, a former dean of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford. A screenshot of Larry Kramer's bio on a Stanford Law School web page shows that he's emeritus dean of the institution. from the University of Chicago Law School in 1984, according to his Stanford Law bio page. On his personal page, Paepcke listed hobbies including "piano studies and simple composition, worrying, and poetry."
☆ FTX founder Sam Bankman-Fried's two bond guarantors unsealed, both with ties to Stanford
  + stars: | 2023-02-15 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
Former FTX chief executive Sam Bankman-Fried (C) arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023. The names of two of FTX co-founder Sam Bankman-Fried's guarantors were revealed on Wednesday, after an unsealing motion from media companies including CNBC was granted by a Manhattan federal judge. In all, there were four guarantors, including his parents, to ensure Bankman-Fried's cooperation with pretrial detention requirements. Kramer signed a $500,000 unsecured bond, while Paepcke signed the same bond for $250,000. WATCH: Prosecutors say Sam Bankman-Fried's contact with FTX employees suggests witness tampering
☆ Stanford scholars co-signed Sam Bankman-Fried’s $250 million bond
  + stars: | 2023-02-15 | by ( Kara Scannell Allison Morrow | Kara Scannell | Allison Morrow | ) edition.cnn.com   time to read: +2 min
New York CNN —A federal judge released the names of two people who co-signed Sam Bankman-Fried’s $250 million bond, which allowed him to be released on house arrest while he awaits trial on federal fraud and conspiracy charges. Bankman-Fried’s parents, both Stanford law professors, are also guarantors, and used their Palo Alto, California, home to secure the bond. In a statement to CNN, Kramer described Joe Bankman and Barbara Fried as close friends since the mid-1990s. The release of the guarantors’ names came a day before Bankman-Fried was set to appear in New York federal court for a bond hearing. Bankman-Fried’s lawyers said in a letter to the judge that Bankman-Fried used the VPN to access an football games via an international subscription.
☆ We just learned the names of the 2 people secretly guaranteeing Sam Bankman-Fried's $250 million bond
  + stars: | 2023-02-15 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com   time to read: +5 min
Larry Kramer and Andreas Paepcke are the two previously anonymous sponsors of Samuel Bankman-Fried's $250 million bond. A federal judge sided with Insider and other media organizations and made their names public. Larry Kramer, a former dean of Stanford University's law school, contributed $500,000 to the bond, according to court records unsealed Wednesday afternoon. Bankman-Fried's parents, Joseph Bankman and Barbara Fried, who are both professors at Stanford University's law school, have also contributed to the bond. He also said he had no business interest in the $500,000 he contributed towards Bankman-Fried's bond.
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