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☆ Stanford University says it will return the 'entirety' of millions of dollars in gifts it received from bankrupt crypto firm FTX
▼ + stars: | 2023-09-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Stanford University has said it plans to return millions of dollars in gifts it received from FTX. According to a lawsuit, the university received $5.5 million from the now-bankrupt crypto firm. Co-founder Sam Bankman-Fried's parents both held teaching roles at the prestigious California university. A spokesperson for Stanford University responded to the lawsuit in an emailed statement to Bloomberg: "Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research." AdvertisementAdvertisementInsider contacted Stanford University for comment but did not immediately hear back outside of regular working hours

Persons: Sam Bankman, — Allan Joseph Bankman, Barbara Fried, Bankman, Stanford, Fried Organizations: Stanford University, Service, Bloomberg News, CNN, Stanford, FTX Group, Bloomberg, FTX Foundation, FTX, Alameda Research Locations: FTX, California, Wall, Silicon, Bahamas, Brooklyn

☆ Sam Bankman-Fried's dad emailed his son that he didn't know 'what to say' after finding he'd be paid $200,000 instead of $1 million by FTX — then looped in SBF's mom, lawsuit claims
▼ + stars: | 2023-09-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's dad was not happy about his $200,000 salary at now-bankrupt crypto firm FTX, a lawsuit claims. In emails cited in the lawsuit, Joseph Bankman said he believed he would be paid $1 million by FTX. He then looped in Barbara Fried, his partner and Bankman-Fried's mom. Bankman and Fried enjoyed the benefits of more than $90,000 in expenses, paid for by FTX Trading, for their Bahamas residence." FTX group and Bankman-Fried's trading firm Alameda Research filed for bankruptcy in November 2022 with the founder stepping down from his role as CEO.

Persons: Sam Bankman, Joseph Bankman, Barbara Fried, FTX, Bankman, Fried, Gee, Sam, Barbara, Sean Heckler, Michael Tremonte, Joe Organizations: FTX, Service, Alameda Ltd, Stanford University, Alameda Research Locations: Wall, Silicon, FTX, Alameda, Bahamas

FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. Several other former FTX executives have pleaded guilty to fraud and conspiracy charges and are cooperating with investigators. The scheme involved Bankman-Fried receiving a loan from Alameda, then transferring the money to his parents. According to FEC records, Singh contributed roughly $9.7 million in 2022 and in late 2020 to various candidates and committees. The judge revoked Bankman-Fried’s bail last month after finding probable cause that he had tampered with witnesses.

Persons: Sam Bankman, ”, Allan Joseph Bankman, Barbara Fried, FTX, Fried, Bankman, ’, “ Bankman, John Ray III, Joe, Barbara, Ray, “ Fried, Nishad Singh, ” Singh, Singh, Ryan Salame Organizations: —, FTX, Stanford University, Alameda Research, Stanford, FTX Group, Bankman, FEC, FTX Digital Markets Locations: Del, Bahamas, Delaware, Manhattan, Alameda, FTX

☆ FTX sues Sam Bankman-Fried's parents, aims to claw back some of the $26 million in gifts and property
▼ + stars: | 2023-09-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Barbara Fried, mother of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after a U.S judge revoked Bankman-Fried's bail, New York, Aug. 11, 2023. Bankrupt crypto exchange FTX is looking to claw back luxury property and "millions of dollars in fraudulently transferred and misappropriated funds" from the parents of Sam Bankman-Fried, the exchange's disgraced ex-CEO and founder. The filing characterizes the correspondence as Bankman lobbying his son to "massively increase his own salary." Bankman-Fried himself independently faces multiple wire and securities fraud charges related to the alleged multibillion-dollar FTX fraud. Bankman and Fried "either knew — or ignored bright red flags revealing — that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme," the lawsuit said.

Persons: Barbara Fried, Sam Bankman, Allan Joseph Bankman, Fried, Sam's, Bankman, Gee, Sam, Barbara, Damian Williams, Joe, Ray Organizations: Bankruptcy, District of, FTX, Administration, Stanford University, Group, Stanford Law School, The U.S . Department of Justice, Bankman, CNBC Locations: New York, U.S, District of Delaware, Bahamas, Alameda, The, Manhattan, Bankman

☆ FTX Sues Sam Bankman-Fried’s Parents to Recover ‘Misappropriated Funds’
▼ + stars: | 2023-09-19 | by ( ) www.wsj.com time to read: 1 min

FTX has sued founder Sam Bankman-Fried’s parents to recover millions of dollars in “fraudulently transferred and misappropriated funds,” the company said in a court filing late Monday. Joseph Bankman and Barbara Fried, both Stanford Law School professors, “exploited their access and influence within the FTX enterprise to enrich themselves,” the company, operated in bankruptcy by new management, alleged.

Persons: FTX, Sam Bankman, Joseph Bankman, Barbara Fried, “ Organizations: Stanford Law School

[1/4] Joseph Bankman, father of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after U.S judge revoked Bankman-Fried's bail, in New York, U.S., August 11, 2023. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a "family business" and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents. Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said. FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.

Persons: Joseph Bankman, Sam Bankman, Eduardo Munoz, Stanford, Barbara Fried, John Ray, Fried, Sean Hecker, Michael Tremonte, Joe, Barbara, " Hecker, Tremonte, Bankman, FTX, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Monday, Stanford University, Stanford Law School, Thomson Locations: New York, U.S, Bahamas, FTX

☆ Sam Bankman-Fried's parents are accused of siphoning millions of dollars from FTX
▼ + stars: | 2023-09-19 | by ( Will Gendron | Associated Press | ) www.businessinsider.com time to read: +5 min

The fallout of FTX's implosion continues, with Sam Bankman-Fried's parents now facing a lawsuit. Barbara Fried and Allan Joseph Bankman were accused of siphoning millions of dollars from the firm. FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. "And together, Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes." Mr. Ray and his massive team of lawyers, who are collectively running up countless millions of dollars in fees while returning relatively little to FTX clients, know better."

Persons: Sam Bankman, Barbara Fried, Allan Joseph Bankman, SBF's, FTX, Fried, Bankman, John Ray III, Joe, Barbara, Ray Organizations: Service, FTX, Stanford University, Alameda Research, Stanford, FTX Group, Bankman Locations: Wall, Silicon, Bahamas, Delaware, Manhattan, Alameda, FTX, Brooklyn

He had a blank expression as he was led out of the courtroom in handcuffs by members of the U.S. A July 20 article in the New York Times contained excerpts from Ellison's personal Google documents prior to FTX's collapse. She described being "unhappy and overwhelmed" with her job and feeling "hurt/rejected" from her personal break-up with Bankman-Fried. Sassoon said the defendant would be able to access an internet-enabled laptop there to review evidence to prepare for trial. Reporting by Luc Cohen in New York; Editing by Jonathan Oatis, Noeleen Walder and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, District Judge Lewis Kaplan's, Caroline Ellison, Kaplan, Ellison, Barbara Fried, nodded, Joseph Bankman, Fried, Jane Rosenberg Bankman, Palo, Mark Cohen, Bankman, Cohen, Danielle Sassoon, Sassoon, Luc Cohen, Jonathan Oatis, Noeleen, Rosalba O'Brien Organizations: U.S, District, New York Times, Alameda Research, U.S . Marshals, Stanford University, REUTERS, Prosecutors, Times, Brooklyn's Metropolitan Detention, Correctional, Thomson Locations: U.S, Manhattan, Alameda, United States, New York, Palo Alto , California, New York City, Brooklyn's, Putnam

U.S. District Judge Lewis Kaplan announced the decision at a hearing in federal court in Manhattan, less than two months before the scheduled October fraud trial. He rejected a defense request to delay Bankman-Fried's detention pending appeal of the bail revocation. Bankman-Fried has been largely confined to his parents' Palo Alto, California, home on $250 million bond since his December 2022 arrest. Kaplan said he was concerned that Bankman-Fried showed the writings to the reporter during an in-person meeting at his parents' home. Bankman-Fried sat with his shoulders hunched, leaning forward on the table and fidgeting with a Post-It note as he heard the judge order him detained.

Persons: Sam Bankman, Eduardo Munoz, District Judge Lewis Kaplan, Fried, Barbara Fried, nodded, Joseph Bankman, Palo, Caroline Ellison's, Ellison, Kaplan, Donald Trump, Britain's Prince Andrew . Bankman, Mark Cohen, Cohen, Danielle Sassoon, Sassoon, Luc Cohen, Jonathan Oatis Organizations: REUTERS, Eduardo Munoz NEW YORK, U.S, District, Alameda Research, U.S . Marshals, Stanford University, Alameda, New York Times, Attorney's, Times, Brooklyn's Metropolitan Detention, Correctional, Thomson Locations: New York, U.S, Manhattan, Alameda, Palo Alto , California, New York City, Brooklyn's, Putnam

Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, U.S., July 26, 2023. Bankman-Fried has pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda. He said he submitted Tuesday's filing independently, as a constitutional law expert. Tribe published the major treatise "American Constitutional Law" in 1978 and was lead counsel in 37 Supreme Court cases. The case is U.S. v. Bankman-Fried, U.S. District Court, Southern District of New York, No.

Persons: Sam Bankman, Fried, Amr, FTX, Laurence Tribe, District Judge Lewis Kaplan, Caroline Ellison, Ellison, Tribe, Bankman, Kaplan, Joseph Bankman, Kaplan Hecker, Fink, Robert Bork's, Jonathan Stempel, Luc Cohen, Daniel Wallis Organizations: United, REUTERS, Harvard Law School, New York Times, District, Bankman, FTX, Alameda Research, Alameda, Prosecutors, Supreme, Court, Southern District of, Thomson Locations: New York City, U.S, Manhattan, Alameda, Southern District, Southern District of New York, New York

☆ Sam Bankman-Fried is reportedly paying his lawyers with a 'multi-million dollar gift' to his dad through Alameda
▼ + stars: | 2023-03-29 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's "multi-million dollar gift" to his father is covering legal costs, per Forbes. Bankman-Fried had started Alameda in 2017 and was its CEO until October 2021, according to court filings by federal prosecutors in New York. Bankman-Fried also apparently rejected personal finance advice from his father, who had reportedly "begged his son to put away savings," according to Forbes. In an updated indictment unsealed on Tuesday, they also accused Bankman-Fried of trying to bribe Chinese officials with more than $40 million in payments to "influence" them. A hearing over the updated indictment has been scheduled for March 30 in New York federal court before US District Judge Lewis Kaplan.

☆ Caroline Ellison made $6 million at Alameda – a fraction of Sam Bankman-Fried's $2.2 billion's haul
▼ + stars: | 2023-03-19 | by ( Pete Syme | Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Caroline Ellison received $6 million by Alameda, according to court documents filed Wednesday. Sam Bankman-Fried transferred himself $2.2 billion, while $587 million went to Nishad Singh. Alameda Research has been accused of using customer deposits from Bankman-Fried's crypto exchange FTX for daily operations, including risky investments. FTX filed for Chapter 11 bankruptcy protection on November 11 after it imploded, wiping out billions in customer deposits. Court documents filed Wednesday show he transferred $2.5 million from Alameda to American Yacht Group in March 2022, with the cited reason "for the benefit of John Samuel Trabucco."

☆ 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."

☆ 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.

☆ Stanford law professor, researcher co-signed Bankman-Fried's bond -court records
▼ + stars: | 2023-02-15 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - A former dean of Stanford's law school and a computer science researcher at the university co-signed indicted FTX cryptocurrency exchange founder Sam Bankman-Fried's bond, according to court records made public on Wednesday. His parents are both professors at Stanford Law School. On Jan. 25, an individual named Larry Kramer signed a $500,000 bond to ensure Bankman-Fried's return to court, and an individual named Andreas Paepcke signed a $200,000 bond, the newly-unredacted records showed. According to Stanford's website, Kramer is a former dean of the law school while Paepcke is a computer science researcher. The bond represents the amount of money Kramer and Paepcke would be liable to pay if Bankman-Fried does not return to court.

[1/4] Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, departs from his court hearing at a federal court in New York City's Manhattan, U.S. January 3, 2023. REUTERS/David Dee Delgado/Feb 8 (Reuters) - Failed crypto firm FTX received court approval on Wednesday to issue subpoenas to its founder Sam Bankman-Fried and members of his family as part of the company's investigation into "misappropriated and stolen" funds. FTX said in court papers filed Wednesday that most of the subpoena targets had begun cooperating with its investigation. FTX said that it is still in discussions with Ellison and that Sam Bankman-Fried "remains non-responsive." Mind the Gap has previously said that Sam Bankman-Fried did not make any direct contributions to the organization but did donate to some of its recommended programs.

☆ The criminal case against Sam Bankman-Fried and Caroline Ellison could put jilted FTX customers in the backseat
▼ + stars: | 2023-02-02 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +8 min

The parallel criminal case against SBF, Caroline Ellison, and Gary Wang may be to blame. But they told a Delaware bankruptcy court recently that they hit a roadblock, accusing Sam Bankman-Fried and those close to him of not playing ball with them. The criminal case takes priorityEllison and Wang separately reached plea deals with federal prosecutors in Manhattan, copping to charges including wire fraud and conspiracy. But, experts told Insider, the deals require them to focus on working with prosecutors in the criminal case — even if it could be at the expense of other parties. But when both criminal and civil proceedings are ongoing, it's the criminal case that goes first in line, Snyder said.

☆ The house that helped secure Sam Bankman-Fried's $250 million bail package reportedly sits on land his parents leased from Stanford
▼ + stars: | 2023-01-31 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried's parents lease the land for their home from Stanford, the LA Times reports. They'd put up the $4 million home as collateral for the former FTX CEO's $250 million bail release. Bail terms are about flight-risk rather than if collateral can cover the full amount, legal experts said. The revelation once again prompts questions about how and why courts set bail terms, which are meant to ensure that a defendant doesn't flee while awaiting trial. Prosecutors are now also arguing that Bankman-Fried's bail restrictions must go further, and impose limits on whom he communicates with and how.

☆ SBF's mom, Caroline Ellison, and former FTX executives are not cooperating with the investigation into the disgraced crypto exchange, filing says
▼ + stars: | 2023-01-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

SBF, his mom, his brother, and key executives in his crypto empire aren't cooperating in the FTX bankruptcy case, according to a recent court filing. FTX lawyers said several key insiders have not responded or declined to give requested information related to the collapsed exchange. But discussions with Bankman-Fried's father and another FTX executive have been making progress, the filing said. In particular, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang have declined to give FTX's lawyers requested information. However, discussions with Bankman-Fried's father Joseph Bankman and former FTX COO Zhe Wang have been making progress, the filing said.

FTX said in a court filing in Wilmington, Delaware, late on Wednesday that the DOJ's proposed review would only add cost and delay to its bankruptcy case. As part of its own investigation, FTX asked U.S. Bankruptcy Judge John Dorsey, who is overseeing its Chapter 11 proceedings, to help it secure documents from Bankman-Fried, members of his family and other insiders with information about FTX transactions that used "misappropriated and stolen" funds. FTX is also seeking information about political donations by Mind the Gap, a political action committee founded by Barbara Fried, and Guarding Against Pandemics, an advocacy organization founded by Sam Bankman-Fried and his brother, Gabriel Bankman-Fried. The U.S. Department of Justice's bankruptcy watchdog has called for an independent investigation into its collapse, a request that received backing from a bipartisan group of U.S. senators. Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.

☆ FTX wants to ask Sam Bankman-Fried's parents and brother if they received any money from the crypto exchange
▼ + stars: | 2023-01-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Court documents show FTX aims to question Sam Bankman-Fried's parents and brother about their personal wealth, per Bloomberg. The family should provide financial documents about any money they may have received from the company, FTX lawyers said. The bankruptcy judge still has to approve the request before FTX lawyers can move forward. Both of Bankman-Fried's parents have been involved with the company. In addition, Reuters reported in November that a $16.4 million house in the Bahamas listed Bankman-Fried's parents as signatories and was described in property records as a "vacation home."

☆ Sam Bankman-Fried's new dog is reportedly trained to attack would-be assailants with a secret code word
▼ + stars: | 2023-01-26 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried's new dog can attack with a single command, per Forbes. His parents reportedly gave him the dog, a German shepherd named Sandor. Bankman-Fried has said in court filings that his family has faced "harassment and threats." The former FTX CEO's animal companion, named Sandor, pounces in response to a "secret word," according to Forbes. The 75-pound Sandor, whose name evokes the meaning "defender of men," was a gift from Bankman-Fried's parents, per a Puck interview.

☆ Sam Bankman-Fried had a 'security incident' when 3 men drove into a metal barricade outside his parents' multimillion Bay Area home, his lawyer said
▼ + stars: | 2023-01-20 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's lawyer said the ex-crypto mogul and his parents had been subjected to harassment and threats. This includes a recent "security incident" at his parents' Bay Area home, the lawyer said. "Recently, the Bankman-Frieds had a security incident at their home when a black car drove into the metal barricade set up outside their home," Everdell wrote. "This incident underscores the risk to the Bankman-Frieds' privacy and security," he said. In a filing from January 3, attorney Mark Cohen had said that Bankman-Fried's parents "have become the target of intense media scrutiny, harassment, and threats."

NEW YORK, Jan 12 (Reuters) - Eight major media outlets on Thursday asked the U.S. judge overseeing Sam Bankman-Fried's criminal case to make public the names of two people who helped guarantee the FTX cryptocurrency exchange founder's $250 million bond. Saying the public interest "cannot be overstated," lawyers for the outlets, including Reuters, said the public's right to know Bankman-Fried's guarantors outweighed their privacy and safety rights. Media seeking to identify Bankman-Fried's sureties also include the Associated Press, Bloomberg, CNBC, Wall Street Journal publisher Dow Jones, the Financial Times, Insider and the Washington Post. Cohen and Everdell also represented Maxwell in her criminal case. In seeking to keep the sureties' names under wraps, Bankman-Fried's lawyers said their client's parents, who co-signed the $250 million bond, had been harassed and received physical threats since FTX's early November collapse and bankruptcy.

☆ Sam Bankman-Fried says guards outside his parents' house stopped a vigilante who wanted to make a citizen's arrest
▼ + stars: | 2023-01-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried said a citizen vigilante was stopped by security guards, per an interview in Puck. Bankman-Fried said people wanted to come to his parent's house and make a "citizen's arrest." Bankman-Fried told Teddy Schleifer, a reporter from Puck, that some people claimed they wanted to come to the house and make a citizen's arrest. As part of his bail terms, he is required to stay at his parent's house while he awaits trial. He told Schleifer he had not spoken to his ex-girlfriend, Caroline Ellison, or FTX co-founder Gary Wang.

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