Like all good father or mother, Sam Bankman-Fried’s mom and father have stood firmly behind their son from the start of his crypto profession till his fall from grace, however their staunch assist and up to date courtroom antics have put them below heavy scrutiny.
Joseph Bankman and Barbara Fried, each professors at Stanford College, sat within the third row of Bankman-Fried’s extradition listening to within the Bahamas, the place their animated expressions had been in full view.
Bankman, who obtained funds from FTX and was closely concerned within the doomed platform’s operations, was seen sporadically plugging his ears all through the method, whereas Fried laughed a number of occasions.
New FTX CEO John Ray revealed he might be investigating Bankman and Fried’s function of their son’s alleged cryptocurrency rip-off on the firm, notably after it was confirmed that Bankman had given Bankman-Fried “authorized recommendation” and that the household was given money funds.
Careers
Each Bankman and Fried educate legislation at Stanford College, the place their alleged involvement of their son’s FTX schemes has grow to be a “topic of gossip” amongst colleagues, the New York Instances reported.
In keeping with his school biography, Bankman makes a speciality of tax legislation and has written two casebooks on the topic. Along with being a practising lawyer, Bankman is a medical psychologist and teaches psychological well being legislation.
Fried is a professor emerita of legislation at Stanford. Like her husband, she additionally wrote about tax coverage, however her “scholarly pursuits lie on the intersection of legislation, economics, and philosophy,” her biography states. She is a three-time winner of the John Bingham Hurlbut Award for Excellence in Educating.
Ties to Democrats
Bankman helped write Massachusetts Sen. Elizabeth Warren’s failed laws to simplify the tax code in 2016. He then signed a letter of assist for the invoice with 53 different legislation professors.
Bankman additionally has a historical past of donating hundreds of dollars to Democratic campaigns, together with Warren.
Fried co-founded tremendous political motion committee Thoughts The Hole in 2018, in response to the New York Instances, although she resigned in November. The group makes use of statistical evaluation to find out the dollar-value affect of donations on Democrats operating for the Home of Representatives.
Fried was carefully tied to her son’s donations large donations to Democrats earlier than the 2022 midterms, Enterprise Insider reported. Bankman-Fried was charged with utilizing tens of tens of millions of dollars in Alameda funds to illegally make political donations “to candidates and committees related to each Democrats and Republicans.” The White Home has not mentioned whether or not Biden would return the fraudulent cash Bankman-Fried donated to his 2020 political marketing campaign.
Roles in FTX
Bankman was a paid FTX worker for almost a 12 months, a spokesperson for the household advised The Wall Avenue Journal, however principally labored on charity tasks for the corporate.
Fried was not a paid worker on the cryptocurrency firm.
Ray confirmed Tuesday that “the household did obtain funds.”
Moreover, Bankman-Fried purchased a $16.4 million home within the Bahamas for his dad and mom in FTX’s title. The luxurious beachfront property was for use as a “trip residence,” although Bankman-Fried later claimed he didn’t intend for his dad and mom to make use of it long-term.
“It was supposed to be the corporate’s property. I don’t understand how that was papered in,” he mentioned.
The couple has been dwelling within the Bahamas with their son for the previous month, the Wall Avenue Journal mentioned.
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