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FTX Legal Team Asks Sam Bankman-Fried's Family to Answer Questions Under Oath: Report

Published on

January 26, 2023
Read Time:1 Minute, 39 Second

Attorneys representing FTX in chapter court docket have reportedly argued that former CEO Sam Bankman-Fried's speedy household must be questioned relating to their private wealth.

In response to a Jan. 26 report by Bloomberg, FTX's attorneys requested Choose John Dorsey of the Delaware District is permitting them to query below oath Joseph Bankman, Barbara Fried and Gabriel Bankman-Fried - SBF's father, mom and brother - about any monetary advantages they could have acquired from the trade. Reportedly, different FTX executives could possibly be subjected to the identical survey to uncover belongings tied to the bankrupt crypto trade.

Joseph Bankman, a regulation professor at Stanford Regulation College who canceled at the least one in all his courses through the FTX controversy, reportedly acted as tax advisor to the trade's workers and made suggestions on hiring the corporate's authorized workforce. Alongside together with his spouse, Barbara Fried — additionally a Stanford College regulation professor — Bankman helped assure the $250 million bail with fairness from their California residence.

In 2020, Bankman-Fried's brother, Gabriel, helped discovered Guarding In opposition to Pandemics, an advocacy group that goals to help laws to stop future pandemics like COVID-19. A few of SBF's funds went on to the group that supported federal lawmakers, and he and his brother additionally personally contributed to sure campaigns.

It's unclear whether or not questioning of relations, ought to Choose Dorsey authorize the issuance of subpoenas, would lead to "hidden" funds associated to FTX being found by investigators. Joseph Bankman has reportedly already engaged an lawyer in his son's legal case, however testifying right here would fall below FTX's chapter proceedings.

Associated: Choose slams senators' letter in opposition to FTX attorneys as 'inappropriate'

Sam Bankman-Fried faces eight counts, together with wire fraud and violations of marketing campaign finance legal guidelines. Since his indictment in america following his extradition from the Bahamas, SBF has been largely confined to his dad and mom' residence and his trial is scheduled to start in October.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 26, 2023
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