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Court reveals SBF family involvement in FTX case

court-reveals-sbf-family-involvement-in-ftx-case
Edited by
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Court reveals SBF family involvement in FTX case

On Jan. 28, 2023, John J. Ray III, the current FTX CEO, who led the investigations team, revealed the SBF’s family involvement with the FTX bankruptcy case claiming that he has no doubt the SBF’s family was paid.

SBF’s Family Involvement Revealed 

The parents of FTX founder Sam Bankman-Fried are under investigation for their alleged involvement in their son’s business affairs. Joseph Bankman and Barbara Fried, two Stanford professors, have been accused of wrongdoing. 

Still, John J. Ray III, the current CEO of FTX, recently investigated SBF’s parents and whether or not Joseph Bankman was an employee. He further dissected the FTX collapse in front of the U.S. Congress.

The new CEO and head of the FTX restructuring stated, “He received payments. Certainly, payments were made to the family.”

FTX’s CEO detailed it was designed, and an alleged $121 million in Bahamian real estate was associated with SBF. FTX paid Bankman before the Chapter 11 bankruptcy filing. After his resignation, the family faced significant legal bills from the lawyer SBF hired. 

The accusations also involve FTX/Alameda investments in Genesis Digital (a bitcoin mining company, not the same as Genesis brokerage/lender), the effect of Terra/Luna and Three Arrows Capital failures on FTX, and trading activities involving FTT and SRM.

The SEC also wants to know more from SBF’s family about their statements on Twitter and in interviews with @TiffanyFong, @KelseyTuoc, and @Andrewrsorkin about FTX’s solvency. Additionally, it wants an explanation for Gary Wang’s statement of being “scared” and of Nishad Singh being “ashamed and guilty.”

Motion Filed by John J. Ray III

Regarding this, the team handling the FTX case filed a motion requesting the judge to grant permission to subpoena Sam Bankman-Fried, FTX and Alameda executives, and SBF’s family members. 

John J. Ray III believes that when the motion is granted, the subpoenas will go to SBF, Zixiao “Gary” Wang (FTX co-founder & CTO), Nishad Singh (FTX co-founder & eng. director), and Caroline Ellison (Alameda CEO.

The charges SBF faces include FTX raising more than $1.8 billion from equity investors, including 90 U.S.-based investors. According to the SEC’s complaint, FTX’s investors’ funds were diverted to Alameda Research LLC, his privately-held crypto hedge fund. 

It further contended that SBF used FTX customers’ funds for undisclosed venture investments, significant real estate purchases, and political donations.

Along with the usual inquiries about finances, corporate structure, etc., they are particularly curious to know about any audits, transfers to or communications with Bahamian authorities, political and charitable donations, and any audits.