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FTX lawyers want to question Sam Bankman-Fried’s family about wealth

ftx-lawyers-want-to-question-sam-bankman-frieds-family-about-wealth
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FTX lawyers want to question Sam Bankman-Fried’s family about wealth

Sam Bankman-Fried’s immediate family is set to be questioned about the financial gains they made from FTX. 

Court documents released recently indicate that the lawyers of FTX want to question Bankman-Fried’s family in matters related to acquiring some personal wealth. According to a Bloomberg report, the lawyers asked the court to question both parents and Sam Bankman-Fried’s brother. 

FTX lawyers are doing this as the network continues to garner funds to pay their creditors. The lawyers argue that the parents of Sam Bankman-Fried, i.e., Joseph Bankman and Barbara Fried, together with his brother Gabriel Bankman-Fried, must provide financial documents supporting the acquisition and ownership of their wealth.

As such, the lawyers request the court allow them to put these family members under oath as they pursue the truth about some of their wealth. However, the reports note that this matter is still in front of US Bankruptcy Judge John Dorsey for consideration and approval.

Joseph, Barbara, and Gabriel were all allegedly directly involved in the daily businesses of the now-defunct crypto exchange network. Joseph Bankman reportedly functioned as a tax advisor to FTX employees. Moreover, he participated in recruiting the network’s lawyers. Barbara Fried is accused of founding a political action committee that used money from FTX. 

Gabriel Bankman-Fried allegedly founded a nonprofit organization focused on pandemics in 2020. This organization was a partial recipient of Sam Bankman-Fried’s money, which was later used in lobbying politicians. 

Last year, the foundation bought a house in Washington, DC, a property currently for sale. There are accusations that both parents’ names were listed as signatories of a ‘company property’ in the Bahamas. 

Aside from the family members, reports indicate that FTX lawyers will also question some FTX executives concerning personal wealth. 

Sam Bankman-Fried is already facing eight counts of charges connected to the fall of the FTX crypto exchange. There are allegations that the ex-CEO used billions of investors’ funds to fund his other Alameda Research project. However, he is still under house arrest awaiting trial.

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