Like any good parent, Sam Bankman-Fried’s mother and father stood firmly behind their son from the start of his crypto career until his fall from grace, but their staunch support and recent courtroom antics have put them under intense scrutiny.
Joseph Bankman and Barbara Fried, professors at Stanford University, sat on the third row of the Bankman-Fried extradition hearing in the Bahamas. Animated expressions were in full view.
The banker, who received money from FTX and was heavily involved in the operations of the doomed platform, was seen covering his ears periodically throughout the process, while Fried smiled several times.
New FTX CEO John Ray has revealed that the company is investigating Bankman and Fried’s role in their son’s cryptocurrency scam, particularly after it was confirmed that Bankman provided “legal advice” to Bankman-Fried, and the family was paid out.
Both Bankman and Fried teach law at Stanford University, where their alleged involvement in their son’s FTX projects has become “the subject of rumors” among colleagues, according to the New York Times.
According to him Author Biography, Bankman specializes in tax law and has written two casebooks on the subject. In addition to being a lawyer, Bankman is a clinical psychologist and teaches mental health law.
Fried is a professor of law at Stanford. Like her husband, she also wrote about tax policy, but her “scholarly interests lie at the intersection of law, economics, and philosophy.” His biography says. He is a three-time winner of the John Bingham Hurlbut Award for Excellence in Teaching.
Relations with Democrats
Massachusetts Sen. Banker helped Elizabeth Warren write A law that fails to simplify the tax code In 2016. He later signed a letter of support for the bill along with 53 law professors.
Bankman also has a history of donating thousands of dollars to Democratic campaigns, including Warren’s.
In 2018, Fried co-founded the super political action group Mind the Gap. According to the New York Times, Although he resigned in November. The panel uses statistical analysis to determine the dollar-value influence of donations on Democrats running for the House of Representatives.
Fried, along with her son’s donations, made large donations to Democrats ahead of the 2022 midterm elections. Business Insider reported. Bankman-Fried was accused of embezzling tens of thousands of dollars in Alameda funds Making illegal political donations “For candidates and groups affiliated with the Democratic and Republican parties.” The White House has not said whether Biden will Return the fraudulent money Bankman-Fried donated to her 2020 political campaign.
Roles in FTX
Bankman had been on the FTX staff salary for nearly a year, a family spokeswoman said The Wall Street JournalBut mostly worked on charity projects for the company.
Fried is not a paid employee of Cryptocurrency Company.
Ray confirmed Tuesday that “the family received the money.”
In addition, Bankman-Fried bought A $16.4 million home in the Bahamas to his parents in the name of FTX. The luxury beachfront property was intended to be used as a “vacation home,” although Bankman-Fried later said her parents did not intend to use it long-term.
“It must be the property of the company. I don’t know how it was documented,” he said.
The couple has been living in the Bahamas with their son for the past month. The Wall Street Journal said.