FTX Lawyers Subpoenas Bankman-Fried’s Family In Search For Assets

FTX’s lawyers ask the judge for permission to subpoena Bankman-Fried’s family for testimony on FTX business benefits.

FTX seeks to question former executives for assets to repay creditors of the bankrupt exchange, FTX Lawyers push for Asset Discovery

Bloomberg reports Bankman-Fried’s father gave tax advice to FTX, and his brother conducted lobbying from Washington D.C. property.

Barbara Fried, the wife of Bankman, allegedly accepted money from FTX for a Mind the Gap public policy organization. Fried also contributed a large sum to the 2022 election cycle in favor of mainly democratic candidates.

In Addition, FTX lawyers seek assets. Task force investigates reopening exchange for liquidity to reimburse customers.

Gabriel, Sam Bankman-Fried’s brother, was a former director of a non-profit and political action committee focused on preventing pandemics.

The brothers support effective altruism, using FTX cash to fund a California initiative for detecting emerging viruses and a political campaign for a biosecurity expert from Oregon.

As per, In total, their political action committee, Secure Our Future, invested $28 million in Democrats in 2022. The non-profit organization Guarding Against Pandemics spent $1 million to petition Congress for a new pandemic strategy.

1)Since it’s been getting more attention recently… What are my views on politics and policy?

Moreover, FTX collapse in Nov. 2022 led to Gabriel Bankman-Fried quitting his role at Guarding Against Pandemics. An advisor to the brothers said Gabriel had a genuine interest in pandemics but needed clarification on Sam’s interest.

I’m positive Gabe was concerned about pandemics. I’m not sure what to make of [Sam], he admitted to the Washington Post.

Subpoena On Family’s Assets Acquired Through Alleged FTX Fraud

Additionally, The subpoena for the family is about assets obtained via alleged FTX fraud, not their relation SBF. Moreover, Lawyers claim Bankman-Fried’s parents knew the $16.4 million Bahamian mansion belonged to FTX, and Gabriel used fraudulent funds for a D.C. property. The parents’ spokesperson announced their plan to return property deeds in Dec. 2022.

Related Reading | EU Seeks To Curb Banks’ Holdings Of Cryptocurrency

Instead of the FTX bankruptcy action, Joseph Bankman-Fried has retained legal counsel for the criminal case he is pursuing against his eldest son. According to reports, his attorney is negotiating with the exchange’s attorneys.

Furthermore, Judge Dorsey must consent before its attorneys can subpoena Sam Bankman-family, Fried’s, barring a voluntary arrangement.

Comments (No)

Leave a Reply