Sam Bankman-Fried's Father Faces Scrutiny Over Alleged Role in Democratic Dark Money Network
Joseph Bankman, the father of the embattled former crypto entrepreneur Sam Bankman-Fried, has reportedly been implicated in holding an advisory position within a prominent Democratic dark money network. Watchdogs suggest that this arrangement warrants a thorough investigation.
This allegation surfaced after a lawsuit filed by FTX, Bankman-Fried's former company, against his parents.
The suit, filed in federal court in Delaware, accuses Joe Bankman and Barbara Fried, both longstanding law professors at Stanford, of leveraging their connections within FTX to benefit financially, to the tune of millions of dollars.
According to FTX's legal team, Mr. Bankman and Ms. Fried received a $10 million cash gift from their son, along with a $16.4 million home in the Bahamas, where FTX was headquartered and was purchased by the exchange.
The lawsuit also contends that Mr. Bankman played a role in concealing complaints from a former lawyer of his son's business and that Ms. Fried provided guidance to Mr. Bankman-Fried and another FTX executive on evading disclosure requirements for political donations.
The lawsuit asserts that the couple "either knew — or ignored bright red flags revealing — that their son, Bankman-Fried, and other FTX insiders were orchestrating a vast fraudulent scheme."
Recent allegations have surfaced regarding Joseph Bankman,that claimed that he held an advisory role at Arabella Advisors, a consulting firm in Washington, D.C., overseeing a nonprofit network that supports left-leaning groups.
This network manages significant funds, including the New Venture Fund, Sixteen Thirty Fund, Windward Fund, and Hopewell Fund, collectively handling over a billion dollars in anonymous donations each year, which are then distributed
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