Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father
Bankman-Fried — who has pleaded not guilty to 12 criminal charges including wire fraud, money laundering and securities fraud, and faces an additional bribery charge — is accused of misappropriating FTX customer funds through Alameda dating back to the exchange’s founding in 2019. A source close to Bankman-Fried told Forbes that his defense costs are likely in the single-digit-millions range. “I didn’t steal funds, and I certainly didn’t stash billions away,” he wrote on Substack earlier this year. Two additional sources familiar with the family told Forbes that Bankman once begged his son to put away savings, but Bankman-Fried reportedly declined.
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