11/18/2023 0 Comments Piggy bank bust![]() He had, according to a lawsuit that FTX’s bankruptcy executive team filed against his parents on Monday, sometimes referred to his now-crumbled crypto empire as a “family business.”Ī great deal of the complaint revolves around the idea that Bankman, who has decades of tax law experience, either knew FTX was a fraudulent mess or should’ve known about it and missed such obvious red flags that he bears legal responsibility for them. Having them around was useful as Bankman-Fried pitched FTX as a more mature and mainstream corner of the crypto economy and himself as the company’s face. His dad, Joseph Bankman, worked on a range of FTX matters, and his mom, Barbara Fried, once called herself her son’s “partner in crime of the noncriminal sort.” Both of SBF’s parents are Stanford Law professors, and both seemed to have their son’s ear. Rocketing from a job as a Wall Street quant to running his own crypto hedge fund to founding what would become the emblem of the crypto economy’s high highs and low lows, the young entrepreneur relied on his prominent and accomplished parents for expertise and optics. As Sam Bankman-Fried’s life has collapsed into rubble in the wake of his cryptocurrency exchange doing the same last fall, the parents of the former FTX CEO have loomed in the background of the wreckage.
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