American businessman and investor Samuel Benjamin Bankman-Fried was born on March 5, 1992, and goes by the initials SBF. After a high-profile collapse in late 2022, Bankman-Fried’s cryptocurrency exchange FTX and its linked trading firm Alameda Research filed for Chapter 11 bankruptcy.
Bankman-Fried was ranked as the 60th richest person in the world by The World’s Billionaires and the 41st richest American in the Forbes 400 before FTX’s demise. At one point, his fortune was worth $26 billion. After FTX declared bankruptcy on November 11, 2022, his fortune was wiped out, according to the Bloomberg Billionaires Index.
Bankman-Fried was a prominent donor to US political campaigns before his fortune vanished. He gave openly to Democratic candidates and covertly to Republicans, and he said he would spend roughly $1 billion on the 2024 U.S. presidential election. Everyone is interested in knowing details about Sam Bankman Fried parents now as the latest controversy regarding them. Here in this post, we have got all the details you may want to know. So read out this full post to know all information.
Who Are Sam Bankman Fried Parents?
Barbara Fried and Joseph Bankman, both professors at Stanford Law School, are Sam’s parents. American lawyer Fried is the William W. and Gertrude H. Saunders Professor of Law at the University of California, Berkeley.
Between 1984 and 1987, she was an associate attorney at Paul, Weiss, Rifkind, Wharton & Garrison. In 1987, she began teaching at Stanford’s law school. Her spouse, Joseph Bankman, is a professor at Stanford Law School and a lawyer. He is the Ralph M. Parsons Professor of Law and Business.
After deciding to further his education in the middle of his profession, he is now also a licensed psychologist. He put his education in law to work by mentoring students in their first year of study. Sam and Gabe are the couple’s sons.
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Bankman-Fried’s Parents are being Accused by FTX of Embezzling Millions
Attorneys for FTX Trading have filed a lawsuit against Sam Bankman-Fried’s parents, accusing them of using their influence over their son to steal millions of dollars from the company, which they then allegedly spent on a lavish home in the Bahamas and on “pet causes” and Stanford University.
In the bankruptcy case filed in Delaware on behalf of the defunct cryptocurrency exchange on Monday, the firm is suing Allan Joseph Bankman and Barbara Fried for damages the company claims were caused by the couple.
After a global exchange “bank run,” FTX was forced into bankruptcy in November. Bankman-Fried has pled not guilty to accusations that he misappropriated funds from his bitcoin hedge fund trading firm, Alameda Research, to pay costly real estate acquisitions, political contributions, and dangerous trades. On October 3 in Manhattan, he will go on trial for federal fraud accusations.
Take a look at below tweet about Bankman Fried Parents sued by FTX:
Sam Bankman-Fried’s Parents Sued by FTX, accused of stealing $26 million in gifts and property #crypto pic.twitter.com/imXkexzr4m
— Altcoin Daily (@AltcoinDailyio) September 19, 2023
Many other ex-FTX executives have cooperated with authorities and pled guilty to fraud and conspiracy charges. Tax law specialist Professor Bankman and retired Professor Fried, both of Stanford Law School, are named as defendants in a lawsuit alleging that they conspired to cause FTX’s demise and spawn criminal and civil investigations.
The lawsuit claims that the FTX organization presented itself to investors and the public as a sophisticated group of cryptocurrency exchanges and businesses. Bankman and Fried’s attorneys issued a statement refuting the claim and attacking FTX CEO John Ray III for having to clean up the mess left by the company’s demise.
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