When Joe Bankman Said He’d Complain To Sam Bankman-Fried’s Mother About His FTX Salary, It Paid Off Big Time

When Sam Bankman-Fried’s father complained to his son about his $200,000 FTX wage in January final 12 months, and threatened to usher in his mom, the gambit paid off huge time. 

Inside two weeks, Bankman-Fried, founding father of the now bankrupt crypto trade FTX, had gifted his father, Joseph Bankman, and mom, Barbara Fried, $10 million in funds from affiliate Alameda Analysis, in accordance with a Sept. 18 courtroom submitting.

Inside three months, Bankman-Fried ensured the couple had been deeded a $16.4 million property within the Bahamas paid for with funds finally offered by FTX Buying and selling.

Bankman and Fried additionally loved the advantages of greater than $90,000 in bills, paid for by FTX Buying and selling for the Bahamas residence. Bankman additionally obtained an choice to buy 4.5 million shares of affiliate WRS and greater than 1 million shares of FTX Buying and selling in November 2021.

Bankman obtained different advantages as nicely, together with a cameo look alongside Larry David in a now-infamous 2022 FTX Tremendous Bowl industrial. Bankman pushed for his position within the industrial, stating bluntly, “OK, I’m not a star-fucker and don’t actually care about assembly, say, Tom Brady. However Larry David….,” the submitting stated.

The turnaround within the couple’s fortunes got here after Bankman complained to FTX’s head of administration that his wage ought to be $1 million a 12 months, when he was receiving solely $16,667 monthly said in his contract.

Bankman then reached out to his son in an e-mail, saying, “Gee, Sam, I don’t know what to say right here. That is the primary I’ve heard of the 200K a 12 months wage! Placing Barbara on this,” in accordance with the submitting.  

SBF’s father was sad together with his wage at FTX US so he emailed SBF asking for extra money, after which pulled the “I am telling your mom” Dad transfer and looped SBF’s mother into the e-mail thread pic.twitter.com/jJaHFqpI7Z

— Conor (@jconorgrogan) September 19, 2023

The allegations are a part of complaints filed towards Bankman-Fried’s mother and father that allege they misappropriated thousands and thousands of {dollars} by means of their involvement within the trade’s enterprise.

BREAKING: #FTX chapter property sues SBF’s mother and father to get well thousands and thousands in ‘misappropriated funds’

— Breaking Whale (@BreakingWhale) September 19, 2023

Bankman-Fried Awaits Trial From Detention Heart

Bankman-Fried’s trial on fraud fees is scheduled for subsequent month. He has been detained on the Metropolitan Detention Heart in Brooklyn since August, when the choose revoked his $250 million bond for alleged witness tampering.

He pleaded not responsible to a sequence of interconnected fees, which declare that he funneled multiple billion {dollars} from his worldwide cryptocurrency trade. This was carried out partly to settle excellent money owed of his hedge fund, Alameda Analysis. If discovered responsible, he may probably face a jail sentence exceeding 100 years.

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