Like father, like son: Joseph Bankman hires a lawyer

Joseph Bankman, The daddy of former FTX CEO Sam Bankman-Fried has retained a lawyer whereas the legal case in opposition to his son progresses.

In keeping with a Reuters observe dated January 12, Mr. Bankman has retained Sean Hecker of the New York-based regulation agency of Kaplan Hecker & Fink LLP. Bankman-Fried’s father reportedly suggested and assisted his son on issues involving lawmaker advocacy teams in Washington DC and will now be cooperating with prosecutors in his son’s case.

On the time of penning this information it’s not solely clear whether or not Mr. Bankman has any legal or civil legal responsibility associated to the chapter of FTX, nor what info, if any, he could have offered to the authorities. On January 3, Bankman-Fried pleaded not responsible to all legal costs he faces in reference to the fraud allegations at FTX. Former Alameda Analysis CEO Caroline Ellison and FTX co-founder Gary Wang have already pleaded responsible to related costs.

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Alongside along with his spouse Barbara Fried, Mr. Bankman helped acquire bail for his or her son in December with a portion of the fairness of their house. Since then, Bankman-Fried has remained largely confined to the identical Palo Alto property, from which he can solely depart underneath sure situations, together with attending court docket proceedings in New York. Each Bankman and Fried are professors at Stanford Legislation College.

In a uncommon public assertion since his arrest within the Bahamas, Bankman-Fried revealed its model of the occasions main as much as FTX’s insolvency on January 12 in a “pre-mortem abstract.” The previous govt largely denied the allegations in opposition to him – “I didn’t steal funds, and I positively didn’t cover billions”-, and as an alternative positioned a few of the blame on the cryptocurrency market crash and on Binance CEO Changpeng Zhao.

Bankman-Fried’s legal trial is scheduled to start in October of this 12 months.

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