Former billionaire and FTX CEO, is preparing for trial in October backed by a roster of powerful attorneys. But who backs him?
Forbes reports: "Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company"- (Alameda Research).
A source close to Bankman-Fried told Forbes that his defense costs are likely in the single-digit-millions range.
Hundreds of lawyers and advisors working on the bankruptcy proceedings have reportedly billed FTX a combined $38 million in expenses.
He asked that he be allowed to use money in coverage provided by FTX’s insurance policies to help pay for some of his legal costs.
His parents have reportedly leveraged their assets to financially support their son; their $1.8 million Palo Alto home was used to secure a $250M for bail package in December.
Bankman-Fried is accused of criminal charges like wire fraud, money laundering and securities fraud, and bribery (misappropriating FTX customer funds through Alameda).