In the context of FTX founder Sam Bankman-Fried’s conviction on criminal charges, XRP lawyer John Deaton raised the aspect of involvement of the FTX founder’s father in the misdoings that led to the collapse of the crypto exchange in November 2022. On Thursday, November 2, 2023, a jury found Bankman-Fried guilty of charges including wire fraud, conspiracy to commit fraud and conspiracy to commit money laundering on several counts.
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Taking into account punishment on all the seven criminal charges, the maximum sentence adds up to over 100 years. This came after a trial involving the FTX founder’s close associates testifying against him before the jury over the last one month. Further to this, the judge has scheduled sentencing proceedings for March 28, 2024. Attorney John Deaton predicted that the FTX founder would get a sentence of over 60 years.
Meanwhile, Bankman-Fried’s lawyers said the jury verdict would be contested, saying the FTX founder “will continue to vigorously fight the charges against him.”
Attorney Deaton indicated it is common knowledge that Joseph Bankman, the FTX founder’s father, is also guilty of fraud allegations. When asked about the involvement of his parents in the case, Deaton recalled the email findings of Joseph Bankman seeking higher salary from his son.
“We all know his Dad is also complicit. He didn’t structure those holding companies by himself. His dad didn’t demand a higher salary for nothing.”
In September 2023, FTX, under the current chief executive officer John J. Ray III, has filed a lawsuit against Sam Bankman-Fried’s parents Joseph Bankman and Barbara Fried over millions of dollars in fraud transfers and misappropriated funds. In fact, Bankman-Fried was previously accused of using the same money to pay for his legal costs.
Interestingly, the lawsuit filing revealed a January 2022 email from Joseph Bankman to Sam Bankman-Fried that said he was not happy with the $200,000 annual salary he received, and that it was only 20% of what he believes should be getting.
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