Author: Turner Wright, Cointelegraph; Translation: Song Xue, LianGuai
Joseph Bankman, the father of Sam Bankman-Fried (SBF), the former CEO of FTX, has turned his complaint about the salary he received while working at FTX US into a family issue.
In a filing submitted to the U.S. Bankruptcy Court for the District of Delaware on September 18, the FTX debtor sued Joseph Bankman and Sam Bankman-Fried, accusing SBF’s parents of embezzling millions of dollars through their involvement in the exchange’s operations. According to court documents, Sam Bankman-Fried’s contract with FTX US, signed after he took a leave of absence from Stanford Law School in December 2021, stipulated an annual salary of $200,000.
However, Joseph Bankman seems to be unaware of the terms of the contract, as he allegedly claimed to FTX US and his son that he expected an annual salary of $1 million. The complaint states that Bankman “made Barbara do this,” suggesting that SBF’s mother may have been able to convince her son to comply with the salary change.
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SBF later provided his parents with $10 million from Alameda, which funded a $16.4 million property in the Bahamas that can be used to pay approximately $90,000 in fees to the country’s FTX Trading and includes an option to purchase company stock.
The lawsuit filed by the debtor is the latest in a bankruptcy case involving FTX and its many subsidiaries, filed in November 2022. Sam Bankman-Fried is also facing 12 criminal charges, which will be tried in two separate trials starting in October 2023 and March 2024.
Since his bail was revoked by a federal judge in August, Sam Bankman-Fried has been held at the Metropolitan Detention Center in Brooklyn until the start of the trial in October. On September 19, a jury consisting of three judges heard an appeal from SBF’s legal team requesting the release of the former CEO of FTX from prison in preparation for the trial, citing lack of internet access and First Amendment issues.
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