Re: Is that the end of it all?
"(Joseph) Bankman, according to FTX, was right in the thick of a whole bunch of FTX business—what sounds like just about everything that did not involve the actual trading of crypto and minting of coins. The suit says that SBF’s father directed where company payments would go, picked out charities to benefit from his son’s largesse, entered into and terminated contracts, hand-picked the company’s outside counsel, made hiring recommendations, and authorized expenses. The suit also says that some of FTX’s expenses wound up paying for really nice things for him and Fried."
"FTX’s new management says that Fried, SBF’s mother, used ill-gotten funds from her son’s businesses as a piggy bank for her political action committee. The PAC, an operation called Mind the Gap that tries to get Democrats elected to office, and its supported causes received “tens of millions” of dollars from Bankman-Fried and FTX executive Nishad Singh, the complaint says. (According to the Federal Election Commission, Singh’s portion amounted to $1 million.) Singh’s contributions, it notes, came directly out of FTX’s coffers. It details a money-in, money-out cadence in which Bankman-Fried’s hedge fund sent money to Singh and then, within a day, Singh sent similar (or even identical) amounts directly to Bankman-Fried’s mom’s PAC. Singh has admitted to campaign finance violations. Maybe Fried, SBF’s mother, was entirely unaware of and disconnected from this operation. But an August 2022 email cited in the lawsuit includes Fried explicitly explaining to her son that he could use another FTX executive to make PAC contributions in his name, “but that has its own costs and risks.” Not a great thing to have in writing!"
"Other parts of the lawsuit sit somewhere between outrageous and very funny. The suit says that Bankman, SBF’s father, was at one point drawing a $200,000 annual salary from FTX but that he thought he was “supposed to” be getting a nice, round $1 million. He emailed his son, according to the suit, “Gee, Sam I don’t know what to say here. This is the first [I] have heard of the 200K a year salary! Putting Barbara on this,” he added, calling in the boss’s mother. The suit says that shortly thereafter, Bankman-Fried made a $10 million gift to his parents out of funds from Alameda Research (FTX’s sister hedge fund), then had the couple put on the deed to a $16.4 million Bahamas property with funds “ultimately provided” by FTX."
Source: The Parent Flap: Sam Bankman-Fried’s folks were allegedly tied up in his crypto empire—including some of its shenanigans.