SAN JOSE, Calif. — More news continues to unfold in the saga of Sam Bankman-Fried and his Stanford Law professor parents, as they together endure the misery of his house arrest, surrounded by 24-hour security, in the family’s home near the Stanford campus.
The disgraced FTX founder and his parents, Joseph Bankman and Barbara Fried, are desperately trying to figure out how to pay for that security, as well as Bankman-Fried’s costly legal defense, as money is “tight” or even running out, according to a report by Puck writer William D. Cohan. The 30-year-old one-time billionaire faces trial in October on eight counts, including wire fraud, conspiracy, money laundering and campaign-finance violations, in what prosecutors call one of the “biggest financial frauds in American history.”
Meanwhile, Bankman has hired his own top-tier, white-collar criminal attorney, as the extent of his involvement in FTX and its collapse “remains unclear” and is still “unfurling,” Cohan said.
