What is Sam Bankman-fried's multi-million dollar gift to his father?

Sam Bankman-Fried's "multi-million dollar gift" to his father is covering legal costs, per Forbes. The money for the gift had come through Alameda Research, Forbes reported. Bankman-Fried is facing over a dozen criminal counts over the collapse of his crypto exchange FTX.

Are Sam Bankman-fried's parents giving him legal advice?

It's not clear if Bankman-Fried's Stanford Law School professor parents are giving him legal advice. Sam Bankman-Fried's father, a law professor at Stanford Law School, is reportedly pushing his class to the next quarter while he stays in the Bahamas with his son amid FTX's fallout.

Who gave Bankman-fried a monetary gift in 2021?

In 2021, while CEO of FTX, Bankman-Fried made a large monetary gift to his father, Stanford Law professor Joseph Bankman, two sources with operational knowledge of both companies told Forbes. It was funded by a loan from the exchange’s trading firm, Alameda Research, they said.

How would John Bankman-fried afford his expensive defense?

But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that 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.