Sam Bankman Fried, founder of cryptocurrency exchange FTX, which went bankrupt in November, is under house arrest on bail.
The indictment against the SBF currently includes a total of 13 crimes.
While the SBF appeared before the judge for some of these crimes and defended, some of them have not yet appeared before the judge.
As the trial continues, Forbes explained how SBF’s defense fees are being paid.
According to Forbes, Sam Bankman-Fried’s defense expenses are financed by money gifted to his father by Alameda Research, FTX’s sister company.
Two sources providing information on the matter said that in 2021, FTX CEO SBF made a large monetary gift to his father, which was financed by a loan from Alameda Research.
Sources said that money was more than $10 million.
Claiming not guilty on 12 counts, including electronic fraud, money laundering and securities fraud, SBF also faced a bribery charge with an additional indictment issued yesterday.
SBF is also accused of embezzling FTX client funds through FTX’s Alameda in a timeframe stretching back to 2029.
In the face of these accusations, the source close to the SBF told Forbes that SBF’s defense costs will likely reach single-digit million dollars.
The sources stated that the defense expenses of the SBF will be covered by the money he gave his father as a gift, and the sources stated that the SBF sent this money to his father exempt from taxes.
SBF is currently represented by Mark Cohen and Christian Everdell of the Cohen & Gresser office. The sources also stated that the SBF was also unrequitedly represented by a close family friend, criminal defense attorney David W. Mills.
Source: Bitcoinsistemi.com