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Sam Bankman-Fried’s Parents Under Scrutiny in FTX Collapse


Bankman-Fried’s business and political empire has always been a matter of family. The FTX founder is a prolific political donor, and he is part of a network of contributors that have raised money for groups recommended by Mind the Gap, people familiar with the organization said. He’s also helped fund a nonprofit called Pandemic Protection, run by his 27-year-old brother, Gabe Bankman-Fried.

Mr. Bankman has been deeply involved in FTX. In the early days of its founding, he helped the company recruit its first attorneys. Last year, he joined FTX staff at Capitol Hill meetings and advised his son as Bankman-Fried prepared to testify before the House Financial Services Committee, a person familiar with the matter. said. FTX employees occasionally consult with him on tax-related matters, the person said.

“From the very beginning, whenever I find it useful, I lend a hand,” Mr. Bankman said on an FTX podcast in August.

Mr. Bankman visits the FTX offices in the Bahamas as often as once a month, said a person who has seen him there. This person said that among the much younger employees, he has fostered an open personality, entertaining employees with stories of his son’s youth. Mr and Mrs. Fried stayed in a $16.4 million home in Old Fort Bay, a gated community in Nassau, the capital of the Bahamas; The couple’s names appear on real estate documents, according to Reutersalthough Mr. Bankman-Fried has said the house is “regarded as corporate property.”

Ms Heller, a spokeswoman for the couple, said Mr Bankman and Ms Fried “never intended and never believed they had any economic ownership or interest in the home.”

As an employee, Mr. Bankman focuses on FTX’s philanthropic activities. He hosted the event in Miami, picking out high school teams that competed for $1 million in FTX sponsorship.

Mr. Bankman also leveraged home connections to expand FTX’s reach. His sister, Barbara Miller, works in Florida as a political consultant and introduced him to Newton Sanon, executive director of South Florida’s OIC, a nonprofit that helps people Trainers develop the workforce to drive economic mobility. (Ms. Miller did not respond to a request for comment.)

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