Sam from FTX paying lawyers with borrowed money!
In 2021, Sam Bankman-Fried, the founder of FTX, gave his father, Joseph Bankman, a multimillion-dollar monetary gift.
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Now it's becoming a problem because it turns out the funds came from a loan from Alameda Research, a subsidiary of FTX. Bankman-Fried is now facing 12 criminal charges over this matter.
As a gift to his father, these funds were not subject to taxation. However, he is now using them to cover his multimillion-dollar legal expenses. And that's a whole different story.
Looks like Sam didn't take his father's advice to save some money!
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