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- Joseph Bankman, the father of SBF has been slammed for participating in fraudulent activities with his son.
- The new development comes not long after reports revealed that Sam Bankman-Fried was found guilty of all seven counts of criminal allegations.
Amidst the ongoing legal battle between Sam Bankman-Fried and legal authorities, market players have opened an even bigger can of worms. In a recent post shared to the X platform, formerly known as Twitter, a prominent crypto figure has shed light on the role that SBF’s father played in the FRX fraud scandal.
XRP Attorney John Deaton, a Managing Partner of the Deaton Law Firm and the host of a CryptoLaw revealed that SBF’s father was also complacent as an FTX staff member.
His statement comes as a response to a question from an X user, who was curious to know if Joseph Bankman, the father of Sam Bankman-Fried, will be found guilty of fraud. The user’s curiosity rides on the back of reports that revealed that SBF has been found guilty on all 7 counts of fraud. The attorney wrote, in a post shared to his 300,000+ followers saying:
We all know his Dad is also complicit. He didn’t structure those holding companies by himself. His dad didn’t demand a higher salary for nothing.”
We all know his Dad is also complicit. He didn’t structure those holding companies by himself. His dad didn’t demand a higher salary for nothing. https://t.co/F0kZkI8gBA
— John E Deaton (@JohnEDeaton1) November 3, 2023
Deaton is also convinced that SBF could get as much as 60 years in jail time or even more. The attorney is certain that the claims of the government bullying SBF are poised to backfire in the long term.
Jury finds Sam Bankman-Fried guilty on all counts of fraud
On the other hand, the cryptocurrency market has remained rather joyous over the recent reports concerning SBF. Damian Williams, US attorney for the Southern District of New York found Bankman-Fried guilty of all 7 criminal counts on Thursday, November 2, 2023.
Notably, SBF has been battling with legal authorities since the collapse of the FTX cryptocurrency exchange. Not only did the collapse of the exchange cause crypto investors to lose their investments, but the entire cryptocurrency market entered a bearish zone after the event.
Market participants have since been extremely vocal about their concerns fears and worries, as well as their hope for justice to take its full course.
The FTX founder was found guilty of changes on seven counts including money laundering and fraud. Sam Bankman-Fried now faces a maximum of 115 years of prison time. Attorney Williams went on to assert that amongst other things, the lawsuit filed against SBF was about lying, cheating, and stealing. The attorney stated:
Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. The cryptocurrency industry might be new. The players like Sam Bankman-Fried, and Fried might be new. But this kind of fraud, this kind of corruption, is as old as time and we have no patience for it.
