Joseph Bankman, the father of troubled former crypto entrepreneur Sam Bankman-Fried, allegedly held an advisory role at a top Democratic dark money network, an arrangement a watchdog says “deserves serious scrutiny.”
The allegation appeared in a lawsuit Bankman-Fried’s former company, FTX, filed against his parents Monday after they allegedly “exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars,” the company’s lawyers wrote. FTX is seeking to recoup money to pay owed debts.
Bankman-Fried’s father, a Stanford University law professor, “sat on the advisory board of Arabella Advisors,” according to the complaint.
Arabella Advisors, a Washington, D.C.-based consulting firm, manages a nonprofit network that provides fiscal sponsorship to dozens of left-wing groups.
The funds it manages, which include the New Venture Fund, Sixteen Thirty Fund, Windward Fund and Hopewell Fund, collectively raise over a billion dollars in anonymous cash annually and, in turn, also shower liberal causes and initiatives with money nationwide.
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