The father of disgraced cryptocurrency kingpin Sam Bankman-Fried sat on the advisory board of the liberal dark money behemoth Arabella Advisors and likely had access to the group's funds, a federal lawsuit filed against Bankman-Fried's parents on Tuesday charged.
Though the extent of Allan Joseph Bankman's involvement in the Arabella advisory board or the level of control he had over the consultancy is unclear, the lawsuit shows the elder Bankman discussing Arabella and its corresponding non-profit, New Venture Fund, as vehicles to move money around and obscure its origin.
Arabella spokesman Steve Sampson told the Washington Free Beacon that Bankman "Has never had any role at Arabella Advisors."
The lawsuit cites communications from the elder Bankman in which he discussed routing Arabella funds through his son.
The lawsuit cited Bankman's discussions of his son's partnership with Arabella as proof he had "Unfettered access" to FTX's finances.
New Venture Fund did not say which groups received FTX's money or how much of the funds remain to be returned.
Documents obtained by the Free Beacon show Arabella wields centralized control over the funds, which hauled in a combined $3.3 billion in 2020 and 2021 and used those resources to operate hundreds of Democratic projects across the country.
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