{"id":2038217,"date":"2023-09-20T05:13:01","date_gmt":"2023-09-20T09:13:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawsuit-unearths-link-between-dem-megadonor-sbf-parents-and-democratic-dark-money-behemoth-arabella-advisors\/"},"modified":"2023-09-20T05:19:19","modified_gmt":"2023-09-20T09:19:19","slug":"lawsuit-unearths-link-between-dem-megadonor-sbf-parents-and-democratic-dark-money-behemoth-arabella-advisors","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawsuit-unearths-link-between-dem-megadonor-sbf-parents-and-democratic-dark-money-behemoth-arabella-advisors\/","title":{"rendered":"Lawsuit reveals connection between Dem megadonor SBF, parents, and Dem dark money giant Arabella Advisors."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flawsuit-unearths-link-between-dem-megadonor-sbf-parents-and-democratic-dark-money-behemoth-arabella-advisors%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2038217&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Filings reveal Allan Bankman&#8217;s involvement with Arabella and its subsidiaries in money laundering and\u2062 concealing funds<\/h2>\n<figure><figcaption>Allan Joseph Bankman and Sam \u200bBankman-Fried (Stanford\u2062 University\/Getty\u200c Images).<\/figcaption><\/figure>\n<\/blockquote>\n<div>\n<p>The father of disgraced\u2062 cryptocurrency\u2064 tycoon Sam Bankman-Fried\u2064 was a \u2064member of the advisory\u200b board for Arabella Advisors,\u200c a prominent dark money organization. A recent federal lawsuit filed against \u2062Bankman-Fried&#8217;s parents alleges that they had \u2062access\u2062 to Arabella&#8217;s funds.<\/p>\n<p>The \u2062 <a href=\"https:\/\/freebeacon.com\/wp-content\/uploads\/2023\/09\/Bankman-lawsuit.pdf\" target=\"_blank\" rel=\"noopener\">lawsuit<\/a> filed by FTX, Bankman-Fried&#8217;s now-defunct \u200dcryptocurrency exchange, presents communications\u200c from \u2064Allan Bankman discussing his access to Arabella&#8217;s funds. The \u2064lawsuit also reveals a special arrangement between FTX and Arabella&#8217;s largest affiliate, the New Venture \u2063Fund, allowing the crypto trading \u200dfirm and its donors to contribute to specific charitable causes. Bankman-Fried is accused of embezzling billions of dollars from FTX\u2064 customer funds to sustain his hedge fund and make <a href=\"https:\/\/www.reuters.com\/legal\/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14\/\" target=\"_blank\" rel=\"noopener\">political donations<\/a>.<\/p>\n<p>While the \u200dextent of Allan Joseph Bankman&#8217;s involvement with Arabella&#8217;s advisory board and his control over\u200c the organization remains unclear, the lawsuit provides evidence of his discussions about Arabella and its nonprofit \u200darm, the New Venture Fund, as means to move and obscure \u2062funds.<\/p>\n<p>Arabella operates a network of five \u2062nonprofit \u200cfunds that are not required to\u200b disclose \u200ctheir donors. These funds \u200dhave \u2064spent billions of dollars supporting \u200dvarious left-wing advocacy \u2063groups, presenting themselves as grassroots \u2063initiatives.<\/p>\n<p>Arabella\u2063 spokesperson Steve Sampson denied Bankman&#8217;s involvement with Arabella Advisors, but the lawsuit\u200c cites communications from Allan Bankman \u200bdiscussing\u200b the routing of Arabella&#8217;s\u2062 funds through\u2062 his son.<\/p>\n<p>&#8220;We considered \u2064having funds made available by Sam through Arabella, through our own 501(c)(3), through a foreign entity with a 501(c)(3)-like charter, and through Alameda as a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ocasio-cortez-requests-earmarks-for-two-hospitals-that-perform-abortions\/\" title=\"Ocasio-Cortez Requests Earmarks For Two Hospitals That Perform Abortions\">public benefit corporation<\/a>,&#8221;\u200c Bankman allegedly said in relation\u2062 to gift taxes.<\/p>\n<p>The FTX lawsuit <a href=\"https:\/\/apnews.com\/article\/ftx-bankmanfried-fraud-cryptocurrency-bankruptcy-0837d3fdf47ca4c82d3ac61f97536d58\" target=\"_blank\" rel=\"noopener\">alleges<\/a> that Allan Joseph Bankman\u2064 and his wife, Barbara Fried, who are \u2063both Stanford \u200dLaw professors and\u2062 significant <a href=\"https:\/\/freebeacon.com\/democrats\/meet-the-sbf-parents\/\" target=\"_blank\" rel=\"noopener\">Democratic donors<\/a>, played\u2064 a\u200d direct role in FTX&#8217;s downfall through breaches of fiduciary duties, fraudulent\u200b transfers, and unjust enrichment. The lawsuit points to Bankman&#8217;s discussions about his son&#8217;s partnership with\u2064 Arabella as evidence of his &#8220;unfettered access&#8221; to FTX&#8217;s finances.<\/p>\n<p>&#8220;It&#8217;s \u2063alarming to \u200blearn the extent to which Sam Bankman-Fried and his family\u2064 are clearly tangled in the \u200cLeft&#8217;s dark money web,&#8221; said \u200cCaitlin Sutherland,\u200d executive director of Americans for Public Trust. &#8220;It should raise \u200dserious\u2064 questions and scrutiny about SBF&#8217;s Washington pay-to-play scheme and how he tried to use the Arabella \u2063apparatus to further his ill-gotten influence.&#8221;<\/p>\n<p>FTX \u2064donated \u200d$8 million to \u2063the New Venture Fund on October 8, 2021, according to a July 31\u200b <a href=\"https:\/\/www.courtlistener.com\/docket\/65748821\/2001\/ftx-trading-ltd\/\" target=\"_blank\" rel=\"noopener\">court filing<\/a> in the ongoing bankruptcy case.\u200d A spokesperson for the New Venture\u2062 Fund confirmed that they briefly \u200dworked\u200b with the\u200b FTX Foundation to provide fiscal sponsorship services for \u2064certain grantmaking activities.<\/p>\n<p>&#8220;In\u200c early 2022, NVF issued grants from a project affiliated \u200dwith Mr. \u200bBankman and\u200b the\u200c FTX Foundation, all of which went to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawsuit-unearths-link-between-dem-megadonor-sbf-parents-and-democratic-dark-money-behemoth-arabella-advisors\/\" title=\"Lawsuit reveals connection between Dem megadonor SBF, parents, and Dem dark money giant Arabella Advisors.\">carefully vetted charitable organizations addressing\u2064 environmental challenges<\/a> and hunger,&#8221; the New Venture Fund \u200dspokesperson stated. &#8220;This is a pending \u2062legal matter, and the\u200c remaining money will be returned based \u2063on resolution of that\u2063 process.&#8221;<\/p>\n<p>The New Venture Fund did not disclose the recipient organizations or the amount of funds yet to\u2062 be returned.<\/p>\n<p>&#8220;The fact that the father \u200dof one \u200bof the biggest alleged\u2063 fraudsters\u2064 in American history sat on the advisory board of a company directing the biggest &#8216;dark money&#8217; operation in American history is deeply disturbing,&#8221; said Scott Walter, \u2064president\u2063 of the Capital Research Center. &#8220;Given the Bankman-Fried family&#8217;s well-documented history \u2062of \u200cself-dealing,\u200b one can only imagine the \u2064sort of corruption Arabella might have been exposed \u200dto.&#8221;<\/p>\n<p>Arabella claims to only provide administrative support to the New Venture Fund and other\u200b nonprofit funds in its network.\u200c However, documents <a href=\"https:\/\/freebeacon.com\/elections\/documents-provide-rare-glimpse-into-how-arabella-advisors-exerts-centralized-control-over-a-vast-left-wing-advocacy-network\/\" target=\"_blank\" rel=\"noopener\">obtained<\/a> by the <em>Free\u2062 Beacon<\/em> reveal that Arabella exercises centralized control over the funds, which amassed \u200ca combined $3.3 billion\u2063 in 2020 and\u200c 2021, funding numerous Democratic\u2062 projects nationwide. Each project is managed by a \u200bteam of\u200d Arabella employees, including an account manager and a managing director.<\/p>\n<p>Prior to his downfall in\u2063 November, Sam Bankman-Fried held significant influence in Democratic circles. He ranked as the \u200csecond-largest individual political donor in the 2022 election cycle, contributing over $40 million\u2063 to Democratic candidates and\u2063 political committees. Bankman-Fried \u2062 <a href=\"https:\/\/freebeacon.com\/democrats\/beto-clings-to-bankman-fried-cash\/\" target=\"_blank\" rel=\"noopener\">donated<\/a> $5 million to President Joe Biden&#8217;s primary Super PAC, Future\u2063 Forward, in 2020. Additionally, the disgraced financier gave $300,000\u2063 to Democrats on the House Financial\u200d Services Committee, the committee overseeing his industry.<\/p>\n<p>In return, Bankman-Fried enjoyed unrestricted access to influential\u2063 Democrats. He met with Steve Ricchetti, one\u2063 of President Biden&#8217;s\u2063 top advisers, \u200cand other\u200c officials during\u200b four \u2062 <a href=\"https:\/\/freebeacon.com\/biden-administration\/beleaguered-crypto-billionaire-was-hobnobbing-at-white-house-just-six-months-ago\/\" target=\"_blank\" rel=\"noopener\">visits<\/a> to the White\u200d House in 2022, as \u2063he aggressively lobbied for cryptocurrency regulation in Washington, D.C. Prior to\u2064 FTX&#8217;s collapse, Bankman-Fried&#8217;s competitors accused him\u2063 of \u200dleveraging his government connections to eliminate\u2063 competition in\u2062 the market.<\/p>\n<\/div>\n<p> <\/p>\n<h2> What steps should be taken \u2063to ensure transparency, accountability, and regulation in the realm of political fundraising, especially in\u200c relation \u200bto dark \u2063money organizations like Arabella Advisors<\/h2>\n<p><span>  \u2063T have enabled.&#8221;<\/p>\n<p>The revelation of Allan Bankman&#8217;s alleged involvement with Arabella Advisors \u200cand its subsidiaries in \u200bmoney laundering and concealing funds has sent shockwaves\u200c through \u200bthe financial\u2064 and political \u200bworld. As \u2063the father of Sam \u200bBankman-Fried, who is currently <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/attack-of-the-zombie-era\/\" title=\"Attack of the Zombie ERA\">facing criminal charges<\/a> for embezzling billions of dollars, Allan Bankman&#8217;s association \u2064with Arabella\u200d raises serious concerns\u200b about the extent of corruption within the organization and its potential impact on\u2062 the American \u200dpolitical landscape.<\/p>\n<p>Arabella Advisors is a well-known dark \u2063money organization that operates a network of\u2063 five \u200dnonprofit funds. These funds, which are not obligated to disclose their \u2063donors, have\u2062 been accused of channeling\u2064 billions\u2062 of dollars towards various <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-hollows-out-trump-era-covid-protections-at-the-border\/\" title=\"Biden Hollows Out Trump-Era COVID Protections at the Border\">left-wing advocacy groups<\/a> while presenting themselves\u200b as grassroots initiatives. The organization has faced scrutiny for its lack of \u200dtransparency\u200b and potential violations of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/march-for-our-lives-issue-biden-1-billion-list-of-gun-control-policy-demands\/\" title=\"March For Our Lives Issue Biden  Billion List Of Gun Control Policy Demands\">campaign finance laws<\/a>.<\/p>\n<p>The lawsuit filed by \u2062FTX, Bankman-Fried&#8217;s now-defunct cryptocurrency exchange, provides evidence of Allan Bankman&#8217;s discussions about \u200cArabella and its nonprofit arm, the \u200bNew\u200d Venture Fund, as a means to move and obscure funds. In these communications, Bankman allegedly discusses various methods, including using his son&#8217;s connection to\u2064 Arabella, to route funds in a way \u200dthat would\u2063 potentially evade taxes and scrutiny.<\/p>\n<p>Furthermore, the lawsuit \u2062alleges that Allan Bankman\u200d and his wife, Barbara Fried, who are both Stanford Law professors and significant Democratic donors, played a direct role in the\u2063 downfall of FTX through breaches of fiduciary duties, fraudulent \u2063transfers, and unjust enrichment. Bankman&#8217;s\u200b discussions about \u2062his son&#8217;s partnership with Arabella are presented as evidence of his unrestricted access to FTX&#8217;s finances and potential\u2062 misuse of customer funds.<\/p>\n<p>The revelations about Allan Bankman&#8217;s involvement with Arabella raise serious\u200c questions about the organization&#8217;s integrity and its role in facilitating corruption and illegal activities. The\u2064 fact that the father of a prominent figure in the alleged fraud sat on the advisory board of a company involved in the \u2063largest dark money operation\u200b in American history is deeply troubling. It calls into question the legitimacy of Arabella&#8217;s activities and poses a threat\u2064 to the integrity\u200b of\u2064 the American political system.<\/p>\n<p>In\u2063 response to these revelations, advocacy\u2063 groups and organizations have called for a thorough investigation into Arabella Advisors and its subsidiaries. The\u2062 American public deserves transparency and accountability from organizations involved\u2062 in political \u200bfundraising and\u2062 advocacy. Any illicit activities, including money \u200claundering and concealing funds, must be addressed and appropriate legal action taken.<\/p>\n<p>The lawsuit filed\u200c by \u200bFTX against Allan Bankman and other \u200cparties involved in the alleged fraud presents an\u200d opportunity to uncover the truth and hold those responsible accountable.\u200c It is crucial\u2062 that law enforcement agencies and regulatory \u200cbodies thoroughly investigate these allegations to safeguard the integrity of the financial and political systems.<\/p>\n<p>The \u2062revelations \u200babout Arabella \u2063Advisors and its alleged\u200d involvement in money laundering and \u2063concealing funds\u2064 highlight\u200c the urgent need for greater transparency \u2064and regulation in the realm of political fundraising. It is imperative that measures be put in place to prevent the abuse of dark money \u2063and ensure that organizations like Arabella are held \u200caccountable for their actions.<\/p>\n<p>The impact of these<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filings reveal Allan Bankman&#8217;s involvement with Arabella and its subsidiaries for money movement and concealing its source. Allan, father of crypto kingpin Sam Bankman-Fried, served on Arabella Advisors&#8217; advisory board, a prominent liberal dark money organization, granting him probable access to their operations.<\/p>\n","protected":false},"author":108,"featured_media":2038218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2038217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2038217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/108"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2038217"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2038217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2038218"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2038217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2038217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2038217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}