- John E Deaton highlighted that Bankman-Fried’s father was an expert in tax shelters.
- It is believed that Bankman-Fried’s father joined in creating the shell structure.
- Earlier today, two tweets went out from Bankman-Fried’s Twitter account.
John E Deaton, the founder of Crypto Law, shared a post and called anyone who believed Sam Bankman-Fried created the shell structure as naive. Deaton cited a tweet by Alexander Leishman, the founder of River Financial, which highlighted that Bankman-Fried’s father, Joseph Bankman, was an expert in tax shelters and a professor at Stanford Law.
Deaton also added that the enforcement authority would be sending out subpoenas and preservation of evidence letters to anyone close to Bankman-Fried.
Some Twitter users went on to add that some of the former regulators were also involved and willfully ignored all the red flags. However, no names of the regulators were mentioned.
Furthermore, a Reddit user has decoded some of Bankman-Fried’s work plans that saved him taxes. He added that even though FTX was headquartered in the Bahamas, the main holding companies were registered in Antigua, Cayman, BVI, Seychelles, and Delaware, which all summed up to 0% profit tax.
On November 11, FTX filed for Chapter 11 bankruptcy, soon after which Bankman-Fried stepped down from the role of CEO. There are speculations that Bankman-Fried fled to Argentina on a private jet. However, later on, the rumors were turned down by the man himself.
It rather appeared that he went to the Bahamas where he was interviewed by Bahamian Police and Regulators. As per the recent investigations, Bankman-Fried is under supervision in the Bahamas and looking to flee to Dubai with three other executives of the company.
Earlier today, two tweets went out from Bankman-Fried’s Twitter account in the span of an hour. The first tweet said, “What,” while the second simply said, “H.”
The Twitteratis have gotten to their business to decode what the tweets were about. Some suspect the account has been hacked, while some question how he can send cryptic tweets while being under investigation.