US EditionFTX sues Sam Bankman-Fried’s parents, claiming they received millions in gifts
- Bankrupt crypto exchange FTX is suing Sam Bankman-Fried's parents, alleging they exploited their access and enriched themselves with millions of dollars from FTX funds. The parents allegedly received a $10 million cash gift and a $16.4 million luxury property in The Bahamas from their son, who is accused of one of the biggest financial frauds in American history.
- FTX management claims that Bankman-Fried's parents helped perpetuate the fraudulent activities at the exchange and benefited from it. They are accused of turning a blind eye to misconduct and receiving fraudulent payments. The lawsuit seeks compensatory relief and the return of any property or payments made to the couple from FTX.
- FTX, once one of the largest cryptocurrency trading firms, is trying to recover billions of dollars in missing assets. The downfall of its former CEO and the alleged fraud have caused regulatory scrutiny in the industry. The lawsuit against Bankman-Fried's parents is part of a broader bankruptcy suit filed on behalf of FTX customers who lost money.
57 Articles
57 Articles
Crypto firm FTX sues founder Bankman-Fried’s parents over misappropriation of funds
Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a “family business” and misappropriated billions in customer funds for the benefit of a small circle of insiders, in
FTX Sues Sam Bankman-Fried’s Parents to Claw Back Funds
The managers of bankrupt crypto exchange FTX sued the parents of co-founder and former Chief Executive Officer Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds.”
Sam Bankman-Fried: Parents sued by bankrupt crypto exchange FTX over 'misappropriated funds'
The parents of a man who founded a cryptocurrency exchange which later went bankrupt are being sued by the company, alleging the pair syphoned off millions of dollars from FTX's funds to enrich themselves.
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