FTX Sues SBF's Parents to Recover Millions of Misappropriated Funds

FTX Sues SBF's Parents to Recover Millions of Misappropriated Funds
Joseph Bankman and Barbara Fried

FTX sued its founder SBF's parents, Joseph Bankman and Barbara Fried, on Monday, asking for the return of millions of dollars in fraudulently transferred and misappropriated funds.

In the court filing, FTX said that FTX Trading paid nearly $19 million, inclusive of taxes, fees, and costs, for Blue Water, owned by Bankman and Fried, as well as various expenses related to Blue Water totaling more than $90,000. Bankman also transferred a cash gift totaling $10 million to himself and Fried consisting of Alameda funds.

"Bankman and Fried deployed their decades of experience as sophisticated law professors and veneer of legitimacy not to help the FTX Group, but rather to plunder it in order to enrich themselves and their pet causes," said the filing.

In addition, FTX alleged that Bankman helped other FTX insiders dissipate FTX group funds on donations, while Fried helped SBF with his political contribution strategy.

The filing didn't disclose the specific amount Bankman and Fried misappropriated but provided some line items. It pointed out that Bankman received an annual salary of $200,000 for his role as a senior adviser to the FTX foundation, more than $18 million for the property in the Bahamas, and $5.5 million in FTX Group donations to Stanford University.

Related: US Court Allows FTX to Sell Its Crypto Holdings

Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!

Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!

If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com

Source

SBF

FTX

In This Article

Related News
FTX Plans to Give 98% of its Creditors up to 118% of Allowed Claims FTX Plans to Give 98% of its Creditors up to 118% of Allowed Claims
FTX Aims to Begin to Repay Customers by the End of 2024 FTX Aims to Begin to Repay Customers by the End of 2024
Sam Bankman-Fried Sentenced 25 Years in Prison Sam Bankman-Fried Sentenced 25 Years in Prison
Federal Prosecutors Suggest SBF to be Sentenced 40-50 Years in Prison Federal Prosecutors Suggest SBF to be Sentenced 40-50 Years in Prison
FTX Claim Window Prices $BTC at $16,871, well below the Market Price FTX Claim Window Prices $BTC at $16,871, well below the Market Price
Latest News More More
1 Day Ago WazirX hacker funnels $149M of SHIB, MATIC other altcoins into ETH
1 Day Ago Hamster Kombat users targeted by phishing attacks and fake airdrops
2 Days Ago US spot bitcoin ETFs post ninth consecutive day of net inflows
2 Days Ago Indian crypto exchange WazirX exploited for over $230 million
3 Days Ago Trump Says He’ll Release Fourth NFT Collection: 'The People Want Me to Do Another One'
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open