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FTX Debtors Sue Sam Bankman-Fried’s Parents Over Alleged Misappropriation of Millions

19 September 2023
in News
Reading Time: 3 mins read
105 4
Home News

In a startling development, FTX Debtors have initiated legal proceedings against the parents of Sam Bankman-Fried (SBF). The debtors noted that the action was aimed at recovering substantial amounts of funds that could affect the Chapter 11 bankruptcy process for the embattled exchange.

According to court documents filed late on Monday, September 18, 2023, the Debtors assert that Joseph and Barbara Bankman-Fried used their privileged access to FTX to amass wealth. They alleged that both individuals leveraged their influence to assume control over FTX Group funds, and this control expanded even as FTX Group’s financial troubles deepened.

According to the lawsuit, 

“Bankman and Fried, tenured professors at what currently is ranked as the top U.S. law school, either knew—or ignored bright red flags revealing—that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme to profit and promote their personal and charitable agendas at the Debtors’ expense.”

The debtors filed various charges against both parents, including fraudulent transfer, breaches of fiduciary duty, aiding and abetting such breaches, unjust enrichment, and disallowance of claims against the parents. They asked the court to help recover all property transfers and obligations made to Joseph and Barbara Bankman-Fried before the Chapter 11 Cases were initiated.

This lawsuit follows the release of FTX Debtors’ second investigative report in June 2023, which contained allegations of funds misappropriation and extravagant spending on unrelated projects by former executives of the bankrupt company. Since then, the debtors have aggressively pushed to retrieve these funds from the parties involved. 

This legal action against Sam Bankman-Fried’s parents is the second lawsuit filed by FTX Debtors in September to recover allegedly missing funds. Another lawsuit was filed against LayerZero Labs on September 9 over a deal involving Caroline Ellison, the former head of Alameda Research. 

Sam Bankman-Fried is currently facing 12 criminal charges related to the collapse of the FTX group. He has pleaded not guilty to all counts and will face two trials starting October 2, 2023.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Favour Olaiya

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Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

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