FTX Sues Sam Bankman-Fried’s Parents to Claw Back Funds
- FTX was a self-described ‘family business,’ lawsuit says
- Advisers allege fraud was perpetrated for insiders’ benefit
Allan Joseph Bankman, left, and Barbara Fried, right, leave after a bail hearing for their son, along with lawyers, at Manhattan Federal Court in New York, on Aug. 11.
Photographer: Fatih Aktas/Anadolu/Getty Images
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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.”
Allan Joseph Bankman and Barbara Fried allegedly exploited their access and influence within FTX to “enrich themselves, directly and indirectly, by millions of dollars,” at the expense of the debtors and creditors, the company said in a Monday court filing.