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FTX sues Bankman-Fried's parents over missing millions
Bangkok Post Group
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9/20/2023
Bankrupt crypto exchange FTX on Monday (September 20) 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. - REUTERS
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00:00
Bankrupt crypto exchange FTX sued the parents of founder Sam Bankman-Fried on Monday, saying
00:07
they enriched themselves with company funds.
00:09
FTX is now led by John Ray, an expert in helping companies recover assets after bankruptcy.
00:15
It's clawed back more than $7 billion so far since its bankruptcy in November 2022, after
00:21
it emerged an inside circle at FTX benefited from misappropriating billions in customer
00:26
funds.
00:27
The FTX lawsuit on Monday alleges Joseph Bankman and Barbara Fried, both Stanford University
00:32
professors of accepting a $10 million cash gift and a $16 million luxury property in
00:38
the Bahamas, and that they pushed FTX to make tens of millions of dollars in donations,
00:43
including to Stanford University.
00:45
The lawsuit said the company founder Sam Bankman-Fried ran it as a family business.
00:50
It said his father, Joseph Bankman, a scholar in tax law, positioned himself as the adult
00:55
in the room in the company, but stayed silent when he saw warning signs of fraud, and he
01:00
did little to prevent customer funds from being misappropriated.
01:03
Meanwhile, Barbara Fried, the mother, was the strongest influence on FTX's political
01:08
contributions, causing FTX's former leader to siphon millions directly to a political
01:13
action committee she co-founded.
01:16
Attorneys representing the parents in a statement called FTX's claims completely false.
01:21
As for FTX's founder Sam Bankman-Fried, he pled not guilty to charges of fraud, and he's
01:26
currently jailed ahead of a trial that will begin early next month.
01:29
[BLANK_AUDIO]
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