Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”
Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”
The lawsuit aims to recover funds that FTX leaders say were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents.
Joe Bankman and Barbara Fried, both tenured Stanford law professors, either knew “or ignored bright red flags” that indicated their son and his business partners were “orchestrating a vast fraudulent scheme,” according to the lawsuit.
