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FTX founder, Sam Bankman-Fried, is currently facing multiple charges in connection to the collapse of his crypto exchange firm. He has been in federal jail since August, and now his parents were dragged into the web of charges related to FTX.
His parents - Joseph Bankman and Barbara Fried - are now involved in their son's mess. They were sued for allegedly stealing millions and misappropriating funds from the FTX crypto exchange. The debtors took legal action to recover funds that they claimed were “fraudulently transferred and misappropriated” by SBF’s parents.
According to CoinTelegraph, the lawyer of FTX debtors and debtors-in-possession has filed a lawsuit against SBF’s parents on Monday, Sept. 18. The counsel from the Sullivan & Cromwell law firm stated in the filing that the plaintiffs alleged that Bankman and Fried cash in on their access and influence in the company.
They said the couple took advantage of everything to make themselves richer, without regard for causing damage to the debtors in the FTX bankruptcy estate. Moreover, the plaintiffs claimed the two were actually very much involved in the business, unlike what was claimed by their son that they are only related to the company to a very limited extent.
The suit stated that SBF’s parents were involved in FTX from its inception to the time of its collapse. To further prove their point, they mentioned in the filing that the FTX founder himself described the company as a “family business,” which apparently suggests that his parents are deeply involved, and they could even be running the company together.
“As early as 2018, Bankman described Alameda as a ‘family business’ - a phrase he repeatedly used to refer to the FTX Group," part of the complaint reads. "Even as the FTX Group descended into insolvency, Bankman and Fried profited handsomely from this ‘family business.”
CNN Business reported that the lawyers representing SBF’s parents, former law professors at Stanford University, called the claims “false.” They deny all the accusations and instead said the move can be “a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins.”
Photo by: Giorgio Trovato/Unsplash
