FTX attorneys accuse Sam Bankman-Fried's parents of unjustly enriching themselves with company funds

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DOVER, Del. (AP) — Lawyers for collapsed cryptocurrency exchange FTX Trading have filed a lawsuit accusing the parents of Sam Bankman-Fried of exploiting their influence over their son and the company he founded to enrich themselves by millions of dollars. The complaint filed Monday against Allan Joseph Bankman and Barbara Fried in the FTX bankruptcy case in Delaware seeks to recover damages allegedly caused to the company through breaches of fiduciary duties, fraudulent transfers, unjust enrich

to charges that he cheated investors and looted customer deposits to make lavish real estate purchases, campaign contributions to politicians, and risky trades at Alameda Research, his cryptocurrency hedge fund trading firm. His trial on federal fraud charges is scheduled to begin Oct. 3 in Manhattan.

“Despite presenting itself to investors and the public as a sophisticated group of cryptocurrency exchanges and businesses, the FTX Group was a self-described ‘family business,’” the lawsuit states. Among other things, the lawsuit alleges that the couple helped orchestrate a scheme in which their son gave them a nontaxable “gift” of $10 million. The scheme involved Bankman-Fried receiving a loan from Alameda, then transferring the money to his parents. The lawsuit describes the transaction as “part of a scheme and pattern to enrich and otherwise benefit themselves.”

Fried is accused of encouraging her son and other FTX insiders to make unlawful political contributions, including to “Mind the Gap,” or MTG, a political action committee she co-founded and for which she served as president and chairwoman.

 

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