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

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Lawyers for collapsed cryptocurrency exchange FTX Trading are accusing Sam Bankman-Fried's parents of exploiting their influence over their son and the company he founded to enrich themselves by millions of dollars.

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. “This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” the attorneys for Bankman and Fried wrote. “These claims are completely false. Mr. Ray and his massive team of lawyers, who are collectively running up countless millions of dollars in fees while returning relatively little to FTX clients, know better.”

Meanwhile, the lawsuit alleges, Bankman directed more than $5.5 million in charitable contributions from FTX to Stanford University in what the complaint describes as “naked self-dealing” in an attempt to “curry favor with and enrich his employer at the FTX Group’s expense.”

 

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