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

Lawyers representing FTX Trading have initiated a lawsuit, asserting that the parents of the company’s founder, Sam Bankman-Fried, exploited their influence over their son to divert millions of dollars from the organization.

They are accused of channeling these funds into a luxurious Bahamas residence and directing contributions toward their favored causes and Stanford University.

The complaint, filed on Monday in the context of FTX’s bankruptcy proceedings in Delaware, seeks to recover damages attributed to the actions of Allan Joseph Bankman and Barbara Fried, which allegedly harmed the company.

FTX encountered financial distress in November, resembling a bank run in the world of cryptocurrency exchanges, the Associated Press reported.

READ MORE: https://apnews.com/article/ftx-bankmanfried-fraud-cryptocurrency-bankruptcy-0837d3fdf47ca4c82d3ac61f97536d58

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