Sunday, October 1, 2023

Sam Bankman-Fried’s parents sued the platform

Sam Bankman-Fried’s parents sued by the platform A luxury property valued at $16.4 million in the Bahamas, several million dollars in cash… Allan Joseph Bankman and Barbara Fried have benefited greatly from the past success of the FTX platform, founded by their son Sam Bankman Friedman, well-known as “SBF”.

The parents of the ousted boss are now the subject of a complaint filed by the directors of the bankrupt company, “to recover millions of dollars in fraudulently transferred and misappropriated funds,” states the complaint made public on Monday.

This requires, in particular, the restitution of any goods delivered or payments made by FTX to the parents of its founder, as well as compensation for their “conscious, deliberate, disorderly and malicious conduct.”

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Gifts and donations

Sam Bankman-Fried’s parents sued the platform According to Bloomberg, the couple not only received several gifts but also allegedly “lobbied for tens of millions of dollars in political and charitable contributions.” The former cryptocurrency star’s mother is said to have repeatedly asked the company to pay large sums of money to the organization Mind the Gap, a political action committee that she had even founded.

Joseph Bankman reportedly received an annual salary of $200,000 as an advisor to the FTX Foundation.

All of this knowing or “pretending not to know” that the platform was insolvent or close to being so. Allan Joseph Bankman and Barbara Fried are renowned jurists and have taught law at the prestigious Stanford University.

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“Bankman’s mastery of tax law and unique understanding of FTX’s confusing corporate structure allowed him to facilitate the transfer of a cash donation totaling $10 million to him and Fried,” the filing reads.

It is therefore suspected that Allan Bankman and Barbara Fried have mobilized their knowledge and experience, not to help the platform and make it stronger, but to plunder it to enrich themselves. Above all, the solid knowledge instilled in his son allowed her to build the FTX empire and then deceive investors by embezzling his money.

Currently imprisoned in Brooklyn Prison awaiting trial, his son, who faces 8 charges, faces up to 115 years in prison.

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