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Home»Analysis»Parents of Sam Bankman-Fried Sued by FTX Estate for Allegedly Siphoning Funds from Crypto Exchange: Report
Analysis

Parents of Sam Bankman-Fried Sued by FTX Estate for Allegedly Siphoning Funds from Crypto Exchange: Report

2023-09-20No Comments2 Mins Read
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The parental guardians of former FTX CEO Sam Bankman-Fried are reportedly being sued by the crypto exchange’s bankruptcy estate for embezzling funds.

According to a new article from the Financial Times, Joseph Bankman and Barbara Fried are getting sued by the estate of FTX for allegedly siphoning money from the now-bankrupt exchange.

Says prosecutors,

“Back in 2018, Bankman described Alameda as a ‘family business’ – a phrase he used repeatedly to refer to the FTX Group.”

However, attorneys for Bankman and Fried say the accusation is “a dangerous attempt to intimidate Joe and Barbara and undermine the jury trial just days before their child’s trial begins.”

The allegations are the latest to suggest that illegal payments have been laundered through the former crypto exchange.

Earlier this month, a lawsuit revealed that Bankman-Fried began collecting millions of dollars in cash payments from FTX as early as January 2022 through October of the same year, a month before the stock market imploded.

The documents too to reveal that the former CEO of FTX received cash payments of $200 million on two separate occasions.

Court documents also show that FTX paid $2.513 million to pay for the yacht of Sam Trabucco, the former co-CEO of FTX’s trading arm Alameda Research. The transaction took place less than six months before Trabucco left the company.

Meanwhile, Caroline Ellison, who is also a former co-CEO of Alameda, received $3.5 million in cash payments in September 2022.

Others who have collected millions of dollars in cash payments from the bankrupt crypto exchange include former FTX executives Gary Wang, Ryan Salame, Nishad Singh and Jonathan Cheesman.

See also  SBF guilty of growing a terrible mustache (and trying to prevent FTX users from testifying in his case)

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