The managers of bankrupt crypto exchange FTX sued the parents of co-founder Sam Bankman-Fried to 'recover millions of dollars in fraudulently transferred and misappropriated funds.'
The maximum potential prison exposure from the eight-count criminal indictment filed against Bankman-Fried is 115 years, according to prosecutors.Bankman seemed keenly aware of the company’s risk of downfall, according to the filing. He started conversations about how to ensure that assets — including primary residences — were safe from bankruptcy a year before FTX collapsed into Chapter 11.
Although Bankman-Fried has claimed that his parents “weren’t involved in any of the relevant parts” of the business, the FTX Group was self-described over the years as a “family business,” according to the filing. And in the months leading to the company’s insolvency, Bankman’s role appeared to become only more involved.
The filing includes details of spending escapades, particularly by Bankman, who was employed by FTX Philanthropy starting in 2021, according to court papers. In one instance, he gave a former law student a “free trip to France,” which included tickets to the Formula 1 Grand Prix, which cost several thousand dollars.
Although Fried was not formally employed by the crypto exchange, she too wielded influence over the company’s finances. The lawsuit describes her as the “single most influential advisor” over her son and FTX’s political contributions. As evidence of that, she had Bankman-Fried give millions to a political action group that she co-founded, court papers show.
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