FTX’s lawyers said Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, were able to “use their access and influence” inside FTX to enrich themselves by millions of dollars.
“The Bankman-Fried parents, Bankman and Fried, knowingly used their access and influence within the exchange to enrich themselves by millions of dollars at the expense of FTX debtors and creditors. And together, they siphoned millions of dollars from the FTX Group for their own personal gain,” the lawsuit states.
As the document notes, although FTX Group was touted as an independent and complex conglomeration of cryptocurrency exchanges and businesses, it was essentially a self-proclaimed “family business.”
Lawyers pointed out to the court that back in 2018, Joseph Bankman publicly called Alameda a “family business.” He also said he was an early investor in Alameda, the trading arm of FTX Group that its insiders used to misappropriate billions of dollars.
The day before, lawyer John Deaton, who specializes in the legal defense of crypto companies, suggested that the US Department of Justice could be secretly helping the former CEO of the bankrupt exchange and his parents in resolving the problems of FTX.
Source: Bits
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