Due to their roles in the fraudulent management of FTX, Bankman and Fried enjoyed many benefits, including $1,200-per-night hotel stays.
The bankrupt cryptocurrency exchange FTX and its affiliated entities have sued Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried , the disgraced founder and former CEO of the company, for breaching their fiduciary duties and executing fraudulent transfers that led to unjust enrichment.at the United States Bankruptcy Court for the District of Delaware, FTX seeks to recover millions of dollars fraudulently transferred and misappropriated by SBF’s parents.
“Given his background and positions, and the ear of his son Bankman-Fried, Bankman was well-placed to insist on and implement internal controls and raise alarms about the misconduct within the FTX Group. Bankman, instead, stayed silent and, in at least one instance, helped hush a complainant whose allegations threatened to expose the fraud within the FTX Group,” the plaintiffs said..
FTX charged SBF’s parents with 12 counts of allegations, including fraudulent transfers, unjust enrichment, and breaches of fiduciary duties. The plaintiffs seek damages to be determined during trial and disgorgement of all compensation paid to the defendants.
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