Millions

LayerZero

Planet

<div class="intro-text"> 
 In a startling development, FTX Debtors have initiated legal proceedings against the parents of Sam Bankman-Fried (SBF). The debtors noted that the action was aimed at recovering substantial amounts of funds that could affect the Chapter 11 bankruptcy process for the embattled exchange. 
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According to <a style="color: #0000ff;" href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjUyNzIzOA==&amp;id2=-1">court documents</a> filed late on Monday, September 18, 2023, the Debtors assert that Joseph and Barbara Bankman-Fried used their privileged access to FTX to amass wealth. They alleged that both individuals leveraged their influence to assume control over FTX Group funds, and this control expanded even as FTX Group’s financial troubles deepened. 
<a style="color: #0000ff;" href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjUyNzIzOA==&amp;id2=-1">According to</a> the lawsuit,&nbsp; 
<blockquote class="pullquote align-center">
 “Bankman and Fried, tenured professors at what currently is ranked as the top U.S. law school, either knew—or ignored bright red flags revealing—that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme to profit and promote their personal and charitable agendas at the Debtors’ expense.”
</blockquote> 
The debtors filed various charges against both parents, including fraudulent transfer, breaches of fiduciary duty, aiding and abetting such breaches, unjust enrichment, and disallowance of claims against the parents. They asked the court to help recover all property transfers and obligations made to Joseph and Barbara Bankman-Fried before the Chapter 11 Cases were initiated. 
This lawsuit follows the<a style="color: #0000ff;" href="https://defi-planet.com/2023/06/new-investigative-report-reveals-allegations-of-fund-misuse-and-lavish-spending-by-former-ftx-executives/"> release of FTX Debtors’ second investigative report in June 2023</a>, which contained allegations of funds misappropriation and extravagant spending on unrelated projects by former executives of the bankrupt company. Since then, the debtors have aggressively pushed to retrieve these funds from the parties involved.&nbsp; 
This legal action against Sam Bankman-Fried’s parents is the second lawsuit filed by FTX Debtors in September to recover allegedly missing funds. Another lawsuit was <a href="https://defi-planet.com/2023/09/ftxs-lawsuit-is-filled-unsubstantiated-claims-layerzero-labs-ceo-responds/">filed against LayerZero Labs</a> on September 9 over a deal involving Caroline Ellison, the former head of Alameda Research.&nbsp; 
Sam Bankman-Fried is currently <a style="color: #0000ff;" href="https://defi-planet.com/2023/06/ftx-co-founder-sam-bankman-fried-to-face-original-charges-as-trial-proceeds-amidst-complex-legal-battle/">facing 12 criminal charges</a> related to the <a style="color: #0000ff;" href="https://defi-planet.com/2022/12/what-happened-to-ftx-the-anatomy-of-an-implosion/">collapse of the FTX </a>group. He has pleaded not guilty to all counts and will face two trials starting October 2, 2023. 
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The post <a href="https://defi-planet.com/2023/09/ftx-debtors-sue-sam-bankman-frieds-parents-over-alleged-misappropriation-of-millions/">FTX Debtors Sue Sam Bankman-Fried’s Parents Over Alleged Misappropriation of Millions</a> first appeared on <a href="https://defi-planet.com">DeFi Planet</a>.
The post <a rel="nofollow" href="https://defi-planet.com/2023/09/ftx-debtors-sue-sam-bankman-frieds-parents-over-alleged-misappropriation-of-millions/">FTX Debtors Sue Sam Bankman-Fried’s Parents Over Alleged Misappropriation of Millions</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

FTX Debtors Sue Sam Bankman-Fried’s Parents Over Alleged Misappropriation of Millions

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