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The Guardian - US

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Lauren Aratani in New York

FTX sues Sam Bankman-Fried’s parents, claiming they received millions in gifts

FTX Sam Bankman-Fried Joseph Bankman Barbara Fried Lawsuit the FTX Group

Barbara Fried, mother of Sam Bankman-Fried, leaves the courthouse after US judge revoked Bankman-Fried's bail in New York, New York on 11 August 2023. — Barbara Fried, mother of Sam Bankman-Fried, leaves the courthouse after US judge revoked Bankman-Fried's bail in New York, on 11 August 2023. Photograph: Eduardo Muñoz/Reuters

FTX is suing the parents of Sam Bankman-Fried, two longtime Stanford Law School professors, alleging that the couple inappropriately used company funds to enrich themselves through gifts and donations.

The cryptocurrency company, now operating under CEO John Jay Ray III, an expert in helping companies recover after bankruptcy, claims Joseph Bankman and Barbara Fried received funds from their son’s company in the form of gifts and donations to specific causes.

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