Sam Bankman-Fried's parents allegedly plundered millions of dollars in fraudulently transferred funds and expensive island real estate.
“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,” the lawsuit reads.
of exploiting their access and influence in the doomed crypto company to personally enrich themselves. SBF’s parents allegedly discussed having Sam transfer them a $10 million cash gift card and $16.4 million, 30,000-square-foot mansion Stanford University did not immediately respond to Gizmodo’s request for comment. Gizmodo could not immediately reach Friethe lawsuit was a “dangerous attempt to intimidate” the parents and “undermine the jury process days before the child [SBF’s] trial begins.”“These claims are completely false,” the attorneys said. “Mr. Ray and his massive team of lawyers, who are collectively running up countless millions of dollars in fees while returning relatively little to FTX clients, know better.
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