FTX Chief Executive and Restructuring Officer John J. Ray, whose team is overseeing a mammoth asset recovery task after the crypto exchange’s collapse, is accelerating efforts to recoup billion of dollars just weeks before FTX founder Sam Bankman-Fried heads to trial for what has been called one of the biggest financial frauds in American history.
The week started off in bankruptcy court, where FTX sued Bankman-Fried’s parents on Monday to “recover millions of dollars in fraudulently transferred and misappropriated funds.” The lawsuit claims that Allan Joseph Bankman and Barbara Fried exploited their access and influence within FTX to “enrich themselves, directly and indirectly, by millions of dollars,” at the expense of the debtors and creditors.On Thursday, FTX Trading Ltd. sued four former employees of Salameda Ltd.
Not everyone is appreciative of Ray’s efforts. While responding to the lawsuit, Bankman and Fried called the claims false. And in a statement from their 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.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sam Bankman-Fried to stay in jail, appeals court rulesA U.S. appeals court on Thursday upheld a judge's decision to jail former cryptocurrency billionaire Sam Bankman-Fried ahead of his Oct. 3 trial on fraud charges stemming from the November 2022 collapse of his now-bankrupt FTX exchange. The decision was issued by the 2nd U.S. Circuit Court of Appeals in Manhattan. U.S. District Judge Lewis Kaplan had revoked Bankman-Fried's $250 million bail on Aug. 11, finding probable cause to believe that the defendant had tampered with witnesses.
Read more »
Sam Bankman-Fried to stay in jail, appeals court rulesNEW YORK (Reuters) - A U.S. appeals court on Thursday upheld a judge's decision to jail former cryptocurrency billionaire Sam Bankman-Fried ahead of ...
Read more »
Sam Bankman-Fried Bid’s for Jail Release Denied by Appeals CourtSam Bankman-Fried’s request to be released from jail ahead of his Oct. 3 fraud trial was denied by a federal appeals court, hours after he lost a separate ruling that blocks him from calling expert witnesses for his defense.
Read more »
Bankman-Fried's expert witnesses rejected by judgeA U.S. judge on Thursday restricted Sam Bankman-Fried's ability to call expert witnesses to testify at his criminal fraud trial, in a blow to the FTX cryptocurrency exchange founder. Bankman-Fried wanted to call seven experts on topics such as cryptocurrency markets and English contracts, to convince jurors to acquit him of stealing billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund. But in a written order, U.S. District Judge Lewis Kaplan said three proposed witnesses cannot take the stand, because their testimony was irrelevant or could confuse the jury.
Read more »
Bankman-Fried's expert witnesses rejected by judgeBy Luc Cohen NEW YORK (Reuters) - A U.S. judge on Thursday restricted Sam Bankman-Fried's ability to call expert witnesses to testify at his criminal ...
Read more »
FTX CEO's dad, mom scored $26M in crypto grift, lawsuit claimsThe disgraced CEO of dodgy crypto platform FTX, Sam Bankman-Fried, had to deal with his dad who moaned that his $200,000 salary wasn’t enough, new court ...
Read more »