Sam Bankman-Fried Accused Of Paying Lawyers With Stolen Funds: Report
Key Points:
- Former FTX CEO Sam Bankman-Fried is accused of paying his lawyers millions of dollars using stolen funds.
- This accusation comes from other legal troubles facing Bankman-Fried, including fraud, bribery, and campaign finance violation charges.
- FTX is suing Bankman-Fried in bankruptcy court to recover the allegedly misappropriated funds.
Former FTX CEO Sam Bankman-Fried accused of paying lawyers millions in stolen funds. Lawyers claim he used $10M from misappropriated money to pay for defense. FTX sues him in bankruptcy court. Bankman-Fried also faces fraud, bribery, and campaign finance violation charges.
Recent reports have accused former FTX CEO Sam Bankman-Fried of paying millions to his defense lawyers using stolen funds. The accusations have been made on behalf of the now-collapsed crypto exchange, with lawyers claiming that Bankman-Fried used $10 million of misappropriated money to pay for his defense.
CNBC has reported on the initial accusations against Bankman-Fried. Furthermore, lawyers allege that the FTX founder “engineered a gift” of $10 million to his father, Joe Bankman. The FTX legal team is now suing the former CEO in Deleware bankruptcy court over the stolen funds.
This latest legal dispute adds to the list of offenses that Bankman-Fried is facing. He has been accused of fraud, bribery, and campaign finance violation charges. The once-revered cryptocurrency exchange was found to be fraudulent, and Bankman-Fried is a con man.
The FTX lawyers are attempting to recover the funds Bankman-Fried and other FTX executives misappropriated throughout their tenure. Lawyers claim that Bankman-Fried pilfered money by sending a $10 million gift to his father, Joe Bankman. The lawsuit further states that gifts had been tracked from the former CEO’s Morgan Stanley and TD Ameritrade accounts since early 2022, and those funds are now allegedly paying for his defense.
Bankman-Fried has yet to comment on this latest legal dispute. However, the controversy surrounding FTX and its former CEO is one of the most thoroughly horrible in the young history of the digital asset industry. The cryptocurrency exchange collapsed almost instantly, and now, its executives are facing a barrage of legal troubles.
Check out our other Sam Bankman-Fried article for Exposes FTX Collapse.
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