SBF parents oppose FTX lawsuit against them

Odaily Planet Daily News FTX’s lawsuit against Joe Bankman and Barbara Fried, the parents of founder SBF, was countered by the legal representatives of SBF’s parents. Lawyers for SBF’s parents stated that this action by FTX was an attempt to intimidate Joe and Barbara in the days before SBF’s upcoming trial and undermine the jury process. FTX alleges that SBF’s parents “used their access and influence within FTX’s businesses to directly and indirectly earn millions of dollars for themselves.” Court documents also claim that Joe lobbied SBF to increase his annual salary from $200,000 to $1 million, and asked SBF's mother to facilitate the process. Additionally, the filing states that the couple used FTX funds to receive a $16.4 million property in the Bahamas, as well as donations to Stanford University, participation in a Super Bowl commercial and a Persian rug worth more than $2,500. (The Block) According to previous news, FTX has sued Joseph Bankman and Barbara Fried, the parents of founder and former CEO Sam Bankman-Fried, seeking to "recover millions of dollars in fraudulent transfers and misappropriations." Court documents state: "FTX Trading paid $18,914,327.82 for Blue Water, for which Bankman and Fried obtained title, including taxes, fees and costs, and various charges related to Blue Water, totaling more than $90,000. Bankman's knowledge of tax laws and His unique understanding of the FTX Group’s chaotic corporate structure enabled him to facilitate the transfer of cash gifts totaling $10 million consisting of Alameda Ltd. funds to himself and Fried.”