[1/4] Joseph Bankman, father of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after U.S judge revoked Bankman-Fried's bail, in New York, U.S., August 11, 2023.
FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a "family business" and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents.
Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments.
Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said.
FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.
Persons:
Joseph Bankman, Sam Bankman, Eduardo Munoz, Stanford, Barbara Fried, John Ray, Fried, Sean Hecker, Michael Tremonte, Joe, Barbara, " Hecker, Tremonte, Bankman, FTX, Dietrich Knauth, Nick Zieminski
Organizations:
REUTERS, Monday, Stanford University, Stanford Law School, Thomson
Locations:
New York, U.S, Bahamas, FTX