FTX lawyers accuse Sam Bankman-Fried of financing his criminal defense with $10 million in misappropriated funds

The lawyers are seeking to recover funds from Bankman-Fried and former executives of FTX and sister hedge fund Alameda Research. One way the attorneys for the bankrupt exchange say Bankman-Fried pilfered money was through a $10 million gift to his father, distinguished legal scholar Joe Bankman.

Much of that $10 million gift was routed from FTX to Bankman-Fried’s Morgan Stanley and TD Ameritrade accounts around January 2022, the lawsuit alleges. The complaint claims those proceeds are now paying for Bankman-Fried’s criminal defense bills.

Source: FTX lawyers accuse Sam Bankman-Fried of financing his criminal defense with $10 million in misappropriated funds