this post was submitted on 20 Sep 2023
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This is the best summary I could come up with:
"Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes.
This action seeks to hold them accountable for their misconduct and recover assets for the Debtors' creditors," the lawsuit claimed.
In February 2022, Bankman and Fried were deeded "a $16.4 million luxury residence in The Bahamas," a 30,000-square-foot property referred to as "Blue Water," the lawsuit said.
"Bankman’s command of tax law and unique understanding of the FTX Group’s muddled corporate structure allowed him to facilitate the transfer of a cash gift totaling $10 million to himself and Fried consisting of Alameda Ltd. funds," the lawsuit said.
"Bankman and Fried also pushed for tens of millions of dollars in political and charitable contributions, including to Stanford University, which were seemingly designed to boost Bankman's and Fried's professional and social status at the expense of the FTX Group, and by extension, its customers and other creditors," the lawsuit said.
"This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child's trial begins," attorneys for Bankman and Fried wrote in a statement quoted by the Associated Press.
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