FTX News: Sam Bankman-Fried, Family, Former Executives Receive Subpoenas
FTX News: Former FTX CEO Sam Bankman-Fried, his father Joseph Bankman, and family members have received subpoenas as part of FTX bankruptcy proceedings, as per a court filing on Tuesday. Former FTX and Alameda Research executives including Caroline Ellison, Gary Wang, and Nishad Singh have also received subpoenas from FTX Debtors.
According to court filings in the U.S. Bankruptcy Court for the District of Delaware, FTX debtors require all individuals to attend the court proceeding on the said data and submit all documents as characterized in the subpoena.
Joseph Bankman, Caroline Ellison, Gary Wang, and Nishad Singh or their representatives must provide a range of documents on February 16. The subpoenas focus on questionable spending by FTX insiders such as $16.7 million spent on Bahamian real estate by Bankman-Fried’s parents and a Washington, D.C., headquarters building purchased by Guarding Against Pandemics, an advocacy organization founded by the Bankman-Fried brothers.
Beleaguered crypto exchange FTX received court approval last week to issue subpoenas to former CEO Sam Bankman-Fried and all other affiliates.
Sam Bankman-Fried has pleaded not guilty to allegations of fraud for misappropriating customer funds and using these funds for trading at Alameda Research and for personal expenses. However, former Alameda CEO Ellison and FTX co-founder Wang have admitted to fraud and cooperating with federal prosecutors.
FTX News: Ongoing Investigation and Lawsuits
Meanwhile, Sam Bankman-Fried has been ordered by a judge not to use a virtual private network to access the internet, after prosecutors claim he’s using a virtual private network despite restraining orders to not communicate with former employees.
Also, the bankruptcy court has approved an earlier request by FTX to leave its Turkish entities out of bankruptcy proceedings in the U.S.
On another side, a class-action lawsuit has been filed against venture capital firms Sequoia Capital, Thoma Bravo, Paradigm, and others that invested in FTX.
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