FTX sues Sam Bankman-Fried's parents for allegedly misappropriating company funds
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FTX, a cryptocurrency company, is suing the parents of its founder Sam Bankman-Fried, accusing them of misappropriating company funds for personal gain. The lawsuit alleges that Joseph Bankman and Barbara Fried, both Stanford Law School professors, received millions of dollars in gifts and donations from their son's company. CEO John Jay Ray III, a turnaround expert, is currently at the helm of FTX. This legal action marks the first time FTX has pursued a case against Bankman-Fried's parents.