According to a Bloomberg article, Sam Bankman-Fried’s parents allegedly coordinated the “gifts” that Stanford University received from FTX, purportedly amounting to millions of dollars. Stanford University will be returning these apparently expensive “gifts,” the report states.Barbara Fried and Joseph Bankman are Stanford Law School professors.The FTX Group filed a lawsuit against Bankman and Fried on Monday for allegedly stealing millions, including $5.5 million in donations intended for Stanford University.
“We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” a Stanford University spokesperson said, according to Bloomberg. “Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research.”
All charges have been refuted by the parents, who have called them “completely false.”From behind bars, their son Sam Bankman-Fried, the founder and former CEO of the insolvent FTX cryptocurrency exchange, is getting ready for a trial that will take place the following month.After FTX sued the parents, their lawyers said in a joint statement, “This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before the beginning of their child’s trial.”
When asked for comment about the alleged decision made by Stanford University after U.S. business hours, representatives of Joshua Bankman and Barbara Fried did not provide any.