Jessup V. Bankman-Fried Et Al
This is a lawsuit filed by a group of individuals seeking damages in excess of $5 million against Alameda Research, its co-CEO Sam Trabucco, and FTX for fraud, unjust enrichment, and conversion. The plaintiffs claim that the defendants engaged in deliberate financial fraud by using FTX and Alameda Research as their personal slush fund, inflating the value of FTX, and diverting customer deposits to cover Alameda's major trading losses. The lawsuit alleges that the defendants conducted business in California and sought investments in the state, including from Sequoia Capital. The events giving rise to the alleged unlawful conduct occurred in, were directed to, and/or emanated from the district. The plaintiffs are seeking both monetary and equitable relief for the defendants' deceptive and unlawful conduct. Additionally, the lawsuit alleges that SBF, the CEO of FTX and Alameda Research, misused customer deposits to fund Alameda's bailout without the permission of those customers. The plaintiffs are seeking damages for the losses suffered by themselves and the class. The plaintiffs have requested a trial by jury for all issues triable by a jury.
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