FTX Sues Bankman-Fried, Associates Over $1 Billion in Bad Deals

Bankrupt FTX Trading Ltd. will try to claw back millions of dollars in cash and unwind more than $1 billion in questionable transactions as part of a new lawsuit filed against company founder and alleged fraudster Sam Bankman-Fried and his top lieutenants.

The suit targets Bankman-Fried, FTX co-founder Gary Wang, who was also the chief technology officer; Nishad Singh, the former director of engineering; and Caroline Ellison, who was the co-chief executive of Alameda Research LLC, a key FTX unit. They are accused of various fraudulent transfers that benefited them personally, but did nothing for FTX. ...