According to Bloomberg, FTX sued SBF, FTX co-founder and CTO Gary Wang, former engineering director Nishad Singh, and Alameda Research co-CEO Caroline Ellison for improper transactions of more than $1 billion. They were accused of making various fraudulent transfers that benefited them personally but did nothing for FTX. The indictment alleges that SBF and Gary Wang, who took $546 million from Alameda in May 2022 to acquire a stake in Robinhood Markets, provided Alameda with false loans that did not require any collateral from executives and at rates lower than commercial market rates. The suit alleges that Alameda's sole authorization to make the loans came from Ellison. SBF, Wang, and Singh are also accused of using bogus loans to acquire stock from FTX worth $250 million at the time. The complaint is the latest to be filed by FTX seeking to recover funds, which it says SBF and others mistakenly transferred funds from the platform. All of the lawsuits are part of a broader effort by the company's new chief executive, John Ray, and his advisers to recover funds that could repay creditors.