Bankman-Fried House of Cards? FTX Co-Founder Gary Wang Reveals Alleged Misuse of Client Funds. On Friday, FTX co-founder Gary Wang delivered compelling testimony to federal prosecutors, alleging that CEO Sam Bankman-Fried secretly diverted billions from customer accounts to encourage trading for his hedge fund, Alameda Research. Wang detailed how Bankman-Fried allegedly instructed him to design custom trading tools, which allowed Alameda to overdraw its accounts, leveraging FTX clients' funds without their knowledge.