Wednesday, November 30, 2022

SBF, FTX execs reportedly spend millions on properties in the Bahamas


The newest revelation from the FTX case reveals that Bahamian properties price tens of millions had been purchased within the firm title. FTX, on the time operated by Sam Bankman-Fried (SBF), his dad and mom and different high-level executives of the corporate, reportedly bought at the least 19 properties within the Bahamas during the last two years.

Collectively, these purchases have a price of over $121 million, according to a Reuters report of the official property data.

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Among the many acquired properties had been seven luxurious condos. Whereas the residents of the condos stay unknown on the time of writing, the property deed claims they had been for use as “residences for key personnel” of the defunct alternate.

Moreover, a property price $16.4 million has SBF’s dad and mom, Joseph Bankman and Barbara Fried, as signatories. The deed allegedly has the property designated a “trip residence,” with paperwork relationship again to June 15 of this yr.

Based on unique stories, a spokesperson for the couple didn’t reply the query as to how this leisure property was acquired and if any FTX funds had been concerned. Solely the couple had been attempting to return the property to FTX prior to the bankruptcy:

“Since earlier than the chapter proceedings, Mr. Bankman and Ms. Fried have been in search of to return the deed to the corporate and are awaiting additional directions.”

FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021, which was bought for $60 million and had a groundbreaking ceremony in April of this yr. The official channel of the Prime Minister of the Bahamas released a video of the ceremony.

Nevertheless, according to stories from a current property go to by media retailers, the house has been untouched for months.

Associated: Bahamian securities regulator ordered the transfer of FTX’s digital assets

Because the liquidity crisis and bankruptcy scandal unraveled, Bahamian authorities had Sam Bankman-Fried and two former associates on the former alternate “beneath supervision” within the nation, the place they nonetheless stay right this moment.

Court docket paperwork filed after the preliminary chapter discover revealed that the corporate might have over one million creditors in total, with over $3 billion collectively owed to the 50 largest collectors.

On Nov. 21, america Senate committee announced a scheduled FTX hearing for Dec. 1, throughout which the pinnacle of the Commodity Futures Buying and selling Fee (CFTC) head will testify.