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

The newest revelation from the FTX case reveals that Bahamian properties value millions had been purchased in the firm title. FTX, at the time operated by Sam Bankman-Fried (SBF), his mother and father and different high-level executives of the firm, reportedly bought a minimum of 19 properties in the Bahamas over the final two years.

Collectively, these purchases have a value of over $121 million, based on a Reuters report of the official property information.

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

Additionally, a property value $16.4 million has SBF’s mother and father, Joseph Bankman and Barbara Fried, as signatories. The deed allegedly has the property designated a “trip house,” with paperwork courting again to Jun. 15 of this yr.

According to unique reviews, 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. Only the couple had been making an attempt to return the property to FTX previous to the chapter. 

“Since earlier than the chapter proceedings, Mr. Bankman and Ms. Fried have been looking for to return the deed to the firm and are awaiting additional directions.”

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

However, based on reviews from a current property go to by media shops, the house has been untouched for months.

Related: Bahamian securities regulator ordered the switch of FTX’s digital belongings

As the liquidity disaster and chapter scandal unraveled, Bahamian authorities had Sam Bankman-Fried and two former associates at the former change ‘underneath supervision’ in the nation, the place they nonetheless stay toda.

Court paperwork filed after the preliminary chapter discover revealed that the firm might have over 1 million collectors in whole, with over $3 billion collectively owed to the 50 largest collectors.

On Nov. 21, the United States Senate committee introduced a scheduled FTX listening to for Dec. 1, throughout which the head of the CFTC head will testify.