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SBF, FTX execs reportedly spend thousands and thousands on properties within the Bahamas

The most recent revelation from the FTX case reveals that Bahamian properties value thousands and thousands have been purchased within the firm identify. FTX, on the time operated by Sam Bankman-Fried (SBF), his mother and father 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 value of over $121 million, in line with a Reuters report of the official property data.

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

Moreover, 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 dwelling,” with paperwork relationship again to Jun. 15 of this yr.

In keeping with authentic experiences, a spokesperson for the couple didn’t reply the query as to how this leisure property was acquired and if any FTX funds have been concerned. Solely 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 corporate 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.

Nevertheless, in line with experiences from a latest property go to by media shops, the area has been untouched for months.

Associated: Bahamian securities regulator ordered the switch of FTX’s digital property

Because the liquidity disaster and chapter scandal unraveled, Bahamian authorities had Sam Bankman-Fried and two former associates on the former change ‘below supervision’ within the nation, the place they nonetheless stay toda.

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

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


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Traciwininger
Author: Traciwininger

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