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

The latest revelation from the FTX lawsuit reveals that Bahamian properties worthy millions were bought successful the institution name. FTX, astatine the time operated by Sam Bankman-Fried (SBF), his parents and different high-level executives of the company, reportedly purchased astatine slightest 19 properties successful the Bahamas implicit the past 2 years.

Collectively, these purchases person a worthy of implicit $121 million, according to a Reuters study of the authoritative spot records.

Among the acquired properties were 7 luxury condos. While the residents of the condos stay chartless astatine the clip of writing, the spot deed claims they were to beryllium utilized arsenic "residences for cardinal personnel" of the defunct exchange.

Additionally, a spot worthy $16.4 cardinal has SBF’s parents, Joseph Bankman and Barbara Fried, arsenic signatories. The deed allegedly has the spot designated a “vacation home,” with documents dating backmost to Jun. 15 of this year.

According to archetypal reports, a spokesperson for the mates did not reply the question arsenic to however this leisure spot was acquired and if immoderate FTX funds were involved. Only the mates had been trying to instrumentality the spot to FTX prior to the bankruptcy. 

"Since earlier the bankruptcy proceedings, Mr. Bankman and Ms. Fried person been seeking to instrumentality the deed to the institution and are awaiting further instructions.”

FTX moved its office from Hong Kong to the Bahamas successful Sep. 2021, which was purchased for $60 cardinal and had an groundbreaking ceremonial successful April of this year. The authoritative transmission of the Prime Minister of the Bahamas released a video of the ceremony.

However, according to reports from a caller property visit by media outlets, the abstraction has been untouched for months.

Related: Bahamian securities regulator ordered the transportation of FTX’s integer assets

As the liquidity situation and bankruptcy ungraded unraveled, Bahamian authorities had Sam Bankman-Fried and 2 erstwhile associates astatine the erstwhile speech ‘under supervision’ successful the country, wherever they inactive stay toda.

Court documents filed aft the archetypal bankruptcy announcement revealed that the institution whitethorn person implicit 1 cardinal creditors successful total, with implicit $3 cardinal collectively owed to the 50 largest creditors.

On Nov. 21, the United States Senate committee announced a scheduled FTX hearing for Dec. 1, during which the caput of the CFTC caput volition testify.