The most recent revelation from the FTX case reveals that Bahamian properties price thousands and thousands had been purchased within the firm title. FTX, on the time operated by Sam Bankman-Fried (SBF), his mother and father and different high-level executives of the corporate, reportedly bought not less than 19 properties within the Bahamas over the past two years.
Collectively, these purchases have a price of over $121 million, based on a Reuters report of the official property data.
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 change.
Moreover, a property price $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 June 15 of this yr.
Based on authentic studies, 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 previous to the chapter:
“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 launched a video of the ceremony.
Nonetheless, based on studies from a current property go to by media retailers, the area has been untouched for months.
Associated: Bahamian securities regulator ordered the switch of FTX’s digital belongings
Because the liquidity disaster and chapter scandal unraveled, Bahamian authorities had Sam Bankman-Fried and two former associates on the former change “beneath supervision” within the nation, the place they nonetheless stay right now.
Courtroom paperwork filed after the preliminary chapter discover revealed that the corporate might have over a million collectors in complete, with over $3 billion collectively owed to the 50 largest collectors.
On Nov. 21, america Senate committee introduced a scheduled FTX listening to for Dec. 1, throughout which the pinnacle of the Commodity Futures Buying and selling Fee (CFTC) head will testify.
