Former FTX CEO Sam Bankman-Fried spent more than $243 million on real estate in the Bahamas for employees, friends and their families. This is stated in the company’s report.
According to the document, FTX Group spent more than $18 million on a penthouse at the Albany Honeycomb complex. According to Christie`s, a similar apartment covers an area of almost 560 square meters and has five bedrooms.
More than $16 million has been spent on the mansion in the Old Fort Bay complex. It’s not clear which house Bankman-Freed bought, but more budget-friendly neighborhood options already include a swimming pool with jetty access, as well as several bedrooms.
Attached to the report is a detailed list of other properties purchased by executives with client funds. All purchases were made between 2021 and 2022.
They also include a six-bedroom 1,000-square-meter penthouse in the Bahamian resort community where FTX founder, former head of Alameda Research Caroline Ellison and CTO Nishad Singh lived.
In addition to luxury mansions, the company bought apartments and commercial premises.
FTX’s current management said in the same report that it has made “significant progress” in securing client funds and has so far recovered approximately $7 billion in liquid assets.
The CEO of the company, John Ray, revealed the details of corporate fraud, in particular, about defrauding banks and creating front organizations.
Recall that in February 2023, the company sent closed letters to politicians demanding the return of donations previously received from the former head of the exchange, Sam Bankman-Freed.
FTX also sued the former CEO’s partners and related firms for a $700 million return on investment.
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