Key Points
- Over $243 million was spent on real estate in the Bahamas, according to the second report released by FTX debtors on Monday.
- Former FTX CEO Sam Bankman-Fried spent millions over the course of two years on properties for employees and their friends and families, according to the report.
Former FTX CEO Sam Bankman-Fried spent millions of commingled customer funds on multiple million dollar luxury properties in the Bahamas for employees and their friends and families, according to the latest investigative report released by debtors on Monday.
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Over $243 million was spent properties including the now infamous six-bedroom, 11,500 square foot penthouse at the Albany resort community in Nassau where the FTX founder and his lieutenants Caroline Ellison, Nishad Singh and Gary Wang, among others, all lived.
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The report contained a detailed list of other properties executives are alleged to have purchased with funds from accounts that commingled customer and company assets.
The Albany Honeycomb units
The FTX Group spent upwards of $18 million on properties in the Bahamas called the “Albany Honeycomb” units, according to the report.
A similar unit in the complex, 6C, has almost 6,000 square feet and five bedrooms, according to a listing from Christie’s International Real Estate.
“The tastefully furnished living area benefits from a full wet bar with a wine cellar and floor-to-ceiling windows that opens to the breathtaking terrace overlooking the state-of-the-art mega yacht marina and turquoise blue waters,” that listing states. “The terrace is an entertainer’s dream, with a full kitchen, plunge pool and large family table.”
Albany itself is a “600-acre exclusive luxury community” with a golf course, equestrian activities, full-service spa, among other amenities, according to the listing.
Old Fort Bay Lot A
Over $16 million was spent on “Old Fort Bay Lot A,” according to the report. Though it’s not clear which lot is the one Bankman-Fried bought, others in the area boast homes with expansive outdoor pools close to the water’s edge, according to Sotheby’s International Reality.
That site was sold to Bankman-Fried on April 7, 2022, according to the report.
The listings were part of a 33-page report released on Monday detailing the commingling and misuse of customer deposits at the now bankrupt exchange. Customers are owed about $8.7 billion.
“The image that the FTX Group sought to portray as the customer-focused leader of the digital age was a mirage,” FTX CEO and chief restructuring officer John J. Ray lll said in a statement. “From the inception of the FTX.com exchange, the FTX Group commingled customer deposits and corporate funds, and misused them with abandon at the direction and by the design of previous senior executives.”
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