$243 Million Real Estate Scandal Rocks FTX Execs: Fraud, Retaliation, and More!

By Benito Cormi Jun 27, 202374Views

A new report has accused FTX executives of engaging in a $243 million spending spree on real estate, as well as fraudulent activity and retaliation against an employee. The report suggests that FTX.com had commingled customer deposits with corporate funds for several years, making it difficult to track specific transactions or distinguish between operating funds and customer assets. FTX.com reportedly owed customers $8.7 billion at the time of the bankruptcy petition. The report implicates FTX CEO Sam Bankman-Fried, senior executives, multiple FTX-controlled entities, and an unidentified lawyer referred to as “Attorney-1” in fraudulent activities. These activities allegedly included falsifying a payment agreement between FTX and Alameda Research and backdating it by two years. The report also alleges that the FTX Group used customer deposits to fund real estate acquisitions, primarily in the Bahamas.

Continue reading on Bitcoin.com

Read Disclaimer

This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Tags:

Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

June 27, 2023

Jack Dorsey Questions Tim Cook: Why Isnt Apple Pay Compatible with Bitcoin?

June 27, 2023

Massive Financial Giants Embrace Crypto: $27 Trillion Assets Under Management, Claims CoinShares Chief Strategy Officer