According to a recent investigative report, former FTX CEO Sam Bankman-Fried used millions of dollars from commingled customer funds to purchase luxury properties in the Bahamas for employees and their friends and families. The properties include a six-bedroom, 11,500 square foot penthouse at the Albany resort community in Nassau, where Bankman-Fried and other FTX executives lived. The report also detailed a list of other properties allegedly purchased by executives using funds from customer and company accounts. The FTX Group reportedly spent over $18 million on properties in the Bahamas known as the “Albany Honeycomb” units, which offer luxurious amenities such as a wine cellar and a terrace overlooking a mega yacht marina. Another property, known as “Old Fort Bay Lot A,” was purchased for over $16 million. The report was released as part of a larger document outlining the misuse of customer deposits at the now bankrupt exchange, which owes customers approximately $8.7 billion. FTX CEO and chief restructuring officer John J. Ray III stated that the FTX Group had misled customers by commingling funds and misusing them under previous senior executives’ direction.
Continue reading on Theblock.com
By
By
By
By
By