Authors: Sarah Wynn, Colin Wilhelm; Compilers: Songxue, Jinse Finance
Former FTX CEO Sam Bankman-Fried spent millions of dollars in commingled client funds for employees and their friends and family in the Bahamas, according to a new investigative report released Monday by debtors. Luxury properties worth millions of dollars were purchased.
Properties that cost more than $243 million include a six-bedroom, 11,500-square-foot penthouse in the now-infamous Albany resort community in Nassau, where FTX founders and their lieutenants Caroline Ellison, Nishad Nishad Singh and Gary Wang, among others, lived there.
The report included a detailed list of properties allegedly purchased by executives with account funds mixed with client and company assets.
According to a debtor’s report released Monday, FTX purchased properties in the Bahamas.
FTX Group reportedly spent more than $18 million on properties in the Bahamas known as the “Albany Hive.”
There is also a similar unit 6C in the complex, which is nearly 6,000 square feet and has five bedrooms, according to a listing released by Christie’s International Real Estate.
“The living area is tastefully appointed with a full wet bar with wine cellar and floor-to-ceiling windows opening to the stunning terrace overlooking a state-of-the-art marina and turquoise waters,” the listing reads. “The terrace is an entertainer’s dream , with a full kitchen, plunge pool and large family dining table.”
Albany itself is an “exclusive 600-acre luxury community” with a golf course, equestrian activities, full-service spa, and other amenities, the listing says.
Old Fort Bay Block A
More than $16 million was reportedly spent on the “Old Fort Cove A Lot.” While it’s not clear which lot Bankman-Fried bought, according to Sotheby’s International real estate, others in the area boast their homes near the water, with some Spacious outdoor swimming pool.
The site was sold to Bankman-Fried on April 7, 2022.
A 33-page report published on Monday detailed how the now-defunct exchange mixed and abused customer deposits. Customers are owed about $8.7 billion.
“The FTX Group’s attempt to portray itself as a customer-centric leader in the Crypto age is a mirage,” FTX CEO and Chief Restructuring Officer John J. Ray said in a statement. From the beginning of its establishment, FTX Group mixed customer deposits with company funds and abused them wantonly under the direction and design of former executives.”