Following the courtroom submitting that reveals FTX co-founder Sam Bankman-Fried (SBF) needs entry to FTX’s $460 million in Robinhood shares, Delaware chapter courtroom paperwork present tens of tens of millions had been spent by the FTX workforce in 2022 on dwelling lodging, inns, meals, and flights. Furthermore, SBF’s quantitative buying and selling agency allegedly owes greater than $55,000 to Jimmy Buffett’s seaside resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a number of months final yr.
New Courtroom Filings Element Lavish Spending by FTX Co-Founder and Executives
With each courtroom submitting revealed, plainly FTX co-founder Sam Bankman-Fried’s (SBF) so-called “efficient altruism” wasn’t a prime precedence over the last 9 months. On Jan. 8, 2023, Bitcoin.com Information reported on SBF telling the courtroom he wanted entry to the $460 million in Robinhood shares to “pay for his felony protection.” Moreover, the previous FTX CEO defined that clients “face solely the potential for financial loss.”
In the meantime, courtroom filings reviewed this week element that FTX’s and Alameda’s executives spent tens of tens of millions lavishly on residential lodging, inns, meals, and flights final yr. Data present that $15.4 million was spent on luxurious inns and lodging. Quite a lot of that cash was devoted to paying for SBF’s $30 million luxurious penthouse on the Albany oceanside resort. $3.6 million was used to buy resort rooms on the Grand Hyatt, a four-star resort, and $800,000 was spent on the Rosewood, a five-star resort.
Stories additionally present that Jimmy Buffett’s seaside resort, Margaritaville, is owed greater than $55,000 because the resort’s administration has registered as a creditor within the chapter case. FTX’s and Alameda’s workers reportedly stayed in 20 suites for quite a few months final yr, racking up the invoice however by no means paying for the Margaritaville lodging. Along with inns, fancy suites, and luxurious residences, $3.9 million was spent on flights and personal plane. When an FTX worker wanted an Amazon package deal picked up from Miami, they’d allegedly use a non-public aircraft to ship the bins over to the island.
Different studies say the co-founder was so altruistic that SBF frequently spent greater than $2,500 on the Nassau bistro for lunch and tossed tens of millions at Bahamian politicians and officers previous to FTX’s collapse. Fox Information disclosed that SBF additionally owns a multimillion-dollar, 52-foot HCB yacht. On Jan. 6, 2023, Enterprise Insider’s Pete Syme reached out to SBF’s legal professionals to ask concerning the ostensible lavish spending the FTX co-founder is alleged to have participated in. “Attorneys for FTX and Bankman-Fried didn’t instantly reply to Insider’s request for remark,” Syme wrote.
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