Following the court docket submitting that reveals FTX co-founder Sam Bankman-Fried (SBF) desires entry to FTX’s $460 million in Robinhood shares, Delaware chapter court docket paperwork present tens of hundreds of thousands have been spent by the FTX staff in 2022 on residing lodging, resorts, 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 court docket submitting revealed, it appears that evidently FTX co-founder Sam Bankman-Fried’s (SBF) so-called “effective altruism” wasn’t a prime precedence over the past 9 months. On Jan. 8, 2023, Bitcoin.com Information reported on SBF telling the court docket he wanted entry to the $460 million in Robinhood shares to “pay for his felony protection.” Moreover, the previous FTX CEO defined that prospects “face solely the opportunity of financial loss.”
In the meantime, court docket filings reviewed this week element that FTX’s and Alameda’s executives spent tens of hundreds of thousands lavishly on residential lodging, resorts, meals, and flights final yr. Data present that $15.4 million was spent on luxurious resorts 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.
Reports 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 lot of months final yr, racking up the invoice however by no means paying for the Margaritaville lodging. Along with resorts, fancy suites, and luxurious residences, $3.9 million was spent on flights and personal plane. When an FTX worker wanted an Amazon bundle picked up from Miami, they’d allegedly use a non-public aircraft to ship the bins over to the island.
Other reports say the co-founder was so altruistic that SBF frequently spent greater than $2,500 on the Nassau bistro for lunch and tossed hundreds of thousands 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 attorneys to ask in regards to 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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