FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents

FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents  0

Following the court filing that shows FTX co-founder Sam Bankman-Fried (SBF) wants access to FTX’s $460 million in Robinhood shares, Delaware bankruptcy court documents show tens of millions were spent by the FTX team in 2022 on living accommodations, hotels, food, and flights. Moreover, SBF’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a few months last year.

New Court Filings Detail Lavish Spending by FTX Co-Founder and Executives

With every court filing published, it seems that FTX co-founder Sam Bankman-Fried’s (SBF) so-called “effective altruism” wasn’t a top priority during the last nine months. On Jan. 8, 2023, Bitcoin.com News reported on SBF telling the court he needed access to the $460 million in Robinhood shares to “pay for his criminal defense.” Furthermore, the former FTX CEO explained that customers “face only the possibility of economic loss.”

FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents1SBF and his inner circle lived in a $30 million penthouse at the 600-acre Albany beachside luxury resort in The Bahamas. The 12,000-square-foot penthouse reportedly went on the market for sale in mid-Nov. 2022.

Meanwhile, court filings reviewed this week detail that FTX’s and Alameda’s executives spent tens of millions lavishly on residential accommodations, hotels, food, and flights last year. Records show that $15.4 million was spent on luxury hotels and accommodations. A great deal of that money was dedicated to paying for SBF’s $30 million luxury penthouse at the Albany oceanside resort. $3.6 million was used to purchase hotel rooms at the Grand Hyatt, a four-star hotel, and $800,000 was spent at the Rosewood, a five-star hotel.

Reports also show that Jimmy Buffett’s beach resort, Margaritaville, is owed more than $55,000 as the resort’s management has registered as a creditor in the bankruptcy case. FTX’s and Alameda’s employees reportedly stayed in 20 suites for a number of months last year, racking up the bill but never paying for the Margaritaville accommodations. In addition to hotels, fancy suites, and luxury apartments, $3.9 million was spent on flights and private aircraft. When an FTX employee needed an Amazon package picked up from Miami, they would allegedly use a private plane to ship the boxes over to the island.

Other reports say the co-founder was so altruistic that SBF regularly spent more than $2,500 at the Nassau bistro for lunch and tossed millions at Bahamian politicians and officials prior to FTX’s collapse. Fox News disclosed that SBF also owns a multimillion-dollar, 52-foot HCB yacht. On Jan. 6, 2023, Business Insider’s Pete Syme reached out to SBF’s lawyers to ask about the ostensible lavish spending the FTX co-founder is said to have participated in. “Lawyers for FTX and Bankman-Fried didn’t immediately respond to Insider’s request for comment,” Syme wrote.

Tags in this story alameda, Albany, Bankruptcy, Bankruptcy filings, beach resort, creditors, criminal defense, economic loss, Flights, Food, ftx, FTX Bankruptcy, FTX collapse, Grand Hyatt, Hotels, Jimmy Buffett, lavish spending, living accommodations, luxury penthouse, Margaritaville, quantitative trading, Robinhood, Rosewood, Sam Bankman-Fried, sbf

What do you think about the alleged lavish spending spree by SBF and FTX/Alameda executives? Let us know what you think about this subject in the comments section below.

FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents  2 Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents  3 Uncertainty Surrounds Federal Reserve’s Future Plans for Rate Hikes NEWS | 5 hours ago FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents  4 Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings  NEWS | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents  5

Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, … read more.

UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

Source

Updated: 01/09/2023 — 15:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme