Finance news writer, Genevieve Roch-Decter, comments on the latest revelations from the “FTX story that keeps getting crazier.” This analyst uncovers fraudulent activities that have surfaced in the FTX degeneracy thus far, ranging from SBF’s parents owning luxury vacation homes in the Bahamas, to employees lounging in the Albany resort condos.

— Genevieve Roch-Decter, CFA (@GRDecter) November 22, 2022

Roch-Decter claimed that SBF’s parents possess a $16.4 million holiday house in the Bahamas.

In addition, FTX spent at least $121 million on premium property for executives and staff, including 7 residences at the Albany resort. According to an expedition by Semafor, the Albany resort, a secluded community in the Bahamas, houses FTX founder Sam Bankman-Fried and his workers. Moreover, a port for megayachts and equestrian pathways encircles this “ultra-luxury” resort.

Semofar, also shared that as of now, “SBF’s five-bedroom penthouse was recently listed for $40 million.” Moreover, SBF’s parents, were aided by their wealthy son in order to purchase a $16.4 million property, also in the bahamas.

The Bankman parents, Stanford University law professors Joseph Bankman and Barbara Fried, were listed as signatories on paperwork for a beachfront residence. According to one of the paperwork dated June 15, the property would be used as a “vacation house.”

When asked why the pair opted to acquire a holiday home in the Bahamas and how it was paid for, a representative replied that Bankman and Fried were attempting to return the property to FTX.

“Mr. Bankman and Ms. Fried have been attempting to restore the deed to the firm before the bankruptcy proceedings and are awaiting additional instructions,” the spokeswoman said, declining to explain further.

In a court statement earlier this month, newly appointed FTX CEO John J. Ray III stated that FTX’s company assets were used to “buy residences and other personal things for employees and advisors.”

FTX’s real estate acquisitions were long known, but the recently acquired records give an eye-opening first look at the extent of assets purchased.

The post Analyst Uncovers SBF’s Splurges Worth $121 Million in Bahamas appeared first on Coin Edition.

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