SBF says Bahamas house in parents’ name was for FTX staff

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Sam Bankman-Fried says a Bahamian home in his parents’ name was for FTX staff. “It was not intended to be their long-term property,” he said. “It was intended to be company property.” had reported that the $16.4 million house had listed Bankman-Fried’s parents as signatories. Something is loading.

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Sam Bankman-Fried says a multimillion-dollar house allegedly purchased in the name of his parents in the Bahamas was actually believed to be company property.

“I don’t know the details of my parents’ house,” Bankman-Fried told The New York Times’ Andrew Ross Sorkin at the publication’s DealBook Summit on Wednesday. “I know it wasn’t meant to be their long-term property. It was meant to be company property. I don’t know how it was logged.”

reported last week that a $16.4 million home in a gated community with beach access in the Bahamas listed Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, as signers and was described in the records. property as a “holiday home”.

A spokesman for his parents, both Stanford University law professors, previously told they had been trying to return the deeds to the company “since before the bankruptcy proceedings.”

“They may have stayed there while working with the company over the last year,” Bankman-Fried said at Wednesday’s summit. Since FTX collapsed, his parents have continued to support him, he said.

In recent weeks, details have emerged of the company’s lavish spending. During the first day of FTX’s bankruptcy trial, a bankruptcy attorney for the company said one of its U.S. branches had “purchased nearly $300 million worth of real estate in the Bahamas.”

“Based on preliminary investigations, most of these real estate purchases were for homes and vacation properties used by senior company executives,” the attorney said.

Bankman-Fried told Sorkin on Wednesday that there was “a lot of real estate buying in the Bahamas.”

He said about 100 workers from Silicon Valley had moved to Nassau, the nation’s capital, to work for FTX. “We were trying to encourage that and make sure they had an easy way to find a comfortable life,” he added.

Bankman-Fried had previously told that FTX provided its staff with free meals and an “in-house Uber-like” service to transport them around the island, and 10 of them lived together in a luxury penthouse. worth about $40 million. He said at the DealBook summit that he no longer lives in the penthouse.

“I don’t live there anymore,” he said. “I haven’t lived there most of the time.”

Bankman-Fried had presented himself as a proponent of effective altruism, saying he built his fortune with the plan to give it away almost entirely. The crypto mogul’s fortune once peaked at $26 billion but has now been wiped out. Bankman-Fried said Wednesday that he had “almost nothing left.”

New CEO John J. Ray blasted “the complete failure of corporate controls” in a bankruptcy filing earlier this month.

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'Didn't ever try to commit fraud'


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