Exclusive: Bankman-Fried's FTX, parents bought Bahamas property worth $121 million

Reuters ^ | 11-22-22 | Koh Gui Qing

[dynachrome]

Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.

Most of FTX's purchases were luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine who lived in the apartments.

[dynachrome]

They'll give it back to the creditors, right?

[1956tbyrd]

Good luck getting any money out of this slug.

[Flick Lives]

Sam Bankman-Fried’s FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.

—

Money, literally created out of thin air, is then used to purchase hard assets. What a perfect scheme.

[dynachrome]

The article sez that the headquarters is now empty, so where is the fried bankman?

[PGR88]

And Bankman-Fried is still roaming free along with his non-binary, polyamorous sciurine girlfriend.

This FTX thing is looking more and more like some kind of deep-state, CIA op. Its got all the major plot themes.

[Bubba_Leroy]

I wonder if they all declared the value of the free housing and other perks as income on their tax returns? That is what Trump Organization's CFO Allen Weisselberg was charged with.

[Ken H]

I thought he lived a Spartan life a drove a used Corolla...

[Ann Archy]

Aren’t they HARVARD PROFESSORS???

[Ann Archy]

HA!! Just ANOTHER part of his FRAUDULENT LIFE!! AWFUL PARENTS!

[cgbg]

“some kind of deep-state, CIA op”

Yup—classic money laundering and influence peddling scheme...

[csvset]

Stanford. His mom runs some sort of Dem/Commie get out the vote organization.

Stanford, home of the Thanatos scammer too

[Ann Archy]

THANKS!!~ I thought it was Harvard!!

[csvset]

Here is the group his mommy, Barbara Fried, runs.

Mind the Gap

Mind the Gap (MTG) is a left-wing super PAC dedicated to helping Democratic political candidates win elections. The PAC earns millions of dollars in donations primarily from Silicon Valley executives “who are keen on quietly funneling massive political donations into the Democratic Party”

More at link

[ConservativeInPA]

Look for Democrat legislators and regulators (e.g., SEC) free vacations at these properties. Follow the money.

[Seaplaner]

Any similarities between Bernie Madeoff and Bankman-Fried?

(Recall that the late Mister Madeoff was sentenced to 150 years in the big house for his Ponzi scheme.)

[dynachrome]

“sciurine”

I learned a new word today! LOL

[Robert DeLong]

Um, that is why they went to the Bahamas. They are not subjected to U.S. taxes.

[Bubba_Leroy]

Um, no. If your employer wires your paycheck to an account in the Bahamas you still have to pay U.S. income taxes on it (along with state and city income taxes depending on where you live).

Even if you are a U.S. citizen living and working entirely outside of the U.S., for a foreign company that only does business outside of the U.S., the IRS still demands their cut.

[Robert DeLong]

I read that somewhere that he started it in Hong Kong for tax reasons, but unfortunately can't find that article anymore.

I figured that he had to pay some taxes, but not what it would normally be.

[Bubba_Leroy]

The company itself could have substantial tax savings by incorporating and operating outside of the United States; however, the U.S. citizen employees, who received free use of luxury homes in the Bahamas and other fringe benefits, were required to report those benefits as income and pay taxes on them.

That is what Allen Weisselberg was charged with, and is now being tried, for failing to do.