Per CNBC: Corporate funds were used to purchase homes in the Bahamas and "personal items" in the name of employees and advisors of FTX, a bankruptcy declaration said, days after the penthouse apartment of founder Sam Bankman-Fried was listed for nearly $40 million.
FTX used corporate funds to purchase employee homes
11/17/2022
It is not immediately clear what the source of those corporate funds was.
In a declaration to the court, newly appointed FTX CEO John Ray III said that a lack of disbursement controls meant accounting for spending was done in a way that was not "appropriate for a business enterprise."
Corporate housing arrangements are not unusual, especially in high-cost areas, but Ray's filing noted that "certain real estate was recorded in the personal name of these employees and advisors," a nontypical arrangement.
A penthouse home in the same private complex that Bankman-Fried and other FTX executives lived in was listed for just under $40 million a few days ago. The penthouse has been widely reported as having belonged to the onetime billionaire and FTX founder.
X/Twitter Money will be FDIC insured up to $250,000
6/7/2025 10:49 PMRepresentative Thomas Massie introduces a bill to audit US gold reserves
6/7/2025 10:46 PMTrump says again: "Will take a look at Elon Musk's government contracts"
6/7/2025 10:45 PMTrump: Elon Musk has disrespected the office of the US president
6/7/2025 10:38 PM
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.