FTX Co-Founder SBF and Inner Circle Accused of Lavish Spending and Fraud in Latest Bankruptcy Report – Bitcoin News
The report accused FTX co-founder Sam Bankman-Fried and executives of commingling customer deposits and corporate funds and misusing them....
- FTX released a second investigative report accusing co-founder Sam Bankman-Fried and senior executives of commingling customer deposits and corporate funds and misusing them.
- The report alleges that they spent $243 million on luxury residential real estate for senior staff and family members, as well as on commercial properties.
- FTX.com owed customers $8.7 billion as of the date of the bankruptcy petition.
- The court filing alleges that Sam Bankman-Fried (SBF), senior executives, multiple FTX-controlled entities, and Alameda Research utilized numerous bank accounts and concealed intricate transactions through an undisclosed entity.
- The report asserts that, in collaboration with SBF, Attorney-1 conceived and coordinated the creation of counterfeit agreements.
- The highlighted misconduct encompasses the acquisition of approximately $243 million worth of residential and commercial properties, predominantly situated in the Bahamas.
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What is FTX accused of in the second investigative report?How much money did FTX allegedly spend on luxury real estate?How much did FTX owe customers as of the date of the bankruptcy petition?Who is implicated in the alleged fraudulent activities?Where were the majority of the real estate acquisitions conducted?