SBF Properties To Be SOLD To Highest Bidder
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March 30, 2024 9:17 pm
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All those properties Sam Bankman-Fried bought are now going to be liquidated to reimburse creditors.
Each of SBF’s 38 Bahamas properties will be sold in a bid by the FTX bankruptcy estate to fill in the gaps and make former customers and creditors of the now-defunct platform whole again.
At the time of this writing, Bankman-Fried’s property portfolio is worth a staggering $222 million.
While this represents a large sum, it doesn’t come anywhere close to fixing the $8 billion financial hole the former CEO caused.
Still, every little bit helps, and anything to help affected customers get their money back is a step in the right direction by FTX. Here’s more on the disgraced, former CEO’s properties:
With SBF officially sentenced to 25 years, let's look back at the wildest expenses revealed throughout FTX's legal troubles:
1. Bahamas real estate
FTX had 35 properties in the Bahamas worth $256M, including 15 condos at Albany Resort where SBF used to live in a $30M penthouse pic.twitter.com/6Z0YBv8Mpx
— Morning Brew ☕️ (@MorningBrew) March 28, 2024
United States v. SBF
Samuel Bankman-Fried is sentenced to:
-300 months in Federal Prison (25yrs)
-$11.02 billion forfeiture
-Plus forfeiture of specific properties
-Medium or lower security facility near San Francisco recommended https://t.co/bDnPl045KK pic.twitter.com/GqtLZYUDBF— Just Human (@realjusthuman) March 28, 2024
The New York Post writes:
Among the seized assets is the infamous waterfront penthouse where the disgraced tycoon once held court with a revolving door of roommates.
But as FTX moves to liquidate these ill-gotten gains to repay creditors, including thousands of defrauded customers owed a whopping $16 billion, a new chapter unfolds in this sordid saga.
Pro XRP Attorney John Deaton commented: “Let’s not forget that SBF stole people’s money and gave his parents $10 million dollars.
He also used customer money to purchase luxury real estate and placed it in his parents’ name. Yet, his parents, Barbara Fried and Joe Bankman, have yet to be indicted.
Why? Is it because his mother runs a Super PAC called Mind the Gap, helping Democratic candidates get elected? Is it because his father is also connected to political leaders in Washington? His father Joe Bankman helped write Elizabeth Warren’s tax plan when she ran for President.”
Let’s not forget that SBF stole people’s money and gave his parents $10 million dollars. He also used customer money to purchase luxury real estate and placed it in his parents’ name. Yet, his parents, Barbara Fried and Joe Bankman, have yet to be indicted. Why? Is it because his…
— John E Deaton (@JohnEDeaton1) March 28, 2024
Per Government:
Sam Bankman-Fried was worth $26 billion dollars.
$30 million home for SBF
$16.5 million home for SBF’s parents.
19 properties valued at $120 million in the Bahamas for FTX employees.— Abraham Stein (@AbrahamStein8) March 28, 2024
According to Daily Mail, SBF’s victims were appalled by his light sentence:
One member of an FTX creditors group with the username ‘Bruno Dixon’ wrote on messaging app Telegram minutes after the sentence was handed down: ’25 years is a joke.’
Another member of the same Telegram group, going by Steven, said the sentence was ‘laughable for such a serious crime.’
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