Court filings have brought to light the alleged extravagance of FTX co-founder Sam Bankman-Fried (SBF) who is requesting access to the $460 million Robinhood stock from Delaware bankruptcy court. Documents revealed that the FTX team spent tens of millions in 2022 on housing and hotels, with SBF’s Quant Trading firm owing over $55,000 to Jimmy Buffett’s beach resort Margaritaville after 20 Alameda suites were occupied by FTX execs for a few weeks last year.
Recent Court filings suggest FTX executives and co-founders spent a lot of money.
The extravagance of FTX cofounder was uncovered in the most recent court filing. Sam Bankman-Fried (SBF) did not prioritize his so-called ‘effective altruism’ over the past nine months. According to Bitcoin.com News reports, SBF informed the court that he needed access to Robinhood’s $460 Million in stock “to pay for his criminal defense.” Furthermore, the ex-CEO of FTX stated that clients are only facing the possibility of economic loss.
Court files revealed that FTX and Alameda Executives spent millions last year on luxurious residential accommodation, hotels, food, and flights. Records showed that $15.4 million was spent on lavish hotels and lodgings. The majority of the money was used to purchase the $30 million luxury penthouse that SBF built at the Albany Seaside resort in Beverly Hills. The purchase of hotel rooms at the resort cost $3.6 million, while the Grand Hyatt Four-Star Hotel was charged $800,000 and the Rosewood five-star hotel was billed $3.9 million.
It is also reported that Jimmy Buffett’s beach resort, Margaritaville, has been listed as a creditor in the bankruptcy case and owes the victim more than $55,000. According to reports, FTX Alameda employees stayed in 20 suites over a few months last year, accumulating the bill but not paying for the accommodation at Margaritaville. Apart from luxury apartments and luxurious suites, $3.9 million was spent in hotels. When an FTX employee needed an Amazon package to be picked up in Miami, he flew a private plane to deliver the boxes to the islands.
The co-founder was supposedly so generous that SBF would spend over $2,500 a week at the Nassau bistro for lunch and disbursed millions to Bahamian politicians and officials before the collapse of FTX. Fox News also reported that SBF has a 52-foot multi-million-dollar HCB yacht. On January 6, 2023, Business Insider’s Pete Syme contacted SBF’s lawyers to discuss the alleged spending by the FTX co-founder. “Lawyers for FTX and Bankman-Fried did not immediately respond to Insider’s request for comment,” Syme wrote.
