In addition, Sam Bankman-Fried’s quantitative trading firm is owed more than $55,000 by Jimmy Buffett’s resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a few months last year.
New court documents detail lavish spending by FTX co-founder and executives.
With each release of court documents, it seems that FTX co-founder Sam Bankman-Fried (SBF), allegedly “effective altruism” was not a top priority during the past nine months. On January 8, 2023, Sam Bankman-Fried told the court that he needed access to $460 million in Robinhood stock to ” pay for his criminal defense “. In addition, the former FTX CEO explained that customers “are only faced with the possibility of an economic loss.“
Meanwhile, court filings reviewed this week show FTX and Alameda executives spent tens of millions of dollars on housing, hotels, food and flights last year. Records show $15.4 million was spent on luxury hotels and lodging. Much of this money was used to pay for SBF’s $30 million luxury penthouse in the Albany resort. 3.6 million was used to buy hotel rooms at the four-star Grand Hyatt, and $800,000 was spent at the five-star Rosewood.
In addition to hotels, luxury suites, and luxury apartments, $3.9 million was spent on flights and private planes. When an FTX employee needed an Amazon package picked up in Miami, he reportedly used a private plane to transport the boxes to the island.
Other reports claim that SBF was so altruistic that he regularly spent more than $2,500 at the Nassau Bistro for lunch and threw millions at Bahamian politicians and officials before FTX collapsed. Fox News disclosed that SBF also owns a 52-foot HCB yacht worth several million dollars.