Disgraced FTX owner Sam Bankman-Fried and his parents built a property empire worth over £100mln in the Bahamas, new documents have revealed.
Property records obtained by Reuters suggest that the family, alongside top executives of FTX, bought 19 properties over two years in the Caribbean country.
Court documents suggest that the crypto exchange, once the second largest behind Binance and valued at US$32bn, now owes its creditors US$3.1bn.
Included in the property portfolio are seven luxury apartments, a US$30mln penthouse and a holiday home built on a former British colonial fort.
30-year-old Bankman-Fried, known to many as SBF, is reported to have made several major purchases during his time at the top of FTX, such as US$135mln deal to sponsor a basketball stadium.
FTX’s extravagant collapse came nearly two weeks ago after concerns over its solvency sparked a spike in customer withdrawals it was not able to deal with.
It is believed that FTX owes nearly US$1.5bn to its top creditors alone, although the extent of the damage is unknown due to alleged poor record keeping.
New CEO John Ray III, who also oversaw the administration of energy company Enron in 2007 after it used fraudulent practices to inflate its revenues and hide its debts, wrote in an FTX Delaware court filing, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”