Sam Bankman-Fried and Executives Embezzled $3.2 Billion From FTX
The management of FTX has disclosed that its top executives, including Sam Bankman-Fried (SBF), received payments and loans totaling $3.2 billion, primarily from Alameda Research, a sister company.
SBF received $2.2 billion from this payout, while other executives like Nishad Singh, Gary Wang, Caroline Ellison, John Samuel Trabucco, and Ryan Salame received a total of $1 billion.
However, the company has clarified that these payments do not include the more than $240 million that former executives used to buy luxury properties in the Bahamas or their political and charitable donations.
Additionally, “substantial transfers” to the bankrupt firm’s subsidiaries in the Bahamas and other regions are also excluded from these payments.
FTX is still investigating to determine the firm’s assets, liabilities, transfers, and intercompany claims among the FTX Debtors and their subsidiaries.
FTX has been trying to recover the bankrupt firm’s assets since John Ray was appointed CEO.
The firm has stated that it cannot predict the eventual monetary recoveries’ amount and timing, even though it has some control over or government authorities’ authority on some of the purchased properties.