{"id":56416,"date":"2023-09-03T08:40:19","date_gmt":"2023-09-03T12:40:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ftx-financial-filing-reveals-yacht-purchase-for-former-co-ceo-sam-trabucco\/"},"modified":"2023-09-03T08:40:22","modified_gmt":"2023-09-03T12:40:22","slug":"ftx-financial-filing-reveals-yacht-purchase-for-former-co-ceo-sam-trabucco","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=56416","title":{"rendered":"FTX Financial Filing Reveals Yacht Purchase for Former Co-CEO Sam Trabucco"},"content":{"rendered":"
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FTX<\/strong>\u00a0debtors have disclosed a series of financial statements that show top executives used company funds to their own advantage shortly before the cryptocurrency exchange collapsed.<\/p>\n

In a recent court\u00a0filing\u00a0with the United States Bankruptcy Court for the District of Delaware, FTX debtors shed light on payments and property transfers directly benefiting senior executives at FTX and Alameda Research.<\/p>\n

One notable transaction highlighted in the filing is a payment of $2.51 million made from FTX to the American Yacht Group in March 2022, which directly benefited former Alameda Research co-CEO\u00a0Sam Trabucco<\/strong>.\u00a0<\/p>\n

Several months later, Trabucco confirmed his ownership of a boat in an August 2022 tweet announcing his resignation from the company.\u00a0<\/p>\n

Caroline Ellison, Trabucco’s former co-CEO at Alameda, responded to the tweet, expressing her well wishes and hopes that he would enjoy more time on his new boat.<\/p>\n

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The financial statements also revealed cash payments made to FTX executives, including\u00a0Sam Bankman-Fried<\/strong>,\u00a0Gary Wang<\/strong>,\u00a0Nishad Singh<\/strong>,\u00a0Darren Wong<\/strong>, and\u00a0Constance Wang<\/strong>, within the twelve months leading up to the collapse.\u00a0<\/p>\n

It is important to note that these disclosures only pertain to fiat currency, with limited information available regarding crypto transactions.<\/p>\n

The filing clarifies that not all transfers of cryptocurrency or other digital assets have been included in the disclosures.<\/p>\n

\u201cResponses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,\u201d it stated.<\/p>\n

Another significant disclosure in the filing is the purchase of Robinhood shares by FTX co-founder Gary Wang and CEO Sam Bankman-Fried.\u00a0<\/p>\n

In April 2022, they acquired Robinhood shares worth $35,185,242, followed by an additional $19.45 million in May 2022.\u00a0<\/p>\n

Bankman-Fried held a 90% share ownership, with Wang holding the remaining 10% through their company, Emergent Fidelity Technologies.\u00a0<\/p>\n

However, in January, the US Department of Justice\u00a0seized the shares\u00a0belonging to Bankman-Fried and Wang.<\/p>\n

Bankman-Fried Faces New Allegations After Being Jailed<\/h2>\n

Bankman-Fried is\u00a0facing new allegations\u00a0from the\u00a0Department of Justice (DOJ)<\/strong>, including the embezzlement of customer funds.\u00a0<\/p>\n

According to an indictment filed last month, the disgraced crypto boss is accused of misappropriating and embezzling customer deposits from FTX, using the stolen funds to make over $100 million in political campaign contributions ahead of the 2022 US midterm elections.<\/p>\n

The DOJ has also alleged that Bankman-Fried misappropriated and embezzled FTX customer deposits, utilizing the funds for personal enrichment, political donations, and to cover Alameda’s operating costs.<\/p>\n

The new charges came after Bankman-Fried, who was initially released on a $250 million bond, was\u00a0returned to jail\u00a0in August after attempting to contact a witness and leaking another witness’s diary to the media.\u00a0<\/p>\n

More recently, his lawyers\u00a0asked for a temporary release\u00a0from jail in order to work on his defense with his lawyers at the federal courthouse in Manhattan.\u00a0<\/p>\n

However, Judge Lewis Kaplan of the Southern District of New York\u00a0declined to grant the release\u00a0during a hearing last week.<\/p>\n<\/p><\/div>\n