Home News $74 Million for Caribbean Real Estate; $59 Million to Politicians; Tens of Millions to Big Law, Celebrity Endorsements…

$74 Million for Caribbean Real Estate; $59 Million to Politicians; Tens of Millions to Big Law, Celebrity Endorsements…

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To Pam Martens and Russ Martens: From November 15, 2022

Bahamas FTX Penthouse

The management that runs FTX, the bankrupt cryptocurrency exchange, may have set a speed record for how quickly someone else’s money can be spent.they just weren’t good manage it Protect it on behalf of your investors or for your crypto exchange customers.

FTX CEO Sam Bankman-Fried lived in a 12,000-square-foot, five-bedroom luxury penthouse overlooking the Atlantic Ocean at a renowned resort in the Bahamas. According to a report by British news agency The Guardian,. block report An FTX-affiliated entity called FTX Property Holdings said it spent “$74,230,193 on property in the Bahamas in 2022. Most of that money, $67,440,193.99, went to surrounding entities. Albany Bahamasa luxury condominium resort in New Providence.

Bankman-Fried took in $36 million in Democratic campaign funds during its latest campaign cycle, according to Federal Election Commission data. Ryan Salame, co-CEO of FTX Digital Markets, the Bahamas subsidiary of FTX, plowed $23 million into Republican campaign funds and the super PAC he created to help them, American Dream Federal Action. rice field.

Ryan Salame, Co-CEO, FTX Digital Markets

Ryan Salame, Co-CEO, FTX Digital Markets

salame too Shopping in Lenox, Massachusetts, has spent more than $5 million on restaurants and commercial buildings. Salame operated a restaurant under the brand name Lenok Sweets. The website seems to have been deactivated recentlyLuckily, we found web cache This provides details on the bulk purchase of Salame at Lenox. (Salamé grew up in nearby Sandisfield, Massachusetts.)

Salaam makes the FTX financial antics that led to his downfall all the more interesting. Official biography He holds a CPA and a “master’s degree in finance from Georgetown University,” and said he “worked for Ernst & Young, one of the largest and most respected global accounting firms.” increase.

Another $20 million outflow from FTX was spent on advertising and marketing campaigns with celebrity endorsement football icon Tom Brady and then-wife, model Gisele Bündchen. (See video of such an advertisement below.)

Next, $135 million was spent to acquire the naming rights to the stadium where the Miami Heat play, renamed FTX Arena. Millions more were spent to secure endorsements. Trevor Lawrence; David Ortiz and Udonis Haslem;

Millions of dollars were also used to pay the hefty legal fees charged by Sullivan & Cromwell, one of Wall Street’s go-to law firms. As we announced on Sunday, Sullivan & Cromwell were involved in a cryptocurrency acquisition Made by FTX and its sister companies, it also costs tens of millions of dollars.

According to OpenSecrets.org, FTX.US spent $690,000 between 2021 and 2022 About a dozen lobbyists hired to lobby members of Congress. Lobbying firms recruited include Conaway Graves Group, Empire Consulting, Rich Feuer Anderson, and T Cap Solutions.

There was also media coveragewhich wall street on parade We were unable to independently confirm that Bankman-Fried (or FTX) owned a Gulfstream G450. According to his 2022 data from Aircraft Bluebook, a pre-owned Gulfstream G450 costs $9 million for the 2005 model and he’s $21.5 million for the 2017 model. The G450 is no longer manufactured.

Add in FTX staff salaries and bonuses, pilots, housekeepers, and expense accounts, and it’s not hard to see how successful FTX has been. Investors $1.8 billion after that transferred to the customer’s funds.

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