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Prosecutors pointed to Sam Bankman-Fried’s lavish way of life through the prison trial towards the FTX cofounder, sharing pictures of the penthouse rental within the Bahamas that Sam Bankman-Fried as soon as lived in, which they stated was value about $35 million.
Bankman-Fried’s attorneys had requested a number of the pictures of the rental be stored out of proof, however Decide Lewis Kaplan denied the request.
Within the trial, which began Tuesday, Bankman-Fried is being accused of fleecing FTX prospects and traders out of billions of {dollars}, a few of which is claimed to have been used for private or family-related real-estate purchases, and commingling funds between his cryptocurrency-exchange platform and its affiliated hedge fund, Alameda Analysis.
Have a look contained in the rental the place Bankman-Fried and his coworkers spent a lot of their time.
After Bankman-Fried shifted FTX’s operations to the Bahamas in 2021, he moved into an costly resort neighborhood in Nassau named Albany.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
The 600-acre Albany neighborhood was based by a bunch of traders that included a number of celebrities corresponding to Tiger Woods, Will Smith, and Justin Timberlake, Fortune beforehand reported.
Between 2020 and 2022, Sam Bankman-Fried, his dad and mom, and a number of the executives at his firms purchased about 19 totally different properties within the Bahamas, Reuters reported final yr.
The publication stated the purchases included seven condos on the Albany location, which got here to about $72 million in whole.
The penthouse Bankman-Fried lived at was in a constructing within the Albany neighborhood named “the Orchid.”
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Protection
“Orchid — the constructing closest to the ocean, the one with probably the most sweeping views — was extra delicate,” Michael Lewis wrote in his e-book on Bankman-Fried, evaluating the constructing with different Albany properties. “It regarded nothing like an orchid in any mild, however its exterior was wrapped with an aluminum sheath whose sample was meant to bring to mind the tropical flower.”
The property was listed on the market for almost $40 million the identical day FTX filed for chapter final yr. However the itemizing has since been taken down.
Bankman-Fried lived within the rental with a number of of his coworkers.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Lewis stated Bankman-Fried lived on the rental with Alameda Analysis CEO Caroline Ellison, who was his on-and-off girlfriend; Gary Wang, his FTX cofounder; Nishad Singh, the FTX engineering director; and his school buddy Adam Yedidia.
The creator stated Bankman-Fried was later “booted” out of the rental by Ellison.
On Wednesday, Yedidia testified that he lived within the rental with 9 different folks, together with Bankman-Fried. Yedidia stated the property was purchased for about $35 million by Alameda Analysis at Bankman-Fried’s path.
The penthouse is 12,000 sq. ft, and its floor-to-ceiling home windows overlook the Albany marina and the Atlantic Ocean.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
The itemizing stated: “Each facet of the penthouse was meticulously designed with Venetian plaster partitions matching Italian marble accents all through, German engineered doorways and home windows, and wired all through for sound,” The Guardian reported.
The rental had loads of area for folks to remain.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
The bedrooms within the rental included a main bedroom with two loos hooked up, in addition to 4 bedrooms every geared up with their very own loos, The Guardian reported.
It additionally had a personal spa hooked up to the master suite, The Guardian reported.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
The spa has an out of doors tv and a sitting space.
It is unclear whether or not Bankman-Fried occupied the master suite whereas he lived there. Lewis wrote that every of the occupants slept in largely an identical rooms.
The lounge and eating space overlook an out of doors pool and jacuzzi.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Photos of the lounge present both a set of binoculars or a small telescope close to the eating room desk.
Images of the lavish rental seem at odds with Bankman-Fried’s public statements about his way of life, together with his emphasis on efficient altruism.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
“I am not that a lot of a shopper, precisely,” he as soon as advised an interviewer.
Bankman-Fried stated up to now he was aiming to make as a lot cash as potential so he might put the cash towards doing good. He as soon as advised Bloomberg he deliberate to maintain simply 1% of his earnings and provides the remainder away.
“Look, there are a whole lot of issues that I believe have actually a large affect on the world,” Bankman-Fried advised The New York Occasions in November, saying the issues he’d finished at FTX had been for the nice of humanity. “And finally, that is what I care about probably the most. And, I imply, I believe frankly that the blockchain business might have a considerable optimistic affect. I used to be considering so much about, you already know, mattress nets and malaria, about, you already know, saving folks from illnesses nobody ought to die from.”
Lewis’ e-book stated the Orchid constructing lit up purple at evening.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
“The purple mild made it appear glamorous, and elicited envy even from these accustomed to being envied,” Lewis wrote.
The rental additionally has an out of doors grill and cooking space.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
However Bankman-Fried was unlikely to get pleasure from a barbecue exterior as he has stated he is vegan.
The rental additionally seems to have a number of huge TVs.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Bankman-Fried has been identified to be an avid online game participant.
Lewis wrote in his e-book that the FTX cofounder performed video video games throughout his first dwell tv interview and video games throughout enterprise cellphone calls.
The rental’s tv room incorporates a “Harry Potter” poster.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Lewis wrote in his e-book that Bankman-Fried learn J.Ok. Rowling’s sequence a number of instances throughout his youth, however began to dislike books as he grew older.
The penthouse overlooks a yacht marina. Although, Bankman-Fried doesn’t seem to personal a yacht.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder.
Courtesy of the US Division of Justice
Through the trial, Bankman-Fried’s attorneys unsuccessfully contested the usage of footage associated to the marina as a result of they stated it could make it appear as if the FTX cofounder owned a yacht to the jurors.
The previous FTX CEO stated up to now that the one motive superyachts exist was as a result of billionaires “cannot work out what to do with their cash.”
“When you concentrate on your self personally, about spending cash on your self, how a lot are you able to spend usefully on your self?” Bankman-Fried advised Yahoo Finance Dwell in April 2022 earlier than FTX collapsed. “You should buy good meals. You are speaking about lots of of hundreds a yr, proper? You get to thousands and thousands a yr with fancy issues, however after the tenth automotive, it is not honest what you are doing.”
The perimeter of the rental is lined with a balcony that appears out on the water.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Lewis stated in his e-book the rental missed a seashore, however Bankman-Fried and his colleagues hardly ever walked the seashore or loved the penthouse’s views of the ocean.
The penthouse has an out of doors fireplace pit.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Fortune reported the Albany resort neighborhood additionally had an 18-hole golf course and 11 non-public eating places.
The kitchen has a protracted island and a door wall that opens out onto the wraparound balcony.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the Division of Justice
The kitchen can be geared up with a tv display screen.
The penthouse additionally seems to have an prolonged pantry space off of the kitchen.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
The realm seems to look out into one other room.
The rental additionally has its personal bar.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
Whereas the bar seems totally stocked within the pictures, Bankman-Fried and his colleagues have been depicted as something however heavy drinkers.
On Tuesday, Bankman-Fried’s attorneys argued that the crypto whiz was a “math nerd who did not drink or occasion.” In his e-book, Lewis wrote {that a} glass of wine was an “act of hedonism” for the occupants of the penthouse.
Regardless of its fancy options, Bankman-Fried and his coworkers turned the luxurious penthouse right into a “flophouse,” Lewis stated.
Prosecutors shared pictures of Sam Bankman-Fried’s $35 million penthouse within the prison trial towards the FTX cofounder. Courtesy of the US Division of Justice
He stated they took away from the stylish attraction of the home with nerdy devices and haphazardly discarded paraphernalia.
“One wall was now obscured by a row of laptop displays whose cords snaked throughout the marble like jungle vines,” Lewis wrote in his e-book, referring to the rental’s occupants as efficient altruists, or EAs. “An inexpensive Ikea-like bookshelf groaned below the load of the EAs’ favourite board video games: Galaxy Trucker, Wingspan, 7 Wonders, a couple of chess set.”