Bahamas News
Bahamas Securities Commission hoping to Claw Back $256 Million in Real Estate in FTX debacle, but US wants it too
By Deandrea Hamilton
Editor
#TheBahamas, December 14, 2022 – During media interviews, Sam Bankman-Fried claims he needed the real estate purchased in Nassau, Bahamas as enticement for new employees and housing for staff, but now that spending is being labelled as criminal. Some $256 Million doled out on luxury apartments was exorbitant and allegedly reflective of the casual management style of the now imprisoned ex-CEO of FTX; in the US Congress on Tuesday, the money was said to be stolen from investors.
Bankman-Fried is no longer a free man, he is being held on remand at The Bahamas Department of Corrections until February 8, 2023 if the court’s decision stands. The 30-year old, banished as he vocalized his resistance to
extradition to his home country, the United States, where he is on the hook for billions of dollars and faces at least eight charges of fraud.
On the day of his arraignment, Tuesday December 13, which attracted a crush of local and global media at the Magistrate’s Courthouse, it came to light that Sam Bankman-Fried was snapping up real estate to the tune of hundreds of millions of dollars.
It further flabbergasted those following the case of the young crypto wiz, once head of the world’s third largest Crypto Currency exchange who finds himself embroiled in a shocking saga. His attorneys rebutted arguments of SBF being a flight risk, if released on bail and claimed Bankman-Fried is suffering sleepless nights and is taking medication for his nerves. The latter, among the reasons given, for Bankman-Fried’s need to be release on bail after appearing in court before Magistrate Joyann Ferguson-Pratt.
The bail was denied. SBF will spend 8 weeks in prison in Fox Hill, Nassau.
The filing by Bahamian lawyers informed that FTX executives Sam Bankman-Fried and Ryan Salame, scandalously spent $256.3 million to buy and maintain 35 different properties at the Albany and Goldwyn, both developments in an affluent coastal area in Nassau.
Some of the real estate was also vacant land said to be in western New Providence.
Revealed was spending in excess of $51 million on two ultra-stunning apartments at Albany, overlooking the Atlantic Ocean.
Bankman-Fried in an interview aired on Sunday December 11, told Jerome Sawyer, host of On the Record, the more expensive of the units was home to five families. The embattled former CEO neglected to mention however, just how many apartments he had purchased and that the $30 million price tag on the most expensive on the list, about which he was asked, was but one of many residences obtained by FTX.
Now, a battle has ensued over who has first dibs at so called, stolen fortune which was allegedly used in unchecked, reckless spending. Bahamas regulators are hoping to claw back the expensive real estate and funds earned as it continues actions through court-appointed provisional liquidators.
“These actions included securing the transfer of potentially commingled digital assets of FTX Digital Markets Ltd. and affiliates to a secure location under the authority of an Order issued by the Supreme Court of The Bahamas. The Commission holds those assets as trustee only (under Bahamian Law), and they will be ultimately distributed, to creditors and clients of FTX, wherever they may be located, in accordance with the court’s direction,” the Securities Commission of The Bahamas in a statement on December 13 added, “The Commission has previously addressed improper distributions to Bahamian citizens in its statement dated 12 November 2022. The Commission reaffirms its prior statement and notes that to the extent improper distributions were made to Bahamian citizens, such distributions will be subject to the appropriate claw back actions under the law.”
SBF was arrested on Monday evening by the Royal Bahamas Police on advice of the United States. On Tuesday, the US Attorney’s Office for the Southern District of New York and the Commodity Futures Trading Commission charged Bankman-Fried in a parallel action with the Securities Exchange Commission (SEC).
Speculations are that this is just the first set of charges to come for the thirty-year-old.
The SEC noted that investigations are ongoing. The Commission also said it is investigating “other securities law violations” and other entities and individuals.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
