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 Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor is proud to announce the launch of Monument Beverage Co., its newest 100% locally produced ready-to-drink alcoholic cocktail.
Monument, “Made to Celebrate”, perfectly encapsulates everything the brand represents. Created and distributed by CWS, Monument is
inspired by culture, crafted with excellence and bursting with innovation.
This unique beverage celebrates island living with three bold flavors, Ginger Lime, Peach Passion and Melon Fizz. All of which can be enjoyed at an ABV of five-point-two percent.
The brand’s creativity really shines through each can’s packaging. Bold colored stripes, cherished native flora and fauna and of course, national monuments can all be found on each can.
The beverage’s two year plus development is a testament to CWS’ dedication to quality and innovation. Countless hours of tastings, reformulations, focus groups and package design reviews all paid off with the creation of Monument.
Karla Wells-Lisgaris, Chief Commercial Officer of Caribbean Wines & Spirits and Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, shared what this authentically Bahamian made product launch means for the company.
“When we were conceptualizing Monument, we wanted to create a product that not only tasted like The Bahamas but would be an ode to the
nation as well. With those two thoughts in mind, I, along with a team of experts, created three incredible flavors we believe really connect with and celebrate the essence of island living,” she said.
“Additionally, being that Monument is the first product to be 100% manufactured by Caribbean Wines & Spirits, we really wanted to ensure that both the flavors and packaging honored our rich heritage. On each of the cans, you can find various monuments such as the Nassau Public Library in New Providence, the Garden of the Grove in Grand Bahama and the Hatchet Bay Silos in Eleuthera; all of which pay homage to our diverse Bahamian heritage.” Wells-Lisgaris concluded.”
The historic monuments found throughout our islands are more than places we pass every day; they are reminders of who we are, where we’ve come from and the stories that connect us as Bahamians.
Monument is perfectly formulated with quality ingredients, and each can celebrates a collection of these cultural icons from across The Bahamas.
Whether chilling solo beachside, gathered around a family table or backyard a grill with friends, make Monument your sip of choice. Monument is made to celebrate, visit www.cwsbahamas.com today for more details.
NASSAU, Bahamas —– Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to crown Lady
Kayla of Exuma as this year’s annual Bahamas Goombay Punch Cup winner.
CBC created the Bahamas Goombay Punch Cup to further the advancement of sailing and Bahamian culture through monetary and social support. The competition judges the skipper’s performance across three regattas, The Best of the Best, the National Family Island and Long Island Regattas.
The winning sloop led by Kianno Hutchinson and Joss Knowles showcased their skillmanship in the E-Class category across each round of competition. In addition to winning the trophy, the skippers were awarded a $5,000 donation, an $8,000 stipend to the junior sailing club of their island and a limited-edition Lady Kayla Bahamas Goombay Punch commemorative can, which will be released soon.
Jonathan Thronebury, Marketing Director of CBC shared the significance behind The Bahamas Goombay Punch Cup.
“The Bahamas Goombay Punch is more than a beloved local brand; it’s a vibrant part of our cultural fabric. Just like sailing, our national sport, it carries a rich legacy that spans generations. Recognizing this shared history, we’re proud to support initiatives that celebrate and advance Bahamian culture,” he said.
Hutchinson and Knowles shared what this win meant for them.
“I felt super proud when I realized we won. I am grateful and thankful to God, for good coaches and Joss. It was really an honor winning the
Bahamas Goombay Punch Cup,” Hutchinson expressed.
“I am very honored to have been able to compete in the Bahamas Goombay Punch Cup, I think it is a great concept and idea for a competition and really adds a new motive throughout the regattas. The whole championship was super competitive, and every single race was a fight. Alvington McKenzie was extremely competitive and had us until the Long Island regatta, which made it a very fun and tough competition. Very excited to have been the winner of a super close championship,” Knowles revealed.
Lady Kayla’s owner, Dallas Knowles, shared the team’s winning strategy.
“In sailing consistency is key and our guys in Lady Kayla are some of the best in the business at staying near the top. In the end, that was enough to secure their first Bahamas Goombay Punch Cup win. We are so proud of Joss and Kianno for what they have done in Lady Kayla. Thank you to Caribbean Bottling Company for such an amazing and forward-thinking initiative,” Knowles shared.
The Bahamas Goombay Punch Cup is proud to continue its impact on sailing and community building through clean and fair competition.
For more updates on the Bahamas Goombay Punch Cup and Caribbean Bottling Company visit the website www.cbcbahamas.com today.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.
Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable
Powerade water bottles and numerous marketing materials.
The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.
Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.
Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.
“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.
Sam Nicholls, Basketball Smiles Camp President and Founder expressed.
“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.
CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.
For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.
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