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Bahamas Securities Commission hoping to Claw Back $256 Million in Real Estate in FTX debacle, but US wants it too

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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.

Bahamas News

Inspired Abroad, Proudly Bahamian

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DEAR EDITOR,

Sometimes the best ideas come from experiences far away from home.

It was while I was living in Europe that I saw how excited people were about England’s iconic double-decker buses. It was a symbol of culture – and visitors looked forward to the ride as an experience in itself rather than just a method of transportation.

That sparked a thought: What if we brought that same excitement to The Bahamas, but made it uniquely Bahamian?

In November 2024, that thought became 2 Storeys Tours. I wanted visitors to see Nassau in a way they had not been able to before. That meant they could come straight off a cruise ship and onto a double-decker to see what makes our country what it is – to see our beautiful waters and to discover what makes us Bahamian.

We wanted to create something memorable, something visitors would associate with their Bahamian vacation, just as people associate double-decker buses with England.

The bus may catch your attention, but The Bahamas is what makes the experience unforgettable.

We also believe tourism should create opportunities for Bahamians.

We started less than five years ago with one very used double decker bus.

Now thanks to cruise ship business, we have quadrupled the size of our little fleet. We now have four shiny new red and blue buses, so we can say Welcome Ashore in style.

Depending on the season, between 70 and 80 percent of our business is cruise-passenger driven. Even during the slower season for hotels, the cruise ships arrive filled with people looking to explore historic Nassau and we are giving them the closest to a bird’s eye view as they can get. And they love it.

Turning an idea into a functioning business has been an exciting journey, but certainly not without challenges. From planning and preparation to finally seeing our buses on the road, the experience has taught us patience, perseverance, and the importance of believing in a vision.

We are proud of how far we’ve come, and even more excited about what lies ahead.

Building partnerships helped us to get to where we are today – building them further will take us to where we can reach tomorrow.

Our ambition is to make 2 Storeys Tours a recognised and trusted name in Bahamian tourism. We want to continue improving our tours, developing new experiences, embracing environmentally responsible tourism, and building meaningful relationships – and eventually take the 2 Storeys Tours experience beyond Nassau to other islands.

Above all, we want to build something that lasts.

Looking back, it’s incredible to think that an observation while living in Europe could lead to a business right here at home.

What began as an idea became a business with a purpose, and we’re only getting started.

Our inspiration came from abroad. Our passion comes from home. And our future is proudly Bahamian.

 

By: KEEVON MAYNARD

President, 2 Storeys Tours

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Bahamas News

Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

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NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

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Bahamas News

Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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