- At another, he allowed himself a rare smile, a mood unlikely to be shared by investors caught up in his financial debacle.The woman, dressed in a white top and black pants, also smiled at times while it was unclear about the mood of the other man, who was wearing a white shirt and khaki shorts.After getting up to end the meeting, SBF cast his head down and looked glum as he used his right hand to run his hand through his mop of unruly hair in an apparent gesture of frustration.The apartment has also been a base for the disgraced former CEO’s parents, both law professors at prestigious Stanford University.And it would appear they are also shouldering the burden of their son’s current predicament.Bankman-Fried’s FTX snapped up 19 properties worth $121million before his crypto empire fell, including a $16million vacation home for his parents. not([class*=external])” data-dm-rotator-rotate=”false” data-track-pos=”static” data-preferred-shared-network-enabled=”” data-dm-rotator-auto-init=”” id=”p-40″ class=”related-carousel with-fb-or-tw news half” data-dm-rotator-active-class=”active” data-dm-rotator-page-count=”1.0″ data-dm-social-article-auto-init=”” data-dm-rotator-page-size=”1″>
- His father Joseph Bankman, 67, was spotted on the terrace on Saturday, pacing up and down the terrace while talking animatedly into his cell phone and gesticulating with his hands His mother Barbara was seen on the terrace as well, at one point helping to direct maintenance workers at the apartment The apartment has also been a base for the disgraced former CEO’s parents, both law professors at prestigious Stanford University Other unidentified people at the penthouse include a man wearing an FTX branded shirt and a visibly distraught man working on a laptop on the balcony At one point, SBF allowed himself a rare smile, a mood unlikely to be shared by investors caught up in his financial debacle 964px” data-track-module=”vm-8873088238432729455^extra_wide” data-track-selector=”a.videoLink” data-track-type=”cl” data-track-pos=”static”>
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His father Joseph Bankman, 67, was spotted on the terrace on Saturday, pacing up and down the terrace while talking animatedly into his cell phone and gesticulating with his hands. He and wife Barbara were both seen on preceding days – at one point helping to direct maintenance workers at the apartment.
Images and a video of Bankman-Fried in the gated 600-acre Albany resort complex have been posted on social media, although it is not known when they were taken.
One is footage of the back view of what undoubtedly looks like the crypto failure running off, with his hair and a black backpack bouncing as he speeds away along a sidewalk of the community.
The Albany is a 17-mile drive from the Bahamian capital Nassau, near the picturesque south-western tip of New Providence.
In April the company broke ground on a planned $60million campus on the north side of Nassau overlooking the ocean, with plans to include a 38-room hotel.
SBF’s somber mood on Monday could reasonably be deemed a reflection not only of the financial catastrophe he created but also the legal peril he now faces. It also illustrates the staggering speed of the downfall of a man whose net worth peaked at $26billion.
Prosecutors in the Department of Justice’s Southern District of New York have reportedly opened a probe into FTX, which last year switched its HQ from Hong Kong to the Bahamas where financial controls are less rigid.
It is also believed US authorities have been in talks with counterparts in Nassau, who it is reported have SBF ‘under observation’.
The 30-year-old’s penthouse is at the Albany marina.
The penthouse boasts five bedrooms, with the master suite having walk-in closets and a private balcony with a lounge and spa area
The property has a family entertainment room, kitchen with a separate bar and an outdoor BBQ alcove with seating
The opulent residence includes a grand living room with an open dining area and a stunning outdoor pool
One key to any criminal proceedings could be the alleged secret transfer of $10billion by Bankman-Fried of FTX customer money to affiliated trading firm Alameda, run by Stanford graduate Ellison, 28.
Some legal experts believe this could put him in danger of wire fraud accusations – with the prospect of a 20-year jail term.
But images of the FBI or Bahamian authorities smashing down the door to his penthouse are reportedly wide of the mark.
‘What I expect to happen is that he will turn himself in after negotiations with lawyers,’ white collar crime defense attorney Sandra Hanna told Fortune magazine.
She added the disgraced guru – who took the stage at a crypto conference in the Bahamas in April with ex-president Bill Clinton and former British Prime Minister Tony Blair – might not be detained at first.
Instead, the $40million donor to the Democratic Party might be ordered to hand over his passport and wear a monitoring device.
The growing threat of a criminal investigation comes after the veteran financial ‘clean-up’ expert drafted in to replace him as CEO branded FTX the most badly run firm he had ever seen.
John Ray III, whose 40 years of experience include dealing with the Enron collapse, painted a picture of corporate chaos amid SBF’s bizarre management style – which included him playing video games during crucial meetings.
‘Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy information as occurred here,’ he said in a ruthless court filing.
‘From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.’
He added a ‘substantial portion’ of assets held by FTX may be ‘missing or stolen’, adding he understood corporate funds of the FTX Group were used to buy homes in the Bahamas and personal items for employees and advisors.
The value of Bitcoin against the US dollar has tanked since it became clear that FTX was in serious trouble.
The new CEO’s statements about property purchases might explain Bankman-Fried’s continued presence in the penthouse, while all FTX’s assets have been frozen.
He snapped up the ritzy pad in 2021 following the company move.
The complex was founded in 2010 by British billionaire Joe Lewis with investment from golf legend Tiger Woods and singer-turned-actor Justin Timberlake.