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☆ Bankman-Fried's FTX, senior staff, parents bought Bahamas property worth $300 mln
  + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com   time to read: +5 min
[1/5] View of the entrance to the condominium complex ONE Cable Beach, a beachfront residence in New Providence, Bahamas, November 18, 2022. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."
☆ EXCLUSIVE Bankman-Fried's FTX, parents bought Bahamas property worth $121 mln
  + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com   time to read: +5 min
The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine the source of funds that FTX and its executives used to buy these properties. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."
☆ FTX bought nearly $100 million of property in the Bahamas over the last 2 years, mostly luxury beachfront homes, report says
  + stars: | 2022-11-22 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
FTX spent nearly $100 million on properties in the Bahamas in the past two years, according to Reuters. Including property bought by FTX employees and Sam Bankman-Fried's parents, purchases totaled $121 million. The unit of FTX that bought the properties, FTX Property Holding, designated their use for "residence for key personnel" and purchased 15 properties in 2021 and 2022. Including property bought by FTX employees and Sam Bankman-Fried's parents, purchases totaled $121 million, according to Reuters. FTX had earlier disclosed that the company bought property in the Bahamas, but Reuters' review of local records revealed the scale of spending.
☆ Staff at a Bahamian restaurant said Sam Bankman-Fried often spent $2,500-a-day on luxury lunches for FTX staff, report says
  + stars: | 2022-11-22 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
Sam Bankman-Fried used to spend thousands of dollars on staff lunches, Fox Business reported. But FTX workers never returned for happy hour, a bartender told Fox Business. Cocoplum staff told Fox Business that the restaurant was one of several that delivered lunch to the FTX HQ on a regular basis for a cost of about $10,000 a day. Despite telling Bloomberg in April that he didn't want a yacht, Fox Business reported that Bankman-Fried owned a 52-foot yacht worth millions of dollars. Bankman-Fried declined to answer Fox Business when asked if he used client assets to fund his purchases.
☆ Host of 'The Daily Show,' Trevor Noah, lists his luxury Manhattan penthouse for $12.95 million — see inside
  + stars: | 2022-11-18 | by ( Ann Matica | ) www.businessinsider.com   time to read: 1 min
Just four blocks from "The Daily Show" studio on 11th Ave., the apartment offered a convenient commute for Noah, who hosted the Comedy Central late-night program for seven years before announcing in September that he would be departing the show. Shannon Dupre'/COMPASSSource: Insider
☆ Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO's report
  + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +5 min
Penthouses, perks and personal items"In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. Other reports have detailed lavish perks allegedly given to FTX employees in the Bahamas. Ray's filing indicated that corporate funds were used to purchase homes for employees and advisors, sometimes in their name. For example, employees of the FTX Group submitted payment requests through an online 'chat' platform where a disparate group of supervisors approved disbursements by responding with personalized emojis." It isn't immediately clear what platform FTX used, although the company is known to have used Slack for internal communications.
☆ FTX used corporate funds to purchase employee homes, new filing shows
  + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida, November 12, 2022. Corporate funds were used to purchase Bahama homes and "personal items" in the name of employees and advisors of FTX, a bankruptcy declaration said, days after the penthouse apartment of founder Sam Bankman-Fried was listed for nearly $40 million. Auditing for one of the FTX corporate verticals – what Ray referred to as "Silos" – was done by Prager Metis, a firm with "which I am not familiar," Ray wrote. Ray, who oversaw Enron's bankruptcy proceedings and restructuring, declared he had 40 years of experience in the bankruptcy and corporate space. FTX and affiliated companies, including Alameda Research, Bankman-Fried's crypto trading firm, filed for Chapter 11 bankruptcy protection earlier this month.
☆ FTX may have used corporate funds to buy homes for employees and advisors, its new CEO says
  + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com   time to read: +2 min
Some of FTX's affiliates may have used corporate funds to buy homes, its new CEO has claimed. "In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors," Ray wrote. Bankman-Fried and other FTX employees including CTO Gary Wang and director of engineering Nishad Singh all lived together in a penthouse in the Bahamas. He said that employees submitted payment requests through an on-line chat platform "where a disparate group of supervisors approved disbursements by responding with personalized emojis." In the declaration, Ray also cited FTX's "inexperienced" execs, auto-deleting messages, and "a complete failure of corporate controls."
☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
  + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com   time to read: +22 min
Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.
☆ Sam Bankman-Fried's FTX employed a 'company therapist' who looked for 'dating options' for staff, report says.
  + stars: | 2022-11-16 | by ( Sawdah Bhaimiya | ) www.businessinsider.com   time to read: +3 min
Sam Bankman-Fried's FTX employed a "company therapist" who helped staff with dating, Vice reported. Psychiatrist George Lerner said he was worried staff would quit due to a lack of dating options. Lerner said he would look for "dating options" for staff to improve their lives in the Bahamas. In response to Avedisian's comments, Lerner told Vice: "Dating options. He also spent 12 hours maintaining a private practice where at least 20 FTX employees sought his services.
☆ There are 2 types of jealousy. Here's the one that makes us 'miserable and nasty,' say career experts
  + stars: | 2022-11-16 | by ( Liz Fosslien | Mollie Duffy West | ) www.cnbc.com   time to read: +3 min
Luckily, with the right tools, you can decode what your jealousy is trying to tell you, and then turn your emotions into positive action. But benign envy motivates us to work harder, while malicious envy makes us miserable and nasty. Use these phrases to shift your thinking from malicious envy to benign envy: "I'm inspired by _____. Zoom In Icon Arrows pointing outwards Illustration: Liz FosslienYou may not always be exactly where you want to be, but chances are you're not where you used to be, either. Zoom In Icon Arrows pointing outwards Illustration: Liz Fosslien
☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
  + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."
☆ Meet Donald Trump's children with Ivana Trump, Marla Maples, and Melania Trump
  + stars: | 2022-11-09 | by ( Business Insider | Lloyd Lee | ) www.businessinsider.com   time to read: +12 min
Donald Trump has five children between two of his former wives and his current wife Melania Trump. Donald Trump Jr., Eric Trump, and Ivanka Trump are children with his first wife, Ivana Trump, who died on July 14. Getty Images/Joe CorriganNow a father of five, Donald Trump Jr. was 12 when Ivana Trump and Donald Trump Sr. divorced. In 2001, a year after he graduated from college, Donald Trump Jr. went to work for his dad for the second time. He told New York magazine that Donald Trump Jr. is like his mentor and Ivanka Trump is like his second mother.
☆ Penthouse on Billionaires’ Row in New York City Sells for $72 Million
  + stars: | 2022-11-04 | by ( E.B. Solomont | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. In one of the year’s priciest real estate deals, a penthouse at New York City’s 220 Central Park South has sold for $72 million, records show.
☆ Ten Years Ago, $50 Million Home Sales Turned Heads. These Days, $100 Million Homes Do.
  + stars: | 2022-11-03 | by ( Candace Taylor | Nancy Keates | Katherine Clarke | ) www.wsj.com   time to read: 1 min
In October 2012, The Wall Street Journal launched its Mansion section with the goal of covering high-end real estate in the U.S. and around the world. It has been a busy 10 years. Market observers were shocked that year, when the family of Russian billionaire Dmitry Rybolovlev paid $88 million for a penthouse at Manhattan’s 15 Central Park West. But that deal turned out to be just the beginning. There were 48 sales of $50 million or more in 2021, up from five in 2012, according to data from real-estate appraiser Jonathan Miller .
☆ The Trump Organization got an unwanted sidekick courtesy of a Manhattan judge: a court-ordered watchdog
  + stars: | 2022-11-03 | by ( Laura Italiano | ) www.businessinsider.com   time to read: +7 min
Donald Trump and the Trump Organization suffered a big legal setback in Manhattan on Thursday. In arguments before the judge hours before the ruling, Trump attorney Christopher Kise called the idea of monitoring "drastic" and likened it to "nationalizing" the company. In Thursday's 11-page ruling, Engoron credited the attorney general's lawsuit with having made a "compelling" case for fraud. In one, Engoron cited Trump's triplex penthouse at Trump Tower on Manhattan's Fifth Avenue. Trump claimed on 2011 financial documents that the triplex was worth $80 million, the judge noted, referring to the attorney general's evidence.
☆ Donald Trump's company will get a watchdog to ensure no fraud -NY judge
  + stars: | 2022-11-03 | by ( Karen Freifeld Jonathan Stempel | Karen Freifeld | Jonathan Stempel | ) www.reuters.com   time to read: +4 min
REUTERS/Andrew Kelly/Companies Trump Organization Inc FollowNEW YORK, Nov 3 (Reuters) - A New York judge on Thursday ordered that an independent watchdog be appointed to oversee the Trump Organization before a civil fraud case by the state's attorney general against Donald Trump's company goes to trial. Last month, James asked the Manhattan-based judge to appoint an independent monitor to halt ongoing fraud at the company and keep the Trumps from transferring assets out of her reach. In a statement, the Trump Organization objected to "political persecution" by James, a Democrat, ahead of the Nov. 8 midterm elections. He said James had no legal authority to challenge how Trump valued his properties, calling it a private matter between Trump's company and its lenders and insurers. The Trump Organization manages hotels, golf courses and other real estate around the world.
☆ Trevor Noah Asks $12.95 Million for Manhattan Penthouse
  + stars: | 2022-11-02 | by ( Katherine Clarke | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Trevor Noah, who recently announced plans to step down as host of Comedy Central’s late-night political satire program “The Daily Show,” is also saying goodbye to his Manhattan apartment.
☆ Leonid Radvinsky bought OnlyFans after building an empire of porn sites. Now he wants to join the ranks of the super-rich and give away his fortune.
  + stars: | 2022-10-30 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +5 min
Leonid Radvinsky bought OnlyFans, an adult content platform, in 2018 for an undisclosed sum. The subscription-based adult content platform was founded in the UK by Tim Stokely in 2016 before Radvinsky took control. OnlyFans is not his first foray into the world of adult content. It ran a number of websites in the early 2000s that marketed "hacked" and "illegal" passwords to porn sites, Forbes reported last year. Radvinsky's next venture came in 2002 when he set up MyFreeCams, a porn site that featured "models" who got naked and offered sexual performances on webcams.
☆ I'm a former Airbnb employee who's now a host. I make up to $18,000 a month in revenue — here are the strategies I use.
  + stars: | 2022-10-26 | by ( Claire Turrell | ) www.businessinsider.com   time to read: +8 min
Daniel Rusteen is a host for one Airbnb property and a manager for five others. This as-told-to essay is based on a conversation with Daniel Rusteen, a 34-year-old Airbnb consultant and former Airbnb employee. The Belmonte Penthouse. As with my Airbnb property company, I have a team on the ground. My typical guests are men ages 20 to 40 from the US or EuropeThe living wall at The Belmonte Penthouse.
☆ Three New Yorkers Ordered Cocaine From the Same Delivery Service. All Died From Fentanyl.
  + stars: | 2022-10-23 | by ( Margot Patrick | Photographs Natalie Keyssar For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
NEW YORK—Ross Mtangi, a trading executive at Credit Suisse Group AG, left his Manhattan penthouse in March 2021 with his laptop and told his pregnant partner he was going to work. He checked into a nearby hotel and tuned in to work calls. Later, he texted for cocaine from a drug delivery service. A man wearing a baseball cap, cross-body bag and face mask appeared on hotel surveillance.
☆ Catching Sanctions Evaders Getting More Complex
  + stars: | 2022-10-20 | by ( David Smagalla | ) www.wsj.com   time to read: +4 min
Some players looking to bypass Russia sanctions are taking pages from the playbook of Iran and North Korea sanctions evaders, such as the use of front companies to transact in the country. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Isaias Lima, a managing director at financial services business the Bancorp Inc., said attempts by individuals and entities to help Russia evade sanctions are a concern. “The expectation is that if you are receiving the data, if you have possession of IP addresses, you have to screen those IP addresses and understand whether or not those transactions are originating from sanctioned countries,” he added. OFAC has relied more and more on the use of IP addresses as a sanctions enforcement tool, said Orisia Gammell, SAP SE’s chief legal counsel for export control.
☆ Heather and Terry Dubrow Pay $14 Million for Los Angeles Penthouse
  + stars: | 2022-10-12 | by ( Libertina Brandt | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Reality-television stars Heather and Terry Dubrow have bought a penthouse in the Century, a condominium tower in Los Angeles, for $14 million, according to property records.
☆ Miami Dolphins Owner Stephen Ross to Sell New York Penthouse for $40 Million
  + stars: | 2022-10-04 | by ( Katherine Clarke | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Real-estate developer and Miami Dolphins owner Stephen Ross has found a buyer for his penthouse near New York’s Columbus Circle. Last priced at $49.9 million, the condo has gone into contract for $40 million, according to people familiar with the situation.
☆ Manhattan apartment sales declined 18% in third quarter, as rates rose and markets fell
  + stars: | 2022-10-04 | by ( Robert Frank | ) www.cnbc.com   time to read: +3 min
Sales in Manhattan last declined in the fourth quarter of 2020, when they fell by 21%. While prices in the Big Apple remain high − with the average Manhattan apartment price rising 4% over the past year to $1.96 million − price increases are slowing and the inventory of unsold homes is starting to rise. Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York's real estate comeback. "The real sellers are meeting the buyers," said Toni Haber of Compass. "The full impact on sales and prices won't be known for at least another quarter," according to a report from Brown Harris Stevens.
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