FTX filing shows company bought yacht for former co-CEO Sam Trabucco

Quick Take

  • A recent filing from FTX’s Debtors shows company funds were used on internal cash payments to executives as well as direct transfers to the American Yacht Group.

A recent filing from the FTX debtors, led by CEO John Ray III, revealed how the executives of Alameda Research, the trading firm primarily owned by former FTX CEO Sam Bankman-Fried, benefitted from personal cash transfers of company funds.

Included within the list were over $900 million in transfers to Sam Bankman-Fried labeled simply as “Cash Payment,” $15.5 million in cash transfers, and a single $3.5 million transfer to ex-Alameda CEO Caroline Ellison.

The list also showed a $2.5 million payout to the American Yacht Group for ex-Alameda co-CEO Samuel Trabucco. The trader said he had recently bought a boat when he announced his resignation from the company a few months before it collapsed. "I hope he has a great time on his boat!" said Ellison at the time.

Other Alameda staff mentioned in the documents include co-founder Gary Wang and former engineering director Nishad Singh, who have both plead guilty and are expected to testify against Bankman-Fried as well as former FTX co-CEO Ryan Salame, who is not expected to testify.


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Alameda’s financial woes

Justice department prosecutors have alleged that Sam Bankman-Fried “misappropriated and embezzled FTX customer deposits” and used the billions in funds for a variety of purposes including to enrich himself, make political donations, and “to pay for Alameda's operating costs.”

Alameda Research, owned 90% by Bankman-Fried and 10% by Wang, was run by co-CEOs Ellison and Trabucco until the latter stepped down publicly in August 2022. Trabucco, who has not faced any criminal charges, has yet to speak publicly following the collapse.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].


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