FTX used corporate funds to purchase employee homes, new filing shows

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.

It is not immediately clear what the source of those corporate funds was.

In a declaration to the court, newly appointed FTX CEO John Ray III said that a lack of disbursement controls meant accounting for spending was done in a way that was not “appropriate for a business enterprise.”

Corporate housing arrangements are not…