Former Alameda Research co-CEO Sam Trabucco will forfeit his 53-foot yacht and waive claims worth $70 million in a proposed settlement with the FTX Bankruptcy Foundation.
Sales too include Two apartment buildings in San Francisco, California, valued at $8.7 million.
“Following constructive, arm’s-length negotiations, the Debtor, FTX DM and Trabucco have reached an agreement that provides significant value to the Debtor and FTX DM stakeholders without delay or litigation costs.” stated in the settlement document.
jury was convicted of a crime Last November, former FTX CEO Sam Bankman Fried was disgraced on seven counts of fraud and conspiracy. Outside a Manhattan courthouse, U.S. Attorney Damian Williams said the government has “no patience” for fraud and corruption.
Bankman Fried founded digital currency exchange FTX and FTX's crypto trading sister company Alameda Research. Caroline Ellison led Alameda Research at Trabucco.
Trabucco resigned in August 2022, just before the collapse of FTX and Alameda.
The proposed settlement states, “Trabucco assigns to the Debtors all rights and interests expressed and asserted in claims brought against the Debtors, including with respect to customer claims totaling approximately $70 million, and All his claims against him are inadmissible.” And it was erased. ”
A bankruptcy judge in October approved a reorganization plan for FTX that allows 98% of creditors to receive about 118% of their debts in cash.
The report details that Ellison may not be sentenced to prison for his role in the FTX collapse because he played a key role in the criminal case against his ex-girlfriend Bankman Fried.
“Because of her close relationship with Sam, she was able to provide a personal portrait of Bankman Freed, who was certainly an elusive figure, but perhaps unique in a government case.” said Kevin J.O., a former assistant U.S. attorney. said Brien, who specializes in white-collar criminal defense in New York.
Sean Moran is a policy reporter at Breitbart News. Follow him on X @SeanMoran3.
