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Sam Bankman-Fried, Caroline Ellison, Other Company Insiders Subpoenaed by FTX for Documents
The subpoenas come after a U.S. judge overseeing bankruptcy proceedings gave a green light to FTX's Official Committee of Unsecured Creditors and its leadership to serve the insiders.
By Sam Reynolds
Updated Feb 15, 2023, 5:44 p.m. Published Feb 15, 2023, 7:48 a.m.
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FTX company insiders including Sam Bankman-Fried, former Alameda CEO Caroline Ellison, Bankman-Fried's father Joseph Bankman as well as Gary Wang and Nishad Singh have been served subpoenas by bankruptcy administrators.
Court documents show the circle of former executives and insiders are required to produce certain documents by Feb. 16, while Bankman-Fried has until Feb. 17 because he has the most comprehensive list to procure.
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Included in the orders are demands for documents about a takeover offer from Binance, from which the exchange eventually walked away because, it said, FTX had failed the due diligence process.
The specific orders from the court vary on the individual, while all are required to turn over all communications between a broad circle of FTX and FTX US executives.
Bankman-Fried, for instance, is specifically asked for information on FTX, Alameda and Emergent Fidelity Technologies’ (a holding company he ran with former FTX executive Gary Wang) business performance, all emails from his FTX account and personal Gmail, details on real estate holdings, and supporting documents he made to back up statements he made to Vox as well as tweets made about liquidity at the exchanges.
FTX’s former engineering chief, Nishad Singh, who as of January is looking for a deal from prosecutors, is required to provide documents on FTX’s automated liquidation engine and bills for cloud hosting at Amazon, among other things.
Bankman, Sam Bankman-Fried’s father, is specifically asked for documents concerning attempts, successful or otherwise, to return real estate to debtors or FTX. The exchange purchased $256 million in real estate on the Bahamas, according to reports, including a $16.4 million mansion where Bankman and his wife resided.
In late December, Ellison struck a plea deal with prosecutors, as did Wang.
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- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
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