FTX sues Scaramucci to recover money SBF invested in ostentatious investments
FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital as part of a broader effort to recover money for the bankrupt company’s creditors.
The lawsuit against the former White House communications director was one of 23 lawsuits filed in Delaware bankruptcy court on Friday. Plaintiffs also include digital asset exchange Crypto.com and political groups such as FWD.US founded by Mark Zuckerberg, according to court documents.
FTX alleges that during the 2022 crypto winter, founder Sam Bankman-Fried engaged “in an influence-buying campaign throughout the year and made lavish and ostentatious ‘investments’. ”
According to the filing, “One connection into which Bankman-Fried poured significant time and money” was Scaramucci, his established “financial, political and social” network.
FTX is currently pursuing these investments as it claims they “offer little or no benefit” and are “instead only intended to enhance Bankman-Fried’s position in the political world.” traditional governance and finance”.
The bankrupt crypto firm alleges that Bankman-Fried invested $67 million in various SkyBridge efforts in 2022 as Scaramucci “sought a bailout.” According to the filing, SkyBridge’s assets under management have dropped from a 2015 peak of $9 billion to $2.2 billion.
Scaramucci’s representative declined to comment.
In September 2022, Bankman-Fried and Scaramucci announced that FTX’s joint venture arm will buy 30% of SkyBridge’s shares. Financial terms were not disclosed at the time. Scaramucci later said that the investment reflected that he was “thinking about the next decade of SkyBridge.”
Read more: Scaramucci’s SkyBridge capital skyrocketed and then along came FTX
Within months, FTX filed for bankruptcy and Bankman-Fried was arrested in the Bahamas for fraud.
The case is FTX Trad. Ltd., Bankr. D. Del., No. 22-11068, case 11/8/24.
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