Crime

Bankman-Fried authorized investments in K5 projects that enriched Kives and Baum with no payoff for FTX or its customers, who were footing the bill, FTX alleged.

In one poor investment, according to the complaint, a Bankman-Fried-controlled shell company used $214 million in funds from FTX to buy a minority stake in Kendall Jenner's 818 Tequila brand, at a time when the tequila company's assets were valued at just $2.94 million in its filings with the U.S. Securities and Exchange Commission. -Reuters