FTX Financial Filing Reveals Yacht Purchase for Former Co-CEO Sam Trabucco
On June 4th, 2019, the Toronto-based financial technology company, FTFX, released a financial filing that revealed a large yacht purchase by former Co-CEO, Sam Trabucco.
The filing reported that Trabucco had purchased the yacht, “Zenith”, for approximately $34 million in February 2019. This purchase occurred approximately a year and a half after Trabucco had stepped down from the Co-CEO role at FTFX to pursue other investments.
The yacht was designed by renowned yacht designers, Mulder Design, and is equipped with a gym, library, pool and more. There has been speculation that Trabucco purchased the yacht to use it as a charter business.
Trabucco has yet to publicly comment on the yacht purchase. This has led some to call into question the legality of a corporate executive using corporate funds for such a lavish purchase.
The news raises questions of ethical responsibility in corporate executive decisions. Companies have the obligation to use their funds responsibly to maximize the value for shareholders. Trabucco’s purchase challenges this responsibility and has the potential to greatly damage the reputation of the company.
It remains to be seen whether FTFX will face any legal ramifications for this yacht purchase and how such actions might impact the company and its Co-CEOs in the future.