Former FTX Chief Executive Officer, Sam Bankman-Fried participated in the New York Time Dealbook Summit held Wednesday.

In addition to other things, Bankman-Fried explained the many property purchases made in The Bahamas. He told those in attendance, “I don’t know that details of that house for my parents but I know that it was not intended to be their long term property and it was intended to be the company’s property. I don’t know how that was papered in and I think that was where it was and will end up. I think that may have stayed there while working with the company sometime over the last year. When you look at the rest of it, there were a lot of property purchases in The Bahamas. The reason for that is we had, you know, a hundred, basically a hundred top Silicon Valley employees come down here to work for FTX. And you know we were trying to incentivize that and make sure that they had an easy way to find a comfortable life so that they’d be willing to move.”

Bankman-Fried’s FTX filed Chapter 11 bankruptcy in November and he subsequently resigned as Chief Executive Officer.