Closing arguments next in FTX founder Sam Bankman's fraud trial after his testimony ends
1 year, 1 month ago

Closing arguments next in FTX founder Sam Bankman's fraud trial after his testimony ends

The Hindu  

FTX founder Sam Bankman-Fried underwent a final barrage of questions on Tuesday from a prosecutor aimed at showing that he’s not being honest about how much he knew about the disappearance of $8 billion from his customers’ accounts, setting the stage for final arguments in his fraud trial on Wednesday. Bankman-Fried insisted in his testimony in Manhattan federal court that he didn't defraud anyone before his cryptocurrency empire collapsed last November, leading to his arrest a month later and his extradition to New York to face fraud charges that could result in decades in prison if he is convicted. Repeatedly, she asked him why he didn't insist on finding out about $8 billion dollars in Alameda liabilities to FTX customer funds that he first was told about in June 2022. “I asked her how it had happened, to the best of her knowledge.” Ellison and other former top executives testified earlier in the trial that Bankman-Fried knew about the billions of dollars in spending all along and had helped ensure the money could be borrowed by setting up a $65 billion line of credit for Alameda to borrow unlimited money from FTX.

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History of this topic

How Sam Bankman-Fried’s ex-girlfriend helped topple the crypto king
2 months, 4 weeks ago

How Sam Bankman-Fried’s ex-girlfriend helped topple the crypto king

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “He said that he was a …

The Bankman-Fried verdict, explained
8 months, 3 weeks ago

The Bankman-Fried verdict, explained

Associated Press  

NEW YORK — Sam Bankman-Fried co-founded the FTX crypto exchange in 2019 and quickly built it into the world’s second most popular place to trade digital currency. FTX had two lines of business: a brokerage where customers could deposit, buy, and sell cryptocurrency assets on the FTX platform, and an affiliated hedge fund known as Alameda Research, which took speculative …

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud
8 months, 3 weeks ago

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud

The Hindu  

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on March 28 for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall. U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried's claim that FTX customers …

FTX founder Sam Bankman-Fried sentenced to 25 years for multi-billion dollar crypto fraud
8 months, 3 weeks ago

FTX founder Sam Bankman-Fried sentenced to 25 years for multi-billion dollar crypto fraud

Hindustan Times  

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall. U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried's claim that FTX customers did …

“Lack of any remorse”: Judge tears into Sam Bankman-Fried as he sentences him to 25 years
8 months, 3 weeks ago

“Lack of any remorse”: Judge tears into Sam Bankman-Fried as he sentences him to 25 years

Salon  

FTX founder Sam Bankman-Fried was sentenced to 25 years on Thursday after he was convicted of defrauding the company’s customers. U.S. District Judge Lewis Kaplan ordered the crypto billionaire to more than two decades in prison after Bankman-Fried’s lawyers recommended a sentence of five to seven years, according to Axios. "He knew it was wrong," Kaplan said, rejecting SBF’s claims …

FTX fraudster Sam Bankman-Fried convicted of all charges in $8bn case
1 year, 1 month ago

FTX fraudster Sam Bankman-Fried convicted of all charges in $8bn case

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy FTX founder Sam Bankman-Fried …

FTX’s Sam Bankman-Fried found guilty. A timeline of the events
1 year, 1 month ago

FTX’s Sam Bankman-Fried found guilty. A timeline of the events

Live Mint  

Sam Bankman-Fried, co-founder and former CEO of cryptocurrency exchange FTX, is convicted on seven charges of fraud and money laundering by a New York jury, as per an AP report. Speaking to reporters after the hearing, US Attorney Damian Williams said the FTX fraud perpetrated by Bankman-Fried is "one of the biggest financial frauds in American history". " A timeline …

Sam Bankman-Fried created a 'pyramid of deceit' because he 'thought he was smarter and better', prosecutor tells jury in closing statements of his $8 BILLION fraud trial
1 year, 1 month ago

Sam Bankman-Fried created a 'pyramid of deceit' because he 'thought he was smarter and better', prosecutor tells jury in closing statements of his $8 BILLION fraud trial

Daily Mail  

Sam Bankman-Fried created a 'pyramid of deceit' with his crypto empire before its spectacular collapse in November last year, prosecutors claimed at the finale of his $8 billion fraud trial. Sam Bankman-Fried created a 'pyramid of deceit' with his crypto empire which collapsed, prosecutors claimed in the closing statements of his $8billon fraud trial Prosecutor Nicolas Roos used his closing …

Closing arguments next in FTX founder Sam Bankman’s fraud trial after his testimony ends
1 year, 1 month ago

Closing arguments next in FTX founder Sam Bankman’s fraud trial after his testimony ends

Associated Press  

NEW YORK — FTX founder Sam Bankman-Fried underwent a final barrage of questions on Tuesday from a prosecutor aimed at showing that he’s not being honest about how much he knew about the disappearance of $8 billion from his customers’ accounts, setting the stage for final arguments in his fraud trial on Wednesday. Repeatedly, she asked him why he didn’t …

Prosecutor takes aim at Sam Bankman-Fried's credibility at trial of FTX founder
1 year, 1 month ago

Prosecutor takes aim at Sam Bankman-Fried's credibility at trial of FTX founder

The Hindu  

A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals. Assistant U.S. Attorney Danielle Sassoon confronted Bankman-Fried with instances in which …

Disgraced FTX founder Sam Bankman-Fried testifies during his trial over crypto collapse that he thought company was 'okay'
1 year, 1 month ago

Disgraced FTX founder Sam Bankman-Fried testifies during his trial over crypto collapse that he thought company was 'okay'

Daily Mail  

Disgraced FTX founder and billionaire Sam Bankman-Fried has testified he thought his company was 'OK' before its stunning collapse and bankruptcy. FTX founder Sam Bankman-Fried was questioned by defense lawyer Mark Cohen as he testifies in his fraud trial Bankman-Fried appeared in court charged with two counts of fraud and five counts of conspiracy. Bankman-Fried admitted to making some 'large …

Prosecutor takes aim at Sam Bankman-Fried’s credibility at trial of FTX founder
1 year, 1 month ago

Prosecutor takes aim at Sam Bankman-Fried’s credibility at trial of FTX founder

Associated Press  

NEW YORK — A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals. Assistant U.S. Attorney Danielle Sassoon confronted Bankman-Fried with …

FTX’s Bankman-Fried admits ‘mistakes’, denies fraud at trial
1 year, 1 month ago

FTX’s Bankman-Fried admits ‘mistakes’, denies fraud at trial

Al Jazeera  

Sam Bankman-Fried says he never set out to steal from people while testifying in his own defence in Manhattan court. FTX founder Sam Bankman-Fried has admitted to making mistakes but denied defrauding customers while testifying in his own defence at his high-profile fraud trial in New York. Bankman-Fried said on Friday that a “lot of people got hurt” when FTX …

Sam Bankman-Fried on the stand: ‘A lot of people got hurt’
1 year, 1 month ago

Sam Bankman-Fried on the stand: ‘A lot of people got hurt’

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “A lot of people got hurt,” …

Sam Bankman-Fried DENIES stealing $10billion from FTX customers but admits he made 'large mistakes' in managing risks as he testifies in his own defense in fraud trial
1 year, 1 month ago

Sam Bankman-Fried DENIES stealing $10billion from FTX customers but admits he made 'large mistakes' in managing risks as he testifies in his own defense in fraud trial

Daily Mail  

Bankman-Fried faces 115 years behind bars if he's found guilty of fraud and conspiracy The founder of FTX denied stealing $10billion from customers as he took the risky decision to testify in his fraud trial today. Sam Bankman-Fried admitted that he made some 'large mistakes' and said 'a lot of people got hurt' when the crypto exchange collapsed last November. …

FTX founder Sam Bankman-Fried denies that he defrauded anyone
1 year, 1 month ago

FTX founder Sam Bankman-Fried denies that he defrauded anyone

Associated Press  

NEW YORK — Sam Bankman-Fried, testifying at his fraud trial Friday, cast himself as a bumbling cryptocurrency visionary who knew nothing about the industry when he started FTX or about marketing when he became the face of his company and not enough about his businesses to see they were $10 billion in the hole until shortly before they collapsed. Asked …

FTX case: Sam Bankman-Fried to testify in fraud trial after onslaught from inner circle
1 year, 1 month ago

FTX case: Sam Bankman-Fried to testify in fraud trial after onslaught from inner circle

Live Mint  

Sam Bankman-Fried will take the stand to defend his actions in the lead-up to the collapse of his digital-asset empire, after taking a beating from former colleagues who described him as the mastermind of a years-long scheme to defraud FTX customers and investors. Bankman-Fried’s lawyers said on a conference call with the judge Wednesday that their client will testify at …

Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'
1 year, 2 months ago

Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'

The Hindu  

FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by former executive Nishad Singh portraying its spending on marketing and celebrity endorsements as excessive. Defence lawyer Mark Cohen on Tuesday asked Singh, one of three former members of Bankman-Fried's inner circle who have pleaded guilty to fraud …

Sam Bankman-Fried gave multi-million-dollar loan to top engineer Nishad Singh to splurge on 'egregious, unnecessary and selfish' $3.7M vacation home - despite fearing for FTX's finances just a MONTH b
1 year, 2 months ago

Sam Bankman-Fried gave multi-million-dollar loan to top engineer Nishad Singh to splurge on 'egregious, unnecessary and selfish' $3.7M vacation home - despite fearing for FTX's finances just a MONTH b

Daily Mail  

Former top engineer was handed millions just a month before FTX collapsed A former FTX executive and member of Sam Bankman-Fried's inner circle faced cross-examination the day after he claimed to have been 'intimidated' by the former cryptocurrency tycoon. Nishad Singh testified that the company spent millions on celebrity partnerships in early 2022 - as prosecutors attempted to show how …

Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out
1 year, 2 months ago

Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out

Associated Press  

NEW YORK — Sam Bankman-Fried’s former top executive, testifying in Manhattan federal court Wednesday, blamed the FTX founder for corrupting her values so she could lie and steal and got emotional when describing the cryptocurrency empire’s final days, saying the collapse of his businesses resulted in a “relief that I didn’t have to lie anymore.” Caroline Ellison, who eventually was …

FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to public
1 year, 2 months ago

FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to public

Associated Press  

NEW YORK — Prosecutors went to the heart of their case against FTX founder Sam Bankman-Fried on Thursday as the company’s co-founder began his testimony, telling a New York jury that he and Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year. Gary Wang, 30, said he committed wire, securities and commodities …

Sam Bankman-Fried's trial is shown dozens of photos of the luxurious Bahamas penthouse where the FTX founder lived with eight other employees who each paid $15k a MONTH
1 year, 2 months ago

Sam Bankman-Fried's trial is shown dozens of photos of the luxurious Bahamas penthouse where the FTX founder lived with eight other employees who each paid $15k a MONTH

Daily Mail  

The FTX employees living there complained about the rent on the penthouse, which appeared to be $15,000 each, one employee testified Thursday Prosecutors have filed into evidence photos of the Bahamas penthouse Sam Bankman-Fried lived with eight of his friends who who helped build FTX Sam Bankman-Fried's luxurious Bahamas penthouse has been submitted into evidence in his fraud trial that …

Jury sees FTX ads with celebrities as fraud case is rolled out against Sam Bankman-Fried
1 year, 2 months ago

Jury sees FTX ads with celebrities as fraud case is rolled out against Sam Bankman-Fried

The Hindu  

Splashy Assistant U.S. Attorney Nathan Rehn said in his opening statement in Manhattan federal court that it was only a year ago that Bankman-Fried seemed to be “on top of the world,” operating the multibillion dollar company he founded, FTX, a seemingly pioneering cryptocurrency trading platform. Bankman-Fried became a target of investigators when FTX collapsed last November amid a rush …

Jury sees FTX ads with Tom Brady, Larry David, as fraud case is rolled out against Sam Bankman-Fried
1 year, 2 months ago

Jury sees FTX ads with Tom Brady, Larry David, as fraud case is rolled out against Sam Bankman-Fried

Associated Press  

NEW YORK — Splashy Assistant U.S. Attorney Nathan Rehn said in his opening statement in Manhattan federal court that it was only a year ago that Bankman-Fried seemed to be “on top of the world,” operating the multibillion dollar company he founded, FTX, a seemingly pioneering cryptocurrency trading platform. Bankman-Fried became a target of investigators when FTX collapsed last November …

Sam Bankman-Fried heads to trial on charges of stealing billions from FTX users
1 year, 2 months ago

Sam Bankman-Fried heads to trial on charges of stealing billions from FTX users

The Hindu  

Sam Bankman-Fried is set to go on trial on charges of stealing billions of dollars from customers of his FTX cryptocurrency exchange starting on Tuesday, nearly a year after the company's collapse shocked markets and tattered his reputation. Before prospective jurors entered, U.S. District Judge Lewis Kaplan told prosecutors and defence lawyers that he would begin jury selection by asking …

Sam Bankman-Fried ‘lied to the world’ as he built crypto empire, prosecutors say
1 year, 2 months ago

Sam Bankman-Fried ‘lied to the world’ as he built crypto empire, prosecutors say

LA Times  

In this courtroom sketch, FTX founder Sam Bankman-Fried, right, sits at the defense table next to his attorney Christian Everdell as jury selection began in his fraud trial Tuesday. There was no theft.” Cohen said that the “rise and fall” of FTX, and Alameda Research, an affiliated hedge fund, mirrored the wider crypto industry, which was battered by fast-changing market …

Sam Bankman-Fried must now convince a jury that the former crypto king was not a crook
1 year, 2 months ago

Sam Bankman-Fried must now convince a jury that the former crypto king was not a crook

Associated Press  

NEW YORK — For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. Prosecutors from the Southern District of New York are expected to lay out a case against Bankman-Fried that shows he stole billions of dollars in FTX customer deposits and used the money to fund his hedge fund, buy …

Former crypto king Sam Bankman-Fried must now convince a jury he was not a crook
1 year, 2 months ago

Former crypto king Sam Bankman-Fried must now convince a jury he was not a crook

LA Times  

For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. Prosecutors from the Southern District of New York are expected to lay out a case against Bankman-Fried that shows he stole billions of dollars in FTX customer deposits and used the money to fund his hedge fund, buy real estate and …

Business Highlights: The UAW prepares to expand its strike, Sam Bankman-Fried’s parents are sued
1 year, 3 months ago

Business Highlights: The UAW prepares to expand its strike, Sam Bankman-Fried’s parents are sued

Associated Press  

___ United Auto Workers threaten to expand targeted strike if there is no substantive progress by Friday DETROIT — The United Auto Workers union is preparing to expand its strike against Detroit’s Big Three unless it sees progress in contract negotiations. — Lawyers for collapsed cryptocurrency exchange FTX Trading are accusing Sam Bankman-Fried’s parents of exploiting their influence over their …

FTX attorneys accuse Sam Bankman-Fried’s parents of unjustly enriching themselves with company funds
1 year, 3 months ago

FTX attorneys accuse Sam Bankman-Fried’s parents of unjustly enriching themselves with company funds

Associated Press  

— Lawyers for FTX Trading have filed a lawsuit accusing the parents of its founder Sam Bankman-Fried of exploiting their influence over their son to siphon millions of dollars from the company, while spending lavishly on a luxury home in the Bahamas and funneling contributions to their “pet causes” and Stanford University. “And together, Bankman and Fried siphoned millions of …

FTX attorneys accuse Sam Bankman-Fried's parents of unjustly enriching themselves with company funds
1 year, 3 months ago

FTX attorneys accuse Sam Bankman-Fried's parents of unjustly enriching themselves with company funds

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr. Ray and his massive team of lawyers, who …

FTX sues Sam Bankman-Fried’s parents to claw back funds
1 year, 3 months ago

FTX sues Sam Bankman-Fried’s parents to claw back funds

LA Times  

Barbara Fried, mother of former FTX Chief Executive Sam Bankman-Fried, leaves after a bail hearing for her son at Manhattan Federal Court on Aug. 11. The managers of bankrupt crypto exchange FTX sued the parents of co-founder and former Chief Executive Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds.” Allan Joseph Bankman and Barbara Fried …

Testimony from Sam Bankman-Fried’s trusted inner circle will be used to convict him, prosecutors say
1 year, 4 months ago

Testimony from Sam Bankman-Fried’s trusted inner circle will be used to convict him, prosecutors say

Associated Press  

NEW YORK — Testimony from FTX founder Sam Bankman-Fried’s “trusted inner circle” of former executives at his collapsed cryptocurrency empire will be used to prove at an October trial that he misappropriated billions of dollars from his investors to fuel his businesses, make illegal campaign contributions and enrich himself, prosecutors said Monday. The indictment said he sought to “maximize FTX’s …

FTX founder Sam Bankman-Fried’s lawyers say attempt to jail him before trial is wrong
1 year, 4 months ago

FTX founder Sam Bankman-Fried’s lawyers say attempt to jail him before trial is wrong

Associated Press  

NEW YORK — Lawyers for FTX founder Sam Bankman-Fried said Tuesday that prosecutors are wrong to seek his detention prior to trial because their arguments are built on “innuendo, speculation, and scant facts.” The written submission in Manhattan federal court was a response to the prosecution’s claim last week that no bail conditions can stop the onetime cryptocurrency power broker …

US judge tightens Sam Bankman-Fried's bail restrictions, will consider jailing him before FTX bitcoin exchange trial
1 year, 4 months ago

US judge tightens Sam Bankman-Fried's bail restrictions, will consider jailing him before FTX bitcoin exchange trial

Firstpost  

Prosecutors asked US District Judge Lewis Kaplan to detain Bankman-Fried at a hearing in Manhattan federal court, saying he had ‘crossed a line’ by sharing his former romantic partner’s personal writings with a reporter, which they said amounted to a second instance of witness tampering A US court increased Sam Bankman-Fried’s bail restrictions on Wednesday, limiting his capacity to speak …

FTX’s Bankman-Fried denies witness tampering, accepts gag order
1 year, 5 months ago

FTX’s Bankman-Fried denies witness tampering, accepts gag order

Al Jazeera  

Prosecutors seek to bar cryptocurrency exchange founder and his allies from making public statements that could interfere with the case. Lawyers for FTX founder Sam Bankman-Fried have rejected prosecutors’ claims that his discussions with a New York Times reporter amounted to witness tampering but agreed to accept a gag order, they say in a letter to the judge in the …

Prosecutors say FTX founder Sam Bankman-Fried is harassing a key witness at his upcoming trial
1 year, 5 months ago

Prosecutors say FTX founder Sam Bankman-Fried is harassing a key witness at his upcoming trial

Associated Press  

NEW YORK — FTX founder Sam Bankman-Fried is harassing a key witness against him at his upcoming trial by giving a newspaper personal things she wrote while she was the chief executive of his cryptocurrency hedge fund trading firm, prosecutors say. Prosecutors said lawyers for Bankman-Fried confirmed that their client had shared documents that were not currently part of trial …

FTX sues Bankman-Fried, others to recoup more than $1 billion
1 year, 5 months ago

FTX sues Bankman-Fried, others to recoup more than $1 billion

The Hindu  

FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, who led Bankman-Fried's Alameda Research hedge fund; former FTX technology chief Zixiao "Gary" Wang; and former FTX …

Prosecutors say Sam Bankman-Fried’s arguments to dismiss cryptocurrency charges are meritless
1 year, 6 months ago

Prosecutors say Sam Bankman-Fried’s arguments to dismiss cryptocurrency charges are meritless

Associated Press  

NEW YORK — Sam Bankman-Fried’s lawyers made meritless arguments in a bid to convince a judge to toss out criminal charges alleging that the FTX founder stole from investors in his multibillion dollar cryptocurrency fund, federal prosecutors said Monday. In papers filed in Manhattan federal court, prosecutors responded to early May filings in which Bankman-Fried’s lawyers insisted that the United …

FTX founder Bankman-Fried charged with paying $40M bribe
1 year, 8 months ago

FTX founder Bankman-Fried charged with paying $40M bribe

Associated Press  

NEW YORK — FTX founder Sam Bankman-Fried was charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a newly rewritten indictment unsealed Tuesday. The indictment said Chinese law enforcement authorities in early 2021 froze certain Alameda cryptocurrency trading accounts containing about $1 billion in cryptocurrency on two …

Sam Bankman-Fried’s latest defense, on Substack, is utterly unconvincing.
1 year, 11 months ago

Sam Bankman-Fried’s latest defense, on Substack, is utterly unconvincing.

Slate  

This article is from Full Stack Economics, a newsletter about the economy, technology, and public policy. So when panicked customers started trying to pull their money out of FTX in early November, FTX couldn’t get customer funds back from Alameda. Special Rules for Alameda One of FTX’s biggest selling points has always been that it has a sophisticated “liquidation engine” …

FTX founder Sam Bankman-Fried pleads not guilty to charges of cheating and misleading investors
1 year, 11 months ago

FTX founder Sam Bankman-Fried pleads not guilty to charges of cheating and misleading investors

Firstpost  

FTX’s Sam Bankman-Fried has denied all charges against him and will start facing a trial on October 2. FTX founder Sam Bankman-Fried has pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October. Bankman-Fried, 30, denied charges …

FTX founder Sam Bankman-Fried pleads not guilty to fraud
1 year, 11 months ago

FTX founder Sam Bankman-Fried pleads not guilty to fraud

The Hindu  

FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court on January 3 to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October. Mr. Bankman-Fried denied charges accusing him of illegally diverting massive sums of customer money from FTX to make lavish real estate …

FTX founder Sam Bankman-Fried pleads not guilty to fraud
1 year, 11 months ago

FTX founder Sam Bankman-Fried pleads not guilty to fraud

Associated Press  

NEW YORK — FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October. Bankman-Fried’s attorney, Mark Cohen, announced his client’s plea, saying: “He pleads not guilty to all counts.” Afterward, Judge Lewis A. …

What went wrong at Sam Bankman-Fried’s FTX? Bill Ackman has a theory
2 years ago

What went wrong at Sam Bankman-Fried’s FTX? Bill Ackman has a theory

Live Mint  

FTX's Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions". Sharing his theory on the crisis, well-known American Investor and hedge fund manager Bill Ackman in a series of tweets said, “It appears that FTX …

FTX’s Bankman-Fried, charged with ’epic’ fraud, released on $250 million bond
2 years ago

FTX’s Bankman-Fried, charged with ’epic’ fraud, released on $250 million bond

Live Mint  

Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions". US Magistrate Judge Gabriel Gorenstein set Bankman-Fried's next court date for Jan. 3, 2023, before U.S. District Judge Ronny Abrams, who will handle the case. In …

Lawmakers to hold FTX hearing despite former CEO arrest
2 years ago

Lawmakers to hold FTX hearing despite former CEO arrest

Associated Press  

NEW YORK — The House Financial Services Committee plans to hold a hearing into the collapse of crypto exchange FTX on Tuesday, but its star witness will be missing. Sam Bankman-Fried was scheduled to testify in front of the House Financial Services Committee, along with the company’s current CEO, John Ray III. Rep. Maxine Waters, D-Calif. and chairwoman of the …

US charges FTX’s Bankman-Fried with fraud, bail denied in Bahamas
2 years ago

US charges FTX’s Bankman-Fried with fraud, bail denied in Bahamas

Al Jazeera  

Prosecutors said he defrauded customers by misappropriating their deposits to pay for expenses, debts and investments. Scheme to defraud In the indictment, prosecutors said Bankman-Fried had engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his cryptocurrency hedge fund, Alameda Research LLC. “While he …

US charges FTX’s Bankman-Fried with fraud, bail denied in Bahamas
2 years ago

US charges FTX’s Bankman-Fried with fraud, bail denied in Bahamas

Al Jazeera  

Prosecutors said he defrauded customers by misappropriating their deposits to pay for expenses, debts and investments. Scheme to defraud In the indictment, prosecutors said Bankman-Fried had engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his cryptocurrency hedge fund, Alameda Research LLC. “While he …

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