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☆ Trump’s former ‘thug’ Michael Cohen set for trial-defining testimony in hush money case
▼ + stars: | 2024-05-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Cohen’s testimony is set to be the critical moment of the hush money trial that could make Trump the first ex-president to be convicted of a crime. He has talked extensively about his desire to see President Trump go to prison. He has talked extensively about his desire to see President Trump’s family go to prison. He has talked extensively about President Trump getting convicted in this case,” Blanche said. While the hush money trial harks back to the 2016 election, its end game could play a significant role in the destiny of the White House eight years later.

Persons: CNN — Michael Cohen, Donald Trump’s “, Trump, Stormy Daniels, —, Cohen, Daniels, ” Cohen, “, Matthew Colangelo, “ Cohen, ”, ” Colangelo, Anthony Scaramucci, Donald Trump, Michael Cohen, CNN’s Jake Tapper, Todd Blanche, Trump’s, ” Blanche, John Dean, Roy Cohn, He’s, Judge Juan Merchan, Fani Willis, Joe Biden, he’s Organizations: CNN, Trump, Republican, Trump Organization, House, Nixon White, “ CNN, Mr, Fulton, White House, GOP Locations: Russia, New York, Florida, Fulton County

☆ Trump asked top oil execs for $1 billion campaign cash in exchange for environmental policy rollbacks, report says
▼ + stars: | 2024-05-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The transactional campaign promise indicates what a second Trump presidency would mean for the White House's environmental agenda. Pornsak Na Nakorn/EyeEm/GettyWhile Biden has positioned the climate crisis as an existential threat and championed aggressive environmental regulations, Trump has dismissed it as a hoax and systematically dismantled environmental protections during his tenure. Related storiesSince taking office in 2021, Biden has swiftly reversed many of Trump's environmental actions, including blocking future oil drilling in the Alaskan Arctic. However, despite oil industry grievances over Biden's policies, the US has experienced record oil production, leading to substantial profits for major energy companies like ExxonMobil and Chevron, said The Post. As the campaign trail heats up, Trump's message to the oil industry remains clear: support him, and he'll deliver on their demands.

Persons: —, Donald Trump, Joe, Trump, Getty, Biden, BI's Benji Jones, he'll Organizations: Service, Lago Club, The Washington Post, Business, Democratic, Post, Keystone XL, ExxonMobil, Chevron, Trump, Fox News, Iowa Locations: Gulf of Mexico

“It was Michael Cohen,” Davidson responded. Cohen is the only witness who will testify about Trump’s alleged involvement in both the decision to pay Daniels and the plan to reimburse Cohen for advancing the money. Prosecutors allege that during the February meeting, Trump and Cohen agreed how Cohen would be paid back. Arguably the most negative assessment of Cohen came from Davidson, who negotiated the hush money deal with Cohen on Daniels’ behalf in 2016. “There were times where Mr. Cohen did things that you felt were not helpful to what you were trying to accomplish, right?” Bove asked Trump’s 2016 campaign press secretary.

Persons: Michael Cohen, Donald Trump’s, Cohen, Stormy Daniels, David Pecker, Hope Hicks, “, Daniels, Keith Davidson, Daniels ’, Gina Rodriguez –, “ Gina, Keith, ’ ” Davidson, ”, Joshua Steinglass, ” Davidson, Trump, Trump’s, Pecker, ” Steinglass, Todd Blanche, Elie Honig, Cohen’s, antagonizing Trump, Juan Merchan, Merchan, Cohen ’, Emil Bove, ” Pecker, Bove, Gary Farro, ” Farro, Davidson, ” Cohen, Christ, I’m, I’ve, ’ ”, Jeff McConney, ” McConney, Matthew Colangelo, Hicks, –, ” Bove, ” Hicks Organizations: CNN, Trump, National Enquirer, American Media Inc, Prosecutors, Office, Daniels, Trump Organization Locations: Manhattan, Trump’s New York, Moscow, thedirty.com, Washington

☆ Michael Cohen: A challenging star witness in Donald Trump's hush money trial
▼ + stars: | 2024-05-12 | by ( ) www.cnbc.com time to read: +4 min

Michael Cohen, former attorney for Donald Trump, leaves after attending the Trump Organization civil fraud trial in New York State Supreme Court in the Manhattan borough of New York City on Oct. 24, 2023. Now Michael Cohen is prosecutors' biggest piece of legal ammunition in the former president's hush money trial. There is his tortured history with Trump, for whom he served as personal attorney and problem-zapper until his practices came under federal investigation. That led to felony convictions and prison for Cohen but no charges against Trump, by then in the White House. Those arrangements, which Manhattan District Attorney Alvin Bragg's office portrays as a multipronged scheme to keep information from voters, are now under a microscope at Trump's hush money trial.

Persons: Michael Cohen, Donald Trump, Cohen, Trump, Richard Serafini, Loyalist, Cohen's, dings, Alvin Bragg's, reimbursements, Stormy Daniels, Daniels Organizations: Trump Organization, Court, Reuters, Trump, FBI, National Enquirer, Manhattan Locations: New York, Manhattan, New York City, Florida

☆ Louisiana parishioners confront teen who entered church with a gun during children’s mass, police say
▼ + stars: | 2024-05-12 | by ( Chris Boyette | Elizabeth Wolfe | ) edition.cnn.com time to read: +4 min

CNN —A mass celebrating a group of children’s first communion at a church in southern Louisiana was interrupted Saturday when a 16-year-old boy armed with a gun walked in, the church and police said. The incident happened in Abbeville at the St. Mary Magdalen Church when a “suspicious person” opened the back door of the church while mass was underway, the church said in a statement. Parishioners immediately confronted the person, took him outside and called the police, the church said in a message to its community. Some parishioners in the front pews appeared concerned and were turning around to look toward the back of the church, the video shows. CNN also reached out to St. Mary Magdalen Church for more information.

Persons: Mary Magdalen, ”, Father Nicholas DuPré, DuPré, Go, He’s, Mike Hardy, “, “ Grant, Grant, Mary Magdalen Parish, CNN’s Rafael Romo, Yan Kaner Organizations: CNN, Mary Magdalen Church, Authorities, Abbeville Police Department, Mary Magdalen Catholic, Abbeville Police, FBI, Facebook, National Register of Historic Places Locations: Louisiana, Abbeville, St, ” St, Vermilion Parish, Lafayette

☆ Trump's 'multi-tasking' defense is falling apart in court
▼ + stars: | 2024-05-12 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

AdvertisementThis is one of the arguments Donald Trump's lawyers have advanced in his defense for his hush-money trial: Trump didn't do anything wrong. Cohen met with Allen Weisselberg, the now-former Trump Organization CFO, in January of 2017 to hash out how he'd get reimbursed by Trump and the Trump Organization, according to records shown at trial. Occasionally, he'd write "VOID" on one he didn't want to be paid, according to Trump Organization employee Deborah Tarassoff. If Trump had a question about a check, he'd talk with a Trump Organization employee about it, Westerhout testified. Advertisement"Am I correct that when he would sign checks, he was often multitasking?"

Persons: —, Donald, Trump, Michael Cohen, reimbursing Michael Cohen —, Stormy Daniels, Daniels, Cohen, Hope Hicks, Hicks, Susan Necheles, Madeleine Westerhout, Necheles, Westerhout, he's, — Trump, Allen Weisselberg, he'd, Weisselberg, Jeffrey McConney, Trump's, Keith Schiller, Deborah Tarassoff, Tarassoff, Rhona Graff, Donald Trump, Westerhout didn't, Rebecca Manochio, Manochio, Graff, what's Organizations: Service, Business, FBI, The Manhattan, Attorney's, Trump Organization, Wall Street, Trump, Washington Post, FedEx, White, Manhattan, New York Locations: United States, New York, North Korea, Russia, Manhattan, Washington, DC, New York City, Westchester

AdvertisementThe unprecedented criminal trial of a former US president has delivered several stunning moments so far. Jurors get a peek at the 34 records at the heart of the caseTwo weeks into Trump's trial, jurors finally saw the paperwork at the heart of the matter. A courtroom sketch of Stormy Daniels on the witness stand in Donald Trump's hush-money trial. On the stand, Daniels said Trump told her she reminded him of his daughter, commenting on her blond hair and beauty. Trump's legal team requested a mistrial on the basis of Daniel's testimony.

Persons: —, Donald Trump, Trump, Stormy Daniels, Michael Cohen —, Hope Hicks, Cohen, Daniels, Hicks, Andrew Harnik, Jeffrey McConney, Deborah Tarassoff —, Alvin Bragg, Stephanie Clifford, Donald Trump's, Jane Rosenberg, Juan Merchan, audibly, Merchan, Judge Merchan, MARK PETERSON, Donald, Von ShitzInPantz, Todd Blanche, Joe Biden, Blanche, Cohen's Organizations: Service, Business, White House, Trump, White House Communications, AP, Trump Organization, Prosecutors, Reuters, Truth, Manhattan Criminal, Getty Locations: Manhattan, Lake Tahoe, New York City

☆ Sam Bankman-Fried has a new currency to trade in prison: rice
▼ + stars: | 2024-05-10 | by ( Sarah Gray | Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried, who was convicted on seven counts, gave an interview from prison to Puck. SBF told Puck he spends his days in a large dormitory room with 35 other men. He said he lives off beans and rice purchased from the commissary, and his rice is now prison currency. AdvertisementSam Bankman-Fried has a new currency to trade in prison at the Metropolitan Detention Center in Brooklyn. He told Puck that he has not been abused and does not "fear for his safety."

Persons: Sam Bankman, SBF, Puck, —, Fried, William D, Cohan, Cromwell, Damian Williams, Crypto, FTX Organizations: Service, Metropolitan Detention, Alameda Research, Puck News, Bureau of Prisons, Business, Sullivan Locations: Puck, Brooklyn, Alameda

☆ Fat Brands and chair Andy Wiederhorn indicted in $47 million 'sham' loan scheme
▼ + stars: | 2024-05-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

Federal authorities on Friday charged Fat Brands and its chair Andy Wiederhorn of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Fat Brands, Wiederhorn and a few other people were criminally indicted by a federal grand jury in Los Angeles for wire fraud, tax evasion and other counts related to the alleged scheme. "These charges are unprecedented, unwarranted, unsubstantiated and unjust," Fat Brands counsel Brian Hennigan said in a statement. As chief executive of Fat Brands, Wiederhorn, 58, allegedly directed the company to loan its own funds to him, with no intention of ever paying the "sham" loans back, according to the indictment. He also did not report any of the so-called loans from Fat Brands as income, according to the indictment.

Persons: Andy Wiederhorn, Johnny, Brian Hennigan, Wiederhorn, overreach —, Nicola Hanna, Wiederhorn's, Thayer, Ron Roe, Rebecca Hershinger, William Amon Organizations: Brands, Johnny Rockets, U.S . Securities, Exchange Commission, Fat Brands, SEC, Fog, Wiederhorn Locations: Los Angeles, Oregon, U.S

☆ Live Updates: Former White House Aide Will Return to Stand in Trump Trial
▼ + stars: | 2024-05-10 | by ( Matthew Haag | ) www.nytimes.com time to read: +6 min

The judge denied the request and Mr. Trump’s second motion this week for a mistrial. Mr. Trump, 77, has denied the charges and says he did not have sex with Ms. Daniels. Credit... Todd Heisler/The New York TimesThe defense did get Ms. Daniels to concede that she had made money from the scandal. When Ms. Daniels stepped down from the stand Thursday afternoon, Mr. Trump stared at a monitor, not glancing up as she walked by. Image Madeleine Westerhout described life in the Oval Office, including Mr. Trump signing checks there.

Persons: Donald J, Stormy Daniels, Trump, Susan Necheles, Daniels’s, Necheles, ”, Daniels, Trump’s, Todd Blanche, Juan M, Todd Heisler, Mr, Necheles’s, “, Ms, Lucas Jackson, Thursday’s, Madeleine Westerhout, Bill O’Reilly —, Erin Schaff, Westerhout, Michael D, Cohen Organizations: Trump, New York Times, Trump . Credit, Trump glowered, Prosecutors, White House, The New York Times Locations: Nevada, Lake Tahoe, Trump .

☆ Appeals court upholds Trump White House aide Steve Bannon contempt of Congress conviction
▼ + stars: | 2024-05-10 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Steve Bannon, former adviser to Donald Trump, arrives to federal court in Washington, D.C., U.S., on Wednesday, March 16, 2022. A federal appeals court on Friday upheld the criminal contempt of Congress conviction of former Trump White House senior aide Steve Bannon for refusing to testify and provide documents to the House committee that investigated the Jan. 6, 2021, attack on the U.S. Capitol. Circuit Court of Appeals for the District of Columbia Circuit makes it more likely that Bannon will soon have to begin serving a sentence of four months in jail for his conviction of two counts of contempt of Congress. But Bannon could ask the full judicial line-up of the D.C. He also could ask the U.S. Supreme Court to take an appeal of Friday's ruling.

Persons: Steve Bannon, Donald Trump, Bannon, Peter Navarro Organizations: Washington , D.C, Trump White House, U.S . Capitol, U.S, Circuit, Appeals, District of Columbia Circuit, Supreme Locations: Washington ,, U.S

☆ Social Security Administration to expand access to certain benefits through several upcoming changes
▼ + stars: | 2024-05-10 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Kate_sept2004 | E+ | Getty ImagesUpdates to definition of public-assistance householdThe agency on Thursday announced a new rule to expand the definition of a public-assistance household. Now, households that receive Supplemental Nutrition Assistance Program, or SNAP, payments and those where not all members receive public assistance will be included. "By simplifying our policies and including an additional program geared towards low-income families, such as the SNAP, we are removing significant barriers to accessing SSI," Social Security Commissioner Martin O'Malley said in a statement. SNAP is the first public income maintenance benefit to be added to the public-assistance household definition since 1980, according to the Social Security Administration. Other rule changes to help beneficiariesThe Social Security Administration is also working to address outdated practices through two other rules that are set to go into effect on Sept. 30.

Persons: Martin O'Malley, Darcy Milburn, Milburn, Brown Organizations: Assistance, SNAP, SSI, Social Security Administration, Social, Social Security, National Disability Institute, SSA

☆ Hunter Biden gun case: Appeals court refuses to toss Delaware case
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A federal appeals court on Thursday rejected a request by Hunter Biden to toss the pending criminal gun case against him, saying that his appeal was premature. The ruling clears the way for Hunter Biden's trial in the case to start on June 3 in U.S. District Court in Delaware. Biden is the son of President Joe Biden. The appeals panel, whose decision was unanimous, did not rule on the merits of Biden's arguments that the indictment should be dismissed. If Biden is convicted at trial, he could renew the arguments for dismissal with the same appeals court that it declined to consider in its order Thursday.

Persons: Hunter Biden, Joe Biden, Hunter Biden's, Biden, Abbe Lowell, Lowell, Maryellen Noreika Organizations: Republican, O'Neill, 3rd Circuit U.S, Circuit, Supreme, U.S, District, Republicans Locations: Washington , U.S, U.S, Delaware, Congress

☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

Connected fitness company Hydrow, which Peloton once tried to buy, is growing sales and has acquired a majority stake in strength training company Speede Fitness as gymgoers move away from cardio exercises in favor of weights, the company told CNBC on Thursday. It said it acquired Speede Fitness so it can expand into strength training, one of the fastest-growing segments in fitness today. Hydrow's acquisition and sales growth come as Peloton, which is credited with creating the connected fitness market, struggles to turn around a slowing business. Hydrow's delivered unit sales for its connected rowing machine jumped 23% this year from the year-ago period. Peloton debuted its rowing machine, the Peloton Row, in September 2022, but has done little to advertise or highlight the $3,000 machine.

Persons: Hydrow, Bruce Smith, John Stellato, Smith, Travis Kelce, Justin Timberlake, Thomas Fitzgerald, Hydrow's Organizations: CNBC, Kansas City Chiefs

☆ Man who attacked 3 NYPD officers with machete on New Year’s Eve 2022 sentenced to 27 years in prison
▼ + stars: | 2024-05-09 | by ( Rob Frehse | ) edition.cnn.com time to read: +2 min

CNN —The man who attacked three New York City police officers with a machete on New Year’s Eve in 2022 has been sentenced to 27 years in prison, federal prosecutors announced Thursday. “Inspired by radical Islamic extremism, Trevor Bickford brutally attacked three NYPD officers who were just doing their jobs by protecting the public during the Times Square New Year’s Eve festivities,” US Attorney Damian Williams said in a Thursday statement. He then swung the blade at a third officer, who shot him in the shoulder, according to police. Bickford later admitted he intended to kill as many military-aged, government-employed men as he could before himself becoming a martyr, CNN has previously reported. He had planned to travel overseas to support the Taliban but ultimately decided to turn his attention to an attack in the US, the release said.

Persons: Trevor Bickford, Damian Williams, ” “, ” Williams, Bickford, ”, “ Organizations: CNN, New York City, Times, New, Attorney’s, US Locations: New York City, Maine, New York, ”

☆ Financier Found Guilty in Trump Media Insider Trading Trial
▼ + stars: | 2024-05-09 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Federal prosecutors had charged Bruce Garelick with five counts of securities fraud and conspiracy. The information helped two brothers — Michael Shvartsman and Gerald Shvartsman — make nearly $23 million in illegal trading profits by buying Digital World securities in advance of the announcement, which sent the stock soaring. Mr. Garelick, who worked for Michael Shvartsman at a small Miami-based venture capital firm, Rocket One, made about $50,000 by trading off what the authorities said was nonpublic information. Last month, the Shvartsman brothers decided to forgo a trial and pleaded guilty to securities fraud charges. In their plea agreements, prosecutors have recommended a sentence of roughly four to five years for Michael Shvartsman and three to four years for his younger brother.

Persons: Donald J, Bruce Garelick, Garelick, — Michael Shvartsman, Gerald Shvartsman —, Michael Shvartsman Organizations: Trump Media & Technology Group, Truth, Acquisition Corporation, Digital Locations: Manhattan, Miami

☆ How Apple's record $100 billion-plus stock buyback benefits shareholders
▼ + stars: | 2024-05-09 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Apple 's latest $110 billion stock buyback authorization is the granddaddy of them all — the biggest in corporate history. Assuming an average annual $100 billion buyback by the Club name going forward, we wanted to look at just how much that is worth to shareholders. With more records set for its installed base of active devices and services in Q2, Apple stock rose nearly 6% on Friday, the session following Thursday evening's release. The net cash position is important because Apple aims to be net cash neutral over time. At a valuation of 28 times earnings, we arrive at a share price of about $182 each, right around where it was trading Wednesday.

Persons: let's, Apple, Jim Cramer's, Jim Cramer, Jim, Gary Hershorn Organizations: Apple, Club, Vision, Vision Pro, CNBC, Corbis, Getty

☆ Americans are shopping less but they’re still spending on flights, hotels and Disneyland
▼ + stars: | 2024-05-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Consumers may be fed up with high prices at the store, but they’re still willing to splurge on travel. Other key players in the travel industry have reported a similar trend this earnings season. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. They’ve even become frugal with some experience-based spending like dining out, opting instead to eat at home. “We saw a healthy but more normalized market environment for travel globally,” CEO Peter Kern told analysts on May 2.

Persons: they’re, ”, Hugh Johnston, it’s, Ed Bastian, Kathleen Oberg, “, Peter Kern, ” FTX, FTX, Sam Bankman, Fried, Olesya Dmitracova, Read, Tesla, Anna Cooban, André, Elon Musk’s Organizations: CNN Business, Bell, New York CNN, Delta Air, ” United Airlines, Marriott International, Marriott, Disney, Expedia Group, Alameda Research, CNN, RTL Locations: New York, Hong Kong, California, Florida, Alameda, Berlin, Germany, Europe

☆ Stormy Daniels Returns to the Stand
▼ + stars: | 2024-05-09 | by ( Matthew Haag | More About Matthew Haag | ) www.nytimes.com time to read: +1 min

The woman who said she had a one-night sexual encounter with a man who became president will take the witness stand again on Thursday in a Lower Manhattan courtroom. The witness, Stormy Daniels, on Tuesday started to tell her account — sometimes nervously, sometimes graphically and often quickly — of a liaison in a Nevada hotel suite with that man, Donald J. Trump. The court session took its weekly Wednesday break with Ms. Daniels about to discuss the $130,000 hush-money deal paid by Mr. Trump’s former fixer, Michael D. Cohen, in the days before the 2016 election. The 34 felony counts against Mr. Trump stem from his repayment to Mr. Cohen after he became president, and the recording of the checks as “legal expenses” at the Trump Organization. Prosecutors say it was a deliberate mislabeling meant to conceal the hush-money deal and amount to a falsification of business records.

Persons: Stormy Daniels, Donald J, Trump, Daniels, Trump’s, Michael D, Cohen Organizations: United, Trump Organization, Prosecutors Locations: Lower Manhattan, Nevada, United States

☆ Georgia appeals court will hear Trump bid to disqualify D.A. Fani Willis in election case
▼ + stars: | 2024-05-08 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Fani Willis, the district attorney of Fulton County, Georgia, photographed on Sept. 20, 2022, and former President Donald Trump, photographed on Aug. 8, 2023. A Georgia appeals court Wednesday agreed to hear a bid by Donald Trump to disqualify Fulton County District Attorney Fani Willis from the former president's criminal election interference case. Trump still faces 10 criminal counts in Willis' case. That order grants Trump's application to appeal McAfee's disqualification ruling while Willis' case is ongoing. The appeals court gave Trump 10 days to file the notice of appeal.

Persons: Fani Willis, Donald Trump, Scott McAfee, Willis, Trump, Joe Biden, Steve Sadow, Fulton County DA Willis, Nathan Wade, Wade, McAfee Organizations: Fulton, Trump, Fulton County, Georgia, McAfee, Trump —, NBC Locations: Fulton County , Georgia, Georgia, Fulton County, Georgia's

☆ Bill Hwang, Whose Firm Archegos Collapsed in 2021, Is About to Go on Trial
▼ + stars: | 2024-05-08 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Three years ago, a multibillion-dollar investment firm called Archegos Capital Management blew up with little warning, causing big losses for some Wall Street banks and leading to federal criminal charges against the firm’s founder, Bill Hwang. On Wednesday, Mr. Hwang, 60, who was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation, is set to go on trial in Manhattan federal court. Federal prosecutors are seeking to secure a conviction in a major stock market manipulation case in which Mr. Hwang, whose legal name is Sung Kook Hwang, was one of the big financial losers. Archegos had managed money mainly for Mr. Hwang, his family and some of his employees, and much of his family’s wealth was wiped out when the firm collapsed in March 2021. Also on trial with Mr. Hwang is Patrick Halligan, the former chief financial officer of Archegos.

Persons: Bill Hwang, Hwang, Sung Kook Hwang, Archegos, Patrick Halligan Organizations: Archegos Capital Management, Authorities Locations: Manhattan, Wall

☆ FTX bankruptcy plan: collapsed firm says it can pay most creditors back in full
▼ + stars: | 2024-05-08 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan. “The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement. Ray, a restructuring specialist, took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy. “We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” John J. Ray III, FTX CEO and chief restructuring officer, said in Tuesday’s statement. If his plan is approved by the United States Bankruptcy Court for the District Court of Delaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.

Persons: London CNN — FTX, ” FTX, FTX, Sam Bankman, Fried, ” John J, Ray III Organizations: London CNN, Alameda Research, Enron, United States Locations: Alameda, Delaware

☆ Theranos founder Elizabeth Holmes' prison time gets shortened — again
▼ + stars: | 2024-05-08 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes has once again had her prison time shortened. She got a few more months trimmed off for a new projected release date of August 16, 2032. She was originally sentenced to 11.25 years, but soon after reporting to prison her projected release date moved up 2 years. AdvertisementElizabeth Holmes' prison time is getting shorter, again. Her projected release date is now August 16, 2032, a change from her previously listed December 29 projected release for later that same year, according to Federal Bureau of Prisons records.

Persons: Elizabeth Holmes, —, Holmes Organizations: Service, Federal Bureau of Prisons, NBC News, Prosecutors Locations: Silicon, Bryan , Texas

☆ Laken Riley killing: Man accused of killing nursing student indicted on murder and ‘peeping Tom’ charges
▼ + stars: | 2024-05-08 | by ( Devon M. Sayers | Eric Levenson | ) edition.cnn.com time to read: +3 min

CNN —The man accused of killing nursing student Laken Riley in February was indicted Wednesday on charges of murder and aggravated assault with intent to rape as well as for an earlier incident in which he allegedly peeped into the window of a student. Riley, a 22-year-old Augusta University College of Nursing student, was killed on February 22 while out for a run on the University of Georgia’s campus. Ibarra struck Riley in the head with a rock multiple times and asphyxiated her, according to the indictment. Ibarra, of Athens, Georgia, is an undocumented immigrant from Venezuela who was not a university student. Clarke County Sheriff’s OfficeThe killing and suspect’s immigration status renewed debate on the country’s immigration policies at the highest level.

Persons: Laken Riley, Jose Antonio Ibarra, Tom, Riley, Ibarra, “, Tom ”, Investigators, ” Jose Antonio Ibarra, Joe Biden, “ Laken Riley, legals, ” Biden, ” Organizations: CNN, Augusta University College of Nursing, University of Georgia’s, University of Georgia, State, MSNBC Locations: Athens , Georgia, Venezuela, Clarke, Georgia

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