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The witnesses painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia, FTX, ” Caroline Ellison Ms, Ellison, Ms, Gary Wang Mr, Wang, ”, coder, Nishad Singh Mr, Singh, Gabe, Gabe Bankman, ” Mr, Prosecutors, Barbara Fried, Nishad Singh, Sun, ’ Organizations: Alameda Research, Massachusetts Institute of Technology, Stanford, Mr, Prosecutors, America Locations: Bahamas, Alameda, Binance, Pandemics

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

NEW YORK (AP) — 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. Bankman-Fried, 31, who has been jailed since August, was brought to the United States from the Bahamas last December after he was charged in Manhattan federal court. Defense lawyers say Bankman-Fried had no criminal intent as he took actions to try to save his businesses after the cryptocurrency market collapsed. The others are Carolyn Ellison, Alameda Research's former chief executive and a former girlfriend of Bankman-Fried, and Nishad Singh, the former engineering director at FTX. He said he lived with Bankman-Fried and other top executives in June or July of 2022 when he told Bankman-Fried one day that he was concerned that Alameda owed FTX a large debt.

Persons: — Prosecutors, Sam Bankman, Fried, Gary Wang, Fried's, Wang, FTX “, ” Wang, Lewis A, Kaplan, Carolyn Ellison, Nishad Singh, Adam Yedidia, Bankman, “ Sam, ” Organizations: —, New, Alameda Research, FTX, Bankman Locations: New York, Alameda, United States, Bahamas, Manhattan, Bankman, Fried, China, Minnesota, FTX

☆ Stanford University says it will return all gifts from bankrupt crypto exchange FTX
▼ + stars: | 2023-09-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Stanford University said it will be returning gifts it received from bankrupt crypto exchange FTX “in their entirety,” after a lawsuit against founder Sam Bankman-Fried’s parents alleged the school received millions of dollars in donations. The school said it received the gifts from the FTX Foundation and its related companies “for pandemic-related prevention and research,” a Stanford spokesperson said. “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” the spokesperson said. Bankman donated more than $5.5 million in FTX Group donations to his employer, Stanford University, the lawsuit alleges. FTX went bankrupt last November as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds.

Persons: Sam Bankman, ”, “, FTX, Joe Bankman, Barbara Fried, Bankman, Fried, Joe, Barbara Organizations: New, New York CNN — Stanford University, FTX Foundation, Stanford, FTX Group, Stanford University Locations: New York

☆ Shaq is finally served in FTX investor suit, lawyers say
▼ + stars: | 2023-04-17 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —After months of attempting to serve Shaquille O’Neal in a lawsuit against celebrities who endorsed the now-bankrupt FTX crypto platform, lawyers for a group of FTX investors said they finally succeeded on Sunday. “Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house,” the Moskowitz Law Firm tweeted. O’Neal was the last of the celebrities in the class-action suit to be served a legal notice, according to court documents. FTX collapsed into bankruptcy on November 11 after depositors and investors yanked their money amid concerns about the platform’s balance sheet. Bankman-Fried, who was arrested in December and is out on house arrest, has pleaded not guilty to 13 counts of fraud and conspiracy.

FTX co-founder Sam Bankman-Fried, who is accused of misappropriating billions of dollars deposited in the crypto currency exchange, will be released on $250 million personal recognizance bond, a federal judge in New York ruled Thursday. Bankman-Fried, wearing a dark blue suit and tan shoes, walked into court with shackles around his ankles. A recognizance bond is a written commitment from the accused to appear in court when ordered. Bankman-Fried’s parents, both Stanford Law professors, were in the courtroom. Sam Bankman-Fried, center, arrives at the Magistrate Court building for a hearing in Nassau, Bahamas, on Dec. 21, 2022.

New York CNN —FTX founder Sam Bankman-Fried was indicted on eight criminal charges including wire fraud and conspiracy by misusing customer funds, according to an indictment from the US Attorney of the Southern District of New York. Separately Tuesday, US markets regulators charged Bankman-Fried with defrauding investors and customers in his failed crypto exchange FTX. The Securities and Exchange Commission said Bankman-Fried, “orchestrated a years-long fraud” to conceal from FTX investors the diversion of customer funds to Alameda Research, his crypto-trading hedge fund. Star athletes and celebrities who backed FTX also reportedly received a stake in the company, including Tom Brady and Gisele. That meant there was no meaningful distinction between FTX customer funds and Alameda’s funds that Bankman-Fried used as his “personal piggy bank,” the complaint says.

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