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☆ Sam Bankman-Fried faces sentencing this week. Here’s what to expect
▼ + stars: | 2024-03-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Sentencing is a much more fluid process, with both sides allowed to make sweeping arguments to try to make their case to the judge. But instead, his life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money,” prosecutors wrote in a memo. In a letter to the court, Marc Mukasey, the lawyer Bankman-Fried retained for sentencing, called the government’s memo “disturbing” and accused the government of trying to “break” Bankman-Fried. His behavior may come back to haunt Bankman-Fried in sentencing, Fischer said. But legal experts say that even if 100% of FTX customers get their money back, it’s not necessarily going to sway the judge to go easy on Bankman-Fried.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, Kaplan, Howard Fischer, Moses Singer, Prosecutors, Fried, Marc Mukasey, Bankman, ” Mukasey, “, Sam, ’, Caroline Ellison, Fischer, ” Ellison, Bernie Madoff, it’s, ’ ”, John Ray, ” Ray Organizations: New, New York CNN, Southern, of, Prosecutors, Bankman, MIT, Detention, ” Prosecutors, Alameda Research Locations: New York, Manhattan, of New York, Palo Alto , California, Brooklyn, Bankman, FTX, Alameda

☆ Sam Bankman-Fried built a career around big risks. Now he’s making his biggest wager yet
▼ + stars: | 2023-10-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —FTX founder and former CEO Sam Bankman-Fried has made a career out of risky bets that, for a while, paid off. Typically, defense attorneys advise their clients not to testify because it leaves them vulnerable to grilling by the prosecution. But at this point, Bankman-Fried doesn’t have much of a choice, legal experts say. Before his world came undone last year, Bankman-Fried was a rising star, even outside the insular world of crypto. It nonetheless helped to propel his star power and secure a $32 billion valuation for FTX.

Persons: New York CNN —, Sam Bankman, Fried, ”, Howard Fischer, Moses Singer, “, ” Fischer, Cory Booker, Caroline Ellison, Mary, — Organizations: New, New York CNN, Prosecutors, SEC Locations: New York

☆ Sam Bankman-Fried’s trial has started. Here’s what you need to know
▼ + stars: | 2023-10-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn

☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. Among the dealers on Binance.US was Merit Peak, according to company messages, the trading firm managed by CEO Zhao. From January to March 2021, the account records show that Merit Peak received 89 transfers from the Binance.US SEN account totalling $404 million. These transfers often immediately followed a deposit into the Binance.US account by Prime Trust, the crypto custodian firm for Binance.US client funds.

☆ FTX: Customers who trusted crypto giant may be left with nothing
▼ + stars: | 2022-11-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But a liquidity crunch last week forced FTX to halt withdrawals, leaving customers and investors in limbo. In theory, FTX’s customers should get a cut of what’s left of the company’s assets at the end of the bankruptcy process. And FTT coins, the crypto token issued by FTX, have lost more than 90% of their value over the past week.) But I think this is actually good for the industry long-term.”The giant crypto exchange briefly emerged as a lifeline for FTX before reversing course last week. Correction: An earlier version of this article misstated the name of the law firm Loeb & Loeb.

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