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Sam Bankman-Fried has been sentenced to 25 years in prison. US District Judge Lewis Kaplan sentenced Bankman-Fried Thursday to 25 years in prison. In his sentencing, Kaplan described Bankman-Fried as ambitious and deceitful, willing to gamble with his customers' livelihoods. He knew it was criminal," Kaplan said as Bankman-Fried slumped in his chair. AdvertisementNow that Bankman-Fried's sentencing is over, Kaplan, the judge, will likely swiftly order sentencing hearings for Ellison, Wang, and Singh.

Persons: Sam Bankman, Fried, —, Lewis Kaplan, Bankman, Kaplan, Prosecutors, Bernie Madoff, Marc Mukasey, Mukasey, perjured, it's, FTX, Caroline Ellison, Gary Wang, Nishad Singh —, Ellison, Wang, Singh, Ryan Salame, I've, didn't, John J, Ray III, Ray, Joseph Bankman, Barbara Fried Organizations: Service, Justice Department, FTX, Alameda Research, Prosecutors, Detention, Federal Bureau of Prisons Locations: Manhattan, FTX, Bahamas, Washington , DC, Brooklyn's, San Francisco

☆ FTX's victims may get all their money back. The judge sentencing Sam Bankman-Fried might not care.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Sam Bankman-Fried bilked FTX customers out of over $8 billion, according to prosecutors. AdvertisementAccording to federal prosecutors, Sam Bankman-Fried orchestrated one of the biggest criminal frauds in the history of the world. According to his lawyers, FTX's customers might get all their money back. According to prosecutors, Bankman-Fried was responsible for more than $11 billion in fraud overall between FTX customers and investors in FTX and Alameda Research. The recovered calculations, too, distort how much money customers are actually getting back.

Persons: Sam Bankman, —, Fried, FTX, John J, Ray III, Ray, Lewis Kaplan, Kaplan, Sarah Krissoff, Cozen O'Connor, Krissoff, it's, Sarah Silbiger, Bankman, bitcoin, Rachel Maimin, Lowenstein Sandler, Barbara Fried, Mark Cohen, Jane Rosenberg Bankman, Maiman, Maimin, Caroline Ellison Organizations: Service, FTX, Bankman, Alameda Research, US, United States, Second Circuit, U.S . House Financial, Capitol, Reuters, K5 Global, Prosecutors, Wall, REUTERS, Business, of Prisons, Alemda Research Locations: FTX, Manhattan, New Jersey, New York, Washington , U.S

☆ Sam Bankman-Fried's lawyers say prosecutors are treating their client like a 'depraved super-villain' with 'dark and megalomaniacal motives'
▼ + stars: | 2024-03-20 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's lawyers slammed the 40 to 50-year prison sentence prosecutors recommended. Bankman-Fried's lawyers accused prosecutors of casting him as a "depraved super-villain." AdvertisementLawyers for Sam Bankman-Fried are pushing back against the 40 to 50-year prison sentence prosecutors have recommended for their client. "It adopts a medieval view of punishment to reach what amounts to a death-in-prison sentencing recommendation," Bankman-Fried's lawyers wrote. Related storiesThis isn't the first time Bankman-Fried's lawyers have pleaded for leniency.

Persons: Sam Bankman, —, Lewis Kaplan, Fried, Marc Mukasey, Mukasey, they've, Barbara Fried, Kaplan Organizations: Service, Bankman Locations: Delaware

☆ Sam Bankman-Fried is dispensing crypto investment tips to Brooklyn prison guards: NYT
▼ + stars: | 2024-02-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried might be in jail, but the NYT reports that he's still got a finger on the pulse with crypto. Bankman-Fried has been reportedly sharing crypto investment tips with prison guards, per NYT. Bankman-Fried is reportedly giving crypto investment tips and touting investments in the cryptocurrency Solana to prison guards, The Times reported on Tuesday, citing an unnamed source familiar with the matter. Bankman-Fried, Mukasey said, should be given a shorter sentence of five to six-and-a-half years. "A sentence that returns Sam promptly to a productive role in society would be sufficient, but not greater than necessary, to comply with the purposes of sentencing," Mukasey wrote.

Persons: Sam Bankman, he's, Fried, —, Solana, Michael Lewis, Lewis, Joseph Bankman, Barbara Fried, Marc Mukasey, Mukasey, Sam Organizations: Service, New York Times, The Times, Bankman, Times, Brooklyn's Metropolitan Detention Locations: Brooklyn, Brooklyn's, Bankman

☆ FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of 'harm and extortion' in prison
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. "The harm to customers, lenders, and investors is zero," Bankman-Fried's lawyers wrote. The lawyers wrote that Bankman-Fried has a "neurodiversity" that "greatly affects how he perceives and is perceived." It is not a disease or a condition that needs to be cured," the lawyers wrote. "Individuals with ASD are often at considerably greater risk of physical harm and extortion in prison than other inmates," the lawyers wrote.

Persons: Sam Bankman, Fried, Joseph Bankman, Barbara Fried, Lewis Kaplan, —, Michael Milken, Damian Williams, Williams, Kaplan, Marc Mukasey, Sam, Drexel Burnham Lambert, Milken Organizations: Bankman, Alameda Research, The Manhattan U.S, PSR, Defense, Drexel, CNBC PRO Locations: New York, FTX, Manhattan, Alameda, Brooklyn , New York

☆ Sam Bankman-Fried's parents are begging a judge to keep him out of prison, warning their son's social awkwardness could put him in 'extreme danger'
▼ + stars: | 2024-02-28 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Bankman-Fried's lawyers filed a sentencing submission, asking for a prison sentence of no longer than 78 months — or six-and-a-half-years. The US Probation Office, which issues sentencing reports that judges typically rely on, recommended 100 years behind bars — which Bankman-Fried's lawyers called "barbaric." Advertisement"That recommendation is grotesque," Bankman-Fried's lawyers wrote. Sam Bankman-Fried's approach to veganism illustrated both his selflessness and awkwardness, his younger brother, Gabriel Bankman-Fried, wrote in a letter to the judge. In the sentencing submission, Bankman-Fried's lawyers argue that "the most reasonable estimate" for how much his victims lost was "zero."

Persons: —, Sam Bankman, Barbara Fried, Joseph Bankman, Gabriel Bankman, neurodiversity, Sam, Bankman, Lewis Kaplan, Fried, Jane Rosenberg, FTX, Michael M Santiago, Carmine Simpson, Simpson, That's, Gabriel, Seth Wenig, Marc Mukasey, Torrey Young, weren't, Barbara Fried —, John J, Ray III, John Ray Organizations: Service, Business, US, Prosecutors, Alameda Research, Office, Stanford Law, MIT, Wall, of Prisons, San, United, AP Locations: Manhattan, FTX, Brooklyn, Bahamas

☆ Sam Bankman-Fried Makes His Last Stand
▼ + stars: | 2024-02-27 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Since Sam Bankman-Fried was convicted of fraud last year, he has hired a new lawyer known for courtroom showmanship. A group of sympathetic law professors has pushed for a reappraisal of his actions. And his parents have turned for help to former employees of FTX, the collapsed cryptocurrency exchange he founded. From a federal detention center in Brooklyn, Mr. Bankman-Fried, 31, has continued to fight his case behind the scenes, as he argues for a lenient sentence and prepares to appeal his conviction. Since last year’s trial, Mr. Bankman-Fried has hired Marc Mukasey, who once represented former President Donald J. Trump, to oversee his sentencing, as well as a separate lawyer at the law firm Shapiro Arato Bach to handle the appeal.

Persons: Sam Bankman, Fried, Bankman, Lewis A, Kaplan, Marc Mukasey, Donald J, Trump, Shapiro Arato Bach, Joe Bankman, Barbara Fried Organizations: FTX, Stanford University Locations: Brooklyn, U.S, Manhattan, FTX

☆ Starbursts, smuggled coffee and Martin Shkreli: How CNBC reported the Sam Bankman-Fried trial
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

Artist: Elizabeth WilliamsJust before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.) Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer's car to file, back up through security, over and over again. CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan. Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court.

Persons: Sam Bankman, Elizabeth Williams, Fried, MacKenzie Sigalos, Dan Mangan, Martin Shkreli, Andrew Ross Sorkin, Michael Lewis, Lewis, Indiana Jones, Ben McKenzie, McKenzie, Damian Williams, They'd, Danielle Sassoon, Jane Rosenberg, Joe Bankman, Barbara Fried, Joseph Bankman, Brendan Mcdermid, gaunt, Kaplan, Bankman, Mark Cohen, Judge Kaplan, blankly, Christian Everdell, Cohen Organizations: Alameda Research, Southern, of, CNBC, Auburn University totebag, Capitalism, U.S, Federal Court Locations: of New York, San Francisco, Vegas, Georgia, Manhattan, Indiana, New York City, U.S

☆ For days Sam Bankman-Fried, the MIT grad who founded FTX, repeatedly told a jury he couldn't remember actions from his time as CEO
▼ + stars: | 2023-10-31 | by ( Katie Balevic | ) www.businessinsider.com time to read: +9 min

It was during those hours of questioning that Bankman-Fried repeatedly said he couldn't recall specific details from his time as CEO of FTX, his now-defunct cryptocurrency exchange. Asked whether his support for regulation in the crypto industry was contingent upon protecting customers, Bankman-Fried testified Monday: "I don't recall that specifically, no." He similarly struggled to recall whether he ever mentioned to the public that while trading on FTX, Alameda didn't play by the same rules as other customers. AdvertisementAdvertisementBankman-Fried's instructions as CEO were just 'suggestions'Chelsea Jia Feng/InsiderBankman-Fried insisted on the stand that he didn't recall making various instructions to his employees, especially those like Ellison, Gary Wang, and Nishad Singh. Asked if he instructed Ellison to purchase cryptocurrencies in her capacity as co-CEO of Alameda, Bankman-Fried was vague, saying, "I don't recall an instance.

Persons: Sam Bankman, Lewis Kaplan, —, Fried, Danielle Sassoon, FTX, SBF, FTX's, Judge Lewis Kaplan, Caroline Ellison, Eduardo Munoz Alvarez, Sam Trabucco, beholden, Sassoon, Chelsea Jia Feng, Ellison, Gary Wang, Nishad Singh, I'm, Jane Rosenberg, Gary, Nishad, Ryan Salame, it's, Mark Cohen, Judge Kaplan Organizations: Service, Alameda Research, Alameda, REUTERS Locations: Bankman, Manhattan, Alameda, FTX

☆ FTX is considering 3 bids to restart the crypto exchange, report says
▼ + stars: | 2023-10-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

FTX is considering proposals from three bidders to relaunch the crypto exchange, Bloomberg reported. AdvertisementAdvertisementFTX, which dramatically imploded last November, is considering three bids to restart the crypto exchange, Bloomberg reported. Bloomberg reported that Cofsky told the judge that the options include selling the entire exchange, bringing in a partner to help restart it, or that FTX could relaunch the exchange itself. The legal team added that the crypto exchange had so far recovered $7.3 billion. AdvertisementAdvertisementSelling or relaunching FTX could be key to reimbursing customers who lost money after it shut down last year.

Persons: —, Kevin Cofsky, FTX, Cofsky, John Ray III, CoinTelegraph, Sam Bankman, Nishad Singh, Caroline Ellison, Gary Wang Organizations: Bloomberg, Service Locations: Delaware

☆ Sam Bankman-Fried, FTX allies secretly poured $50 million into 'dark money' groups, evidence shows
▼ + stars: | 2023-10-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

The documents give the first full look at Bankman-Fried and his allies' contributions to so-called "dark money" organizations. While Bankman-Fried quietly funded more conservative dark money groups behind the scenes, he publicly cultivated a profile that was clearly aligned with the Democratic Party. Prosecutors on Monday filed into evidence a list of organizations that received money from Bankman-Fried and those close to him. The documents show that Bankman-Fried was clearly the lead "dark money" donor among the listed former FTX executives and the company itself. The list that prosecutors made public this week shows Bankman-Fried's "dark money" donations were closer to $47 million during the 2022 cycle alone.

Persons: Sam Bankman, Mitch McConnell, Chuck Schumer, Nishad Singh, FTX's, Fried, Barbara Fried, FTX, Ryan Salame, Salame, Caroline Ellison, Ellison Organizations: FTX, Democratic, Republican, Democratic Party, Washington , D.C, Prosecutors, Alameda Research, Bankman, Federal, Commission Locations: Manhattan, New York City, Ky, Washington ,, Bankman, Alameda, Washington

☆ Sam Bankman-Fried replied 'Yep' when FTX's top lawyer told him there was no legal justification for taking customer funds, attorney testified
▼ + stars: | 2023-10-19 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

A top attorney for FTX testified Thursday in the trial of Sam Bankman-Fried. Can Sun said he was "shocked" by a $7 billion hole in FTX, while Sam Bankman-Fried was unsurprised. AdvertisementAdvertisementFTX's corporate attorney testified in court against his former boss, Sam Bankman-Fried, in Manhattan federal court on Thursday, sharing details about the company's bankruptcy in November 2022. Sun testified that Singh told him Bankman-Fried was unfazed when he confronted the CEO about the hole. Bankman-Fried told Singh something to the effect of: "It is what it is.

Persons: FTX, Sam Bankman, Sun, Fried, SBF, —, –, Singh, Nishad Organizations: Service, Alameda Research, Bankman, Prosecutors Locations: FTX, Manhattan, Alameda, Japan, Bahamas

☆ Sam Bankman-Fried jury sees photo of FTX founder with Katy Perry, Orlando Bloom
▼ + stars: | 2023-10-16 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW York, Oct 16 - The jury at Sam Bankman-Fried's fraud trial on Monday saw a photograph of the FTX cryptocurrency exchange founder with singer Katy Perry and actor Orlando Bloom at the 2022 NFL Super Bowl. Singh is the third former member of Bankman-Fried's inner circle to testify at the trial, which started on Oct. 3. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy tied to FTX's November 2022 collapse. Singh said another FTX executive had told him the deals were meant to help spur user growth. Since his trial, Bankman-Fried has been seen during testimony typing on a laptop and whispering to his lawyers.

Persons: Sam Bankman, Andrew Kelly, Katy Perry, Orlando Bloom, Prosecutors, Nishad Singh, FTX's, Singh, Gary Wang, Caroline Ellison, Alameda's, Fried, Perry, Michael Kives, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Nick Zieminski Organizations: FTX, Manhattan, REUTERS, Bowl, Alameda, Miami Heat's, District, Bankman, Prosecutors, New York Times, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York City, U.S, Los Angeles, Brooklyn's, New York

☆ Prosecutors say Sam Bankman-Fried got shady doctor to prescribe Adderall as judge denies greater access to pills during trial
▼ + stars: | 2023-10-16 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried's defense attorneys say he doesn't have enough Adderall. Before the trial began, they had written to the judge asking for "uninterrupted access" to the drug. AdvertisementAdvertisementProsecutors in Sam Bankman-Fried's trial raise concerns about the former cryptocurrency mogul's repeated requests for more Adderall during his criminal trial, claiming in court Monday that his doctor "has engaged in some suspect practices." AdvertisementAdvertisementBut, as Bankman-Fried's attorneys revisited their medicinal complaint in court on Monday, the prosecution accused them of using a sham doctor who overprescribes to patients. When Bankman-Fried's lawyers suggested stopping the trial until then, Kaplan refused.

Persons: Sam Bankman, SBF, —, mogul's, Danielle Sassoon, Lewis Kaplan, overprescribes, Sassoon, Mark Cohen, Fried, Cohen, Kaplan, hasn't Organizations: Service, US, Bureau of Prisons, Metropolitan Detention Center, Marshalls, Federal Bureau of Prisons Locations: Brooklyn

Former crypto hedge fund Alameda Research CEO Caroline Ellison finds and points out Sam Bankman-Fried during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 10, 2023, in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 11 (Reuters) - Caroline Ellison, the former co-head of Sam Bankman-Fried's hedge fund and a pivotal witness in his trial on fraud charges tied to the collapse of his FTX cryptocurrency exchange, is scheduled to retake the stand on Wednesday morning. Ellison, the former co-chief executive of Alameda Research, testified on Tuesday that she was part of a multibillion-dollar conspiracy led by Bankman-Fried to defraud FTX customers, investors and lenders. Ellison said the hedge fund took about $10 billion in FTX customer funds to repay its debts and make investments. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks.

Persons: Caroline Ellison, Sam Bankman, Jane Rosenberg, Ellison, FTX, Bankman, shrugged, Fried, Mark Cohen, Gary Wang, Nishad Singh, Jody Godoy, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Alameda Research, Bankman, Manhattan U.S, Stanford University, Prosecutors, Thomson Locations: FTX, New York City, U.S, Alameda, New York

☆ Sex, Signal messages and sabotage: SBF's top execs and Bahamas roommates tell all in court
▼ + stars: | 2023-10-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

"Sam Bankman-Fried," he said. Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no.

Persons: Adam Yedidia, Sam Bankman, Jane Rosenberg, —, Gary Wang, Nicolas Roos, Wang, FTX, Nishad Singh, Caroline Ellison, Mr, Roos, Ellison, Fried, Reuters Wang, District Judge Lewis Kaplan, Singh, Yedidia, Bankman, Sam, Christian Everdell, he's, I'm, Matt Huang, Yuki Iwamura, Huang, Dawn Giel Organizations: Federal Court, Reuters, MIT, U.S, Alameda Research, District, Prosecutors, Bahamas Securities Commission, Massachusetts Institute of Technology, Google, Alameda, United, Paradigm, FTX, Bloomberg, Getty Locations: FTX, New York City, Bahamas, Manhattan, U.S, Alameda, Bahamian, New York, China, Minnesota, FTX's Hong Kong, Nassau, Bankman

Eventually, the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them any longer, Wang said in his second day of testimony. “FTX was not fine,” Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022. Alameda was given these privileges initially because the hedge fund was the primary market maker for FTX's customers in the exchange's early days. The relationship was effectively a two-way street, where the exchange could help out the hedge fund and vice versa as FTX quickly grew between 2019 and 2022. Caroline Ellison, the former girlfriend of Bankman-Fried and CEO of Alameda, is expected to start testifying Tuesday after Wang.

Persons: Sam Bankman, Fried, FTX's, Gary Wang, Wang, “ FTX, ” Wang, FTX, Caroline Ellison Organizations: New, Alameda Research, Prosecutors, Bankman Locations: New York, Bahamas, Alameda

☆ Sam Bankman-Fried is his own worst enemy, says former SEC official John Reed Stark
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSam Bankman-Fried is his own worst enemy, says former SEC official John Reed StarkJohn Reed Stark, Duke senior lecturing fellow and former chief of SEC Office of Internet Enforcement, joins 'Squawk Box' to discuss the high-profile trial of former FTX CEO Sam Bankman-Fried, how Bankman-Fried's defense could play out, the possible legal peril facing Bankman-Fried's parents, and more.

Persons: Sam Bankman, Fried, John Reed Stark John Reed Stark, Duke Organizations: SEC, Internet Enforcement

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

☆ Sam Bankman-Fried's dad emailed his son that he didn't know 'what to say' after finding he'd be paid $200,000 instead of $1 million by FTX — then looped in SBF's mom, lawsuit claims
▼ + stars: | 2023-09-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's dad was not happy about his $200,000 salary at now-bankrupt crypto firm FTX, a lawsuit claims. In emails cited in the lawsuit, Joseph Bankman said he believed he would be paid $1 million by FTX. He then looped in Barbara Fried, his partner and Bankman-Fried's mom. Bankman and Fried enjoyed the benefits of more than $90,000 in expenses, paid for by FTX Trading, for their Bahamas residence." FTX group and Bankman-Fried's trading firm Alameda Research filed for bankruptcy in November 2022 with the founder stepping down from his role as CEO.

Persons: Sam Bankman, Joseph Bankman, Barbara Fried, FTX, Bankman, Fried, Gee, Sam, Barbara, Sean Heckler, Michael Tremonte, Joe Organizations: FTX, Service, Alameda Ltd, Stanford University, Alameda Research Locations: Wall, Silicon, FTX, Alameda, Bahamas

☆ Ex-FTX executive Salame agrees to plead guilty to US criminal charges, lawyer says
▼ + stars: | 2023-09-07 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Salame appeared before U.S. District Judge Lewis Kaplan in Manhattan less than one month before Bankman-Fried's scheduled Oct. 3 trial on fraud and conspiracy charges stemming from now-bankrupt FTX's November 2022 collapse. Salame said that he had agreed to forfeit more than $1.5 billion in connection with the plea deal. Salame had worked for Ernst & Young and Circle Internet Financial before joining FTX Digital Markets. Salame was not charged at the time, and his lawyer told prosecutors he would invoke his Fifth Amendment right against self-incrimination if called to testify. Reporting by Luc Cohen in New York; Editing by Emelia Sithole-Matarise and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Salame, Sam Bankman, Salame, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Singh, Luc Cohen, Emelia Sithole, Mark Porter Organizations: FTX's, U.S, District, Prosecutors, Alameda Research, Former Alameda, Bankman, Ernst & Young, Circle, FTX Digital, Republican, Democratic, Securities Commission, FTX, New York Times, Thomson Locations: Manhattan, Bahamas, Caribbean, Alameda, New York

☆ FTX reaches deal to recover over $400 mln from hedge fund Modulo
▼ + stars: | 2023-03-22 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Bankrupt crypto exchange FTX has reached a deal to recover more than $400 million in cash from hedge fund Modulo Capital, pulling back 97% of the money that FTX companies sent to the hedge fund in 2022, according to court documents filed on Wednesday. FTX's new CEO, John Ray, has said his top priority was recovering assets to repay FTX customers. Alameda, at the direction of FTX founder Sam Bankman-Fried, had paid $25 million to acquire a stake in Modulo and contributed $450 million to an investment fund managed by Modulo, according to the filings. FTX also agreed to not take further actions against Modulo or its principals Xiaoyun Zhang and Duncan Rheingans-Yoo related to the 2022 payments, according to the filings. FTX has previously recovered more than $5 billion in its quest to repay customers of the bankrupt crypto exchange.

☆ Sam Bankman-Fried deleted a Slack message and tweets after FTX's top lawyer told the company to preserve records for regulators, prosecutors say
▼ + stars: | 2023-02-23 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried deleted tweets and Signal messages after being told to preserve all records, prosecutors said. He even deleted a Slack post by FTX's general counsel which said FTX would close, prosecutors said. Bankman-Fried disregarded the general counsel's directive at the time, prosecutors alleged, saying he also deleted some of his tweets in November. In January, prosecutors said in a filing that Bankman-Fried had messaged FTX's general counsel, as well as "current and former FTX employees." The financial wrongdoing at FTX was exposed, prosecutors say, by a run on accounts in November of last year.

[1/4] Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, departs from his court hearing at a federal court in New York City's Manhattan, U.S. January 3, 2023. REUTERS/David Dee Delgado/Feb 8 (Reuters) - Failed crypto firm FTX received court approval on Wednesday to issue subpoenas to its founder Sam Bankman-Fried and members of his family as part of the company's investigation into "misappropriated and stolen" funds. FTX said in court papers filed Wednesday that most of the subpoena targets had begun cooperating with its investigation. FTX said that it is still in discussions with Ellison and that Sam Bankman-Fried "remains non-responsive." Mind the Gap has previously said that Sam Bankman-Fried did not make any direct contributions to the organization but did donate to some of its recommended programs.

☆ The criminal case against Sam Bankman-Fried and Caroline Ellison could put jilted FTX customers in the backseat
▼ + stars: | 2023-02-02 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +8 min

The parallel criminal case against SBF, Caroline Ellison, and Gary Wang may be to blame. But they told a Delaware bankruptcy court recently that they hit a roadblock, accusing Sam Bankman-Fried and those close to him of not playing ball with them. The criminal case takes priorityEllison and Wang separately reached plea deals with federal prosecutors in Manhattan, copping to charges including wire fraud and conspiracy. But, experts told Insider, the deals require them to focus on working with prosecutors in the criminal case — even if it could be at the expense of other parties. But when both criminal and civil proceedings are ongoing, it's the criminal case that goes first in line, Snyder said.

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