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☆ Will Caroline Ellison get jail time for her role in the $11 billion FTX fraud scheme? Here's what the judge must weigh.
▼ + stars: | 2024-09-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +9 min

Read previewOn Tuesday, a judge will decide what sentence to give Caroline Ellison, who pleaded guilty to conspiring with Sam Bankman-Fried in an $11 billion fraud scheme. Ellison's sentencing sets up a high-stakes balancing test. She still participated in a massive fraud scheme, after all, the value of which he put at $11 billion. Ellison was the SBF trial's star witnessEllison pleaded guilty to fraud and money laundering for her role in the FTX scandal. Because the Bankman-Fried case went to trial, Kaplan has a lot of information at his disposal when deciding Ellison's sentence.

Persons: —, Caroline Ellison, Sam Bankman, Lewis Kaplan, Bankman, Fried, Ellison, Kaplan, FTX, cooperators, Sarah Krissoff, Cozen O'Connor, Joshua Naftalis, That's, Naftalis, Fried JANE ROSENBERG, John J, Ray III, Ryan Salame, Salame's, Gary Wang, Nishad Singh, Ellison's, Krissoff Organizations: Service, Business, Alameda Research, LLP, Prosecutors, Fried JANE ROSENBERG Prosecutors, Securities Exchange Commission, Commodity Futures Trading Commission, Government, MIT, Bankman Locations: Bankman, Manhattan, Alameda, New York, Brooklyn

☆ Caroline Ellison, whose testimony helped convict Sam Bankman-Fried, faces her own sentencing
▼ + stars: | 2024-09-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A year ago, Caroline Ellison was preparing to testify against her former boss and ex-boyfriend in one of the biggest fraud trials in US history. Ellison, who ran Alameda, pleaded guilty to seven federal counts of fraud and conspiracy shortly after FTX’s collapse. A jury last year convicted former crypto billionaire Sam Bankman-Fried on multiple counts of federal fraud and conspiracy. Over three days on the stand, Ellison, who is 29, repeatedly reinforced that throughout her years at Alameda, the buck stopped with Bankman-Fried. While sentencing is entirely up to Judge Kaplan’s discretion, legal experts say it’s highly unlikely Ellison will end up in prison.

Persons: CNN Business ’, Caroline Ellison, she’ll, FTX, Ellison, Sam Bankman, Lewis Kaplan, Ellison’s candor, Angela Weiss, “ Sam, ”, Dennis Kelleher, “, Kaplan’s, Jordan Estes, Kramer Levin, Josh Naftalis, Kaplan, Pallas, Ryan Salame, Nishad Singh, Gary Wang Organizations: CNN Business, New York CNN, Alameda Research, Getty, Better, of, New, Bankman Locations: New York, Alameda, Bankman, of New York

☆ Biden should release the tapes of his Robert Hur interview if he wants to prove he's not too old
▼ + stars: | 2024-07-05 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Biden is 81 years old and, if he completes another term, would be 86 by the end of his presidency. There is a move he can take to help turn the tides: Release the Hur tapes. In later testimony before Congress, Hur said Biden "himself put his memory squarely at issue." His White House lawyers also wrote letters objecting to the language, writing Hur characterized Biden's memory "in sweeping, quasi-medical terms." The audio of Biden's interview could be manipulated by deepfakes in a politically volatile moment, they say.

Persons: —, Joe Biden, Donald Trump, Biden, Robert Hur, Hur, Beau Biden, Karine Jean, Pierre, General Merrick Garland, Garland, Joe Biden's, Win McNamee, deepfakes, Bob Bauer, Charles Tobin, Ballard Spahr, Tobin Organizations: Service, Business, ABC, Justice, White, White House Press, Justice Department, Republicans, Judicial Locations: Washington ,

☆ Opinion: Trump testifies in court. Nothing has prepared him for this moment.
▼ + stars: | 2023-11-05 | by ( Monica Sarkar | Dennis Aftergut | ) edition.cnn.com time to read: +9 min

On the issue of intent, in last week’s testimony, Donald Trump Jr. and Eric Trump both attempted to shift the blame onto their accountants. First, the judge has already rejected a key route Trump tried to avoid an admission that he intended to defraud the victims. He fined Trump’s lawyers for doing just that. Again, the attorney general wins whether Trump denies it, or whether he doubles down on what the judge has called Trump’s “fantasy world” financial claims. If the past is prologue, Trump likely will continue to deny liability: Blowing smoke is simply in the nature of a narcissist.

Persons: Dennis Aftergut, —, kingpins, Donald Trump, Letitia James, ”, Jack Smith, Fani Willis, James, James ’, Arthur Engoron, Trump, Donald Trump Jr, Eric Trump, Ivanka Trump, Trump’s, Mary ”, ” Trump, don’t, Michael Cohen, brag, there’s, that’s Organizations: Defending American Democracy, CNN, New York, Trump Organization, Trump, US Justice Department, District, Prosecutors, Newsweek, Forbes, Department Locations: Fulton County , Georgia, York, New York, ”

☆ Three hours to guilty: How the government nailed Sam Bankman-Fried
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

David Dee Delgado | ReutersIn Sam Bankman-Fried's fraud trial, prosecutors won quickly by keeping it simple. "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time," Williams said. Sam Bankman-Fried's parents, seated to the left, react to the verdict. "Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes," Mariotti said. WATCH: Sam Bankman-Fried found guilty on all seven counts

Persons: Sam Bankman, David Dee Delgado, CNBC they'd, Yesha Yadav, Fried, Nicolas Roos, Danielle Sassoon, Crypto, Roos, Sassoon, Marc, Antoine Julliard, Renato Mariotti, who's, Bryan Cave Leighton Paisner, Damian Williams, Williams, Andrew Ross Sorkin, Sorkin, that's, It's, SBF, Mariotti, Paul Tuchmann, Wiggin, Dana, Tuchmann, Elizabeth Williams, Caroline Ellison, Bankman, Ellison, James Koutoulas, Koutoulas, Gary Wang, Nishad Singh, FTX coder Adam Yedidia, FTX's, Sun, Kevin J, O'Brien, Mark Cohen Organizations: FTX, Manhattan, Reuters, CNBC, Vanderbilt University ., U.S . Justice Department's Securities, Commodities, Southern, of, Prosecutors, Stanford, Alameda Research, New York Times DealBook, Washington , D.C, U.S, Justice Department, Trading Commission, Securities and Exchange Commission Locations: New York City, London, Chicago, U.S, of New York, Alameda, Washington ,, Bankman, New York

That happened Sunday when Trump posted on social media, in capital letters, that Powell “was not my attorney, and never was." Smith's indictment notes Trump privately told others that he thought her election fraud ideas sounded “crazy." Campaigning in New Hampshire on Monday, Trump appeared to refer to Powell and Cheesbro as “good people” and said prosecutors worked to “hound” and “scare” them. Steve Sadow, Trump's lead attorney in the Georgia case, expressed confidence that Powell’s plea wouldn’t hurt Trump, saying last week that any truthful testimony offered would be "favorable to my overall defense strategy." The Georgia indictment accuses Powell in a plot to illegally access a county's voting equipment.

Persons: — Sidney Powell, Donald Trump, Kenneth Chesebro, Trump, Joe Biden, —, “ It's, it’s, John Fishwick, Powell, “ She's, — Powell, Chesebro, That's, Fani Willis, winnow, ”, Anthony Michael Kreis, Jack Smith, Smith, “, Jessica Roth, “ They're, Jack Smith's, Powell “, Rudy Giuliani, Jenna Ellis, ” Kreis, she'd, Giuliani, Ellis, Hugo Chavez, Biden, Kreis, Cheesbro, Steve Sadow, Trump's, he's, John Eastman, Randall Eliason, you've, ___ Tucker, Jill Colvin Organizations: ATLANTA, White, Trump, Western, of, Georgia State University, Cardozo School of Law, Twitter, Fulton County, Biden, Georgia Republicans, George Washington University, Associated Press Locations: Fulton County , Georgia, U.S, of Virginia, Fulton County, Georgia, Germany, New Hampshire, Washington, Derry , New Hampshire

☆ ‘Don’t freak out’: Notes from defense table during the Proud Boys seditious conspiracy trial
▼ + stars: | 2023-05-09 | by ( Hannah Rabinowitz | ) edition.cnn.com time to read: +7 min

A note from the defense table during the Proud Boys seditious conspiracy trial. A note from the defense table during the Proud Boys seditious conspiracy trial. In one note, however, someone at the defense table took issue with prosecutors’ characterization of the Proud Boys marches. A note from the defense table during the Proud Boys seditious conspiracy trial. It’s unclear what the doodle refers to, though the Proud Boys have adopted the rooster as a symbol.

CNN —Lawyers representing David Shafer, the embattled chairman of the Georgia Republican Party, are arguing their client should not be charged with any crimes for his actions following the 2020 election because he was following advice provided by attorneys working for former President Donald Trump, according to a letter sent to Fulton County District Attorney Fani Willis last week. Willis has indicated she is seriously weighing bringing racketeering and conspiracy charges in connection with Trump’s actions in the Peach State around the 2020 election. Willis had previously notified all 16 GOP fake electors in Georgia that they were targets in her investigation. Other Republicans who served as pro-Trump electors, including Shafer, could still face legal exposure in her investigation, according to people familiar with the matter. Investigators have at least three recordings of Trump pressuring Georgia officials, including a phone call that he made to the Georgia House speaker to push for a special legislative session to overturn Democrat Joe Biden’s 2020 victory in the state.

☆ Michael Cohen and the Manhattan DA's Trump probe: It's complicated.
▼ + stars: | 2023-02-25 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

There are no security guards or obscuring metal gates when Cohen arrives for his weekly Trump probe sit-downs — just a dozen or so news cameras. "No," Cohen told The Daily Beast last April. By Bragg's sixth week on the job, the new DA, who'd never even met Cohen, told Pomerantz he "could not see a world" in which Cohen could be called as a DA witness. "Alvin Bragg is operating at Alvin Bragg's pace," Cohen told MSNBC on another appearance, after that 16th meeting. "The district attorney, and the team, I find them to be incredibly, incredibly competent and decent people," Cohen told Insider.

☆ 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.

☆ What's next for Caroline Ellison, Sam Bankman-Fried's ex who helped run Alameda Research
▼ + stars: | 2022-12-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Caroline Ellison, Alameda's ex-CEO, is out on a $250,000 bond after pleading guilty in the FTX case. She and FTX cofounder Gary Wang are working with feds probing Sam Bankman-Fried's crypto empire. The plea deals that Ellison, who was the CEO of Bankman-Fried's trading firm Alameda Research, and FTX cofounder Gary Wang have struck with federal prosecutors in New York free them each on $250,000 bonds. The counts against Ellison carry a maximum penalty of 110 years, if the sentences for each were to be stacked up. They won't be sentenced until after prosecutors unveil much more of their investigation and Bankman-Fried's own fate becomes clearer.

Smith takes over a staff that’s already nearly twice the size of Robert Mueller’s team of lawyers who worked on the Russia probe. Smith will also take on national security investigators already working the probe into the potential mishandling of federal records taken to Mar-a-Lago after Trump left the White House. Those lawyers maintain the former president is unlikely to be indicted, according to two sources familiar. Special Counsel Robert Mueller makes a statement about the Russia investigation on May 29, 2019 at the Justice Department in Washington, DC. Trump allies have consistently maintained that nothing Trump did related to the election and January 6 itself amounts to a crime.

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