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☆ Charlie Javice's fraud trial prosecutors must press JP Morgan for more evidence, judge rules
▼ + stars: | 2023-11-02 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

The judge sided in part with the defense, ordering the government to force JP Morgan to release more evidence. AdvertisementAdvertisementA federal judge on Thursday ruled that prosecutors must compel JP Morgan to find more evidence that could help Charlie Javice, the founder of the financial aid startup Frank, in her defense in her criminal fraud trial. On Thursday, inside U.S. Federal Court in Manhattan, lawyers for Javice and a co-defendant argued for more documents from JP Morgan Chase. AdvertisementAdvertisementMeanwhile, a Delaware judge ruled that JP Morgan Chase is violating a commitment that it made upon acquiring Frank to pay a significant portion of Javice's legal bills. Her lawyers say that JP Morgan Chase owes them $835,000 of the around $3.8 million they have so far charged.

Persons: Charlie Javice, Frank founder's, JP Morgan, —, JP Morgan Chase, Frank, Javice, Alex Spiro, Spiro, Dina McLeod, Alvin K, Hellerstein, Morgan Chase, Judge Hellerstein, Olivier Amar, Sean Buckley Organizations: Service, U.S, Federal, Javice Locations: Manhattan, Delaware

NEW YORK (AP) — A New York jury began deliberating on Thursday whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers’ accounts on the cryptocurrency exchange he created four years ago. The Manhattan federal court jury began its work after a judge explained the law that will steer them through seven charges lodged against the California man. Bankman-Fried, 31, testified during the monthlong trial that he did not defraud thousands of investors worldwide. Earlier Thursday, Assistant U.S. Attorney Danielle Sassoon delivered a rebuttal argument, the last of closing arguments that began a day earlier. “When Sam testified before you, he told you the truth, the messy truth, that in the real world miscommunications happen, mistakes happen, delays happen,” Cohen said.

Persons: Sam Bankman, Fried, He’s, Judge Lewis A, Kaplan, he'd, Palo, Danielle Sassoon, ” Sassoon, FTX, “, Mark Cohen, ” Cohen, Sam, ” Organizations: U.S, Alameda Research Locations: York, Manhattan, California, New York, Bahamas, Palo Alto , California, Alameda

☆ Sam Bankman-Fried found guilty on all seven criminal fraud counts
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. Both pleaded guilty in December to multiple charges and cooperated as witnesses for the prosecution. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong. Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense.

Persons: Sam Bankman, Caroline Ellison, Bankman, FTX, Gary Wang, Fried, Nicolas Roos, Roos, Elizabeth Holmes, Holmes, —, Dawn Giel Organizations: Stanford, Massachusetts Institute of Technology, Alameda Research, Alameda ., U.S Locations: Alameda, FTX, Theranos, Bryan , Texas

☆ Prosecutors, Defense Paint Conflicting Pictures of Sam Bankman-Fried
▼ + stars: | 2023-11-01 | by ( Corinne Ramey | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie ZhaoProsecutors and defense attorneys clashed Wednesday over whether FTX founder Sam Bankman-Fried was a liar who stole billions of dollars—or an unconventional executive who made mistakes. During his closing argument, Assistant U.S. Attorney Nicolas Roos told jurors that almost a year ago, when thousands of people were trying to withdraw their money from the collapsing crypto exchange, their dread turned to despair.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao Prosecutors, Fried, Nicolas Roos Organizations: U.S

☆ Sam Bankman-Fried’s Lawyers Seek to Regain Ground in FTX Trial
▼ + stars: | 2023-11-01 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried said repeatedly from the witness stand that he couldn’t recall many of his past statements. Photo: jane rosenberg/ReutersSam Bankman-Fried ’s lawyers rested their case Tuesday after seeking to rehabilitate the FTX founder’s credibility from the prosecutors’ two-day grilling. Bankman-Fried, dressed in a gray suit, floundered through the end of Assistant U.S. Attorney Danielle Sassoon’s cross-examination.

Persons: Sam Bankman, Fried, jane rosenberg, Reuters Sam Bankman, Danielle Sassoon’s Organizations: Reuters, U.S

☆ Sam Bankman-Fried built crypto empire on 'pyramid of deceit,' prosecutors say in closing
▼ + stars: | 2023-11-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. The main thing the jury has to decide, Roos said, is whether Bankman-Fried knew that taking the money was wrong. "It was uncomfortable to hear," Roos said, adding that Bankman-Fried said "I can't recall" over 140 times during questioning by the government. Roos said Bankman-Fried is the one who gave special privileges to Alameda, which he started before founding FTX, allowing it to siphon customer money. In referencing the Super Bowl picture with Katy Perry and others, Roos called Bankman-Fried a "celebrity chaser."

Persons: Sam Bankman, Michael M, they've, FTX, Nicolas Roos, Roos, there's, Fried, Caroline Ellison, Bankman, Gary Wang, Danielle Sassoon, Jane Rosenberg, Mark Cohen, he'd, Judge Lewis Kaplan, Ellison, didn't, Singh, Katy Perry, —, Dawn Giel Organizations: Santiago, Getty, Prosecutors, Stanford, Massachusetts Institute of Technology, Alameda Research, Reuters, Miami Heat, MIT, FTX, Skybridge Locations: Manhattan, New York City, Alameda, U.S, California, Hong Kong, Roos's, Bahamas, Bankman

NEW YORK (AP) — In a closing argument, a prosecutor told a New York jury Wednesday to follow overwhelming evidence and the “pyramid of deceit” that FTX founder Sam Bankman-Fried constructed to conclude he’s guilty of defrauding his customers and investors of at least $10 billion. “He told a story and he lied to you,” Roos told jurors just a day after Bankman-Fried concluded his testimony at the monthlong trial. FTX was bankrupt.”“Who was responsible?” Roos asked, only to quickly point to Bankman-Fried, sitting between his lawyers. He spent his customers' money and he lied to them about it.”The prosecutor said Bankman-Fried spent the money on real estate, donations, promotions, investments and political contributions. Roos told jurors that if they believe even one of the four former executives who testified against him, they must convict Bankman-Fried.

Persons: Sam Bankman, he’s, Nicolas Roos, Fried, “, ” Roos, Judge Lewis A, Kaplan, Bankman, Roos, FTX, ”, Samual Organizations: New, U.S, Alameda Research Locations: New York, Manhattan, FTX, Bahamas, Palo Alto , California

In a courtroom sketch, Judge Lewis Kaplan watches as FTX founder Sam Bankman-Fried testifies earlier in his fraud trial. Photo: jane rosenberg/ReutersSam Bankman-Fried faced his biggest test in the legal hot seat Monday, grilled by a federal prosecutor who was intent on poking holes through the FTX founder’s claims that unfortunate management mistakes, not criminal activity, were to blame for the crypto exchange’s collapse. The fallen crypto star, testifying in his own defense in New York against fraud and other charges, began by confidently answering questions from his own lawyer, saying he had been honest with customers and investors and believed his business empire was in good financial shape. The trial proceedings shifted quickly after Assistant U.S. Attorney Danielle Sassoon began her cross-examination and sought to confront Bankman-Fried with a litany of his past public statements whose truthfulness she questioned.

Persons: Lewis Kaplan, Sam Bankman, Fried, jane rosenberg, Reuters Sam Bankman, Danielle Sassoon, Bankman Organizations: Reuters, U.S Locations: New York

Bankman-Fried testified that he wasn't aware of the amount Alameda was borrowing from FTX, or its theoretical max. Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In September, he checked in again with Ellison about the hedging activity, Bankman-Fried testified.

Persons: Sam Bankman, Fried, Fatih Aktas, that's, Caroline Ellison, Mark Cohen's, Cohen, FTX, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, —, Ellison, Sam, Nishad Singh, Gary Wang, Prosecutors, who'd, Michael M, Bankman, wasn't, Alameda, Singh, Shorter, Dawn Giel Organizations: Federal Court, Anadolu Agency, Getty, Alameda Research, U.S, District, Reuters, Stanford University, Alameda, Facebook, Google, Santiago Locations: New York, United States, Manhattan, Bankman, Alameda, Bahamas, New York City, U.S

☆ Sam Bankman-Fried defense rests in criminal trial, closing arguments kick off Wednesday
▼ + stars: | 2023-10-31 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. When he asked his deputies about the hole, Bankman-Fried testified that they "told me they were busy and I should stop asking questions because it was distracting." Bankman-Fried testified that he was growing frustrated with regulators and skeptical about what they were doing. After the mid-morning break, Cohen asked Bankman-Fried to clarify a few things. WATCH: FTX founder retakes stand

Persons: Sam Bankman, Michael M, Danielle Sassoon, Sassoon, Bankman, Philip Davis, Fried, he'd, Ryan Salame, Matias J, Mark Cohen, Cohen, Vox, hadn't, wasn't, Jane Rosenberg, —, Dawn Giel, retakes Organizations: Santiago, Getty, Alameda Research, U.S, Bahamian, Heat, Ocner, Miami Herald, Tribune, Service, Reuters, Washington , D.C Locations: Manhattan, New York City, Bahamas, FTX, Miami, Miami , Florida, U.S, Alameda, Bankman, Washington ,

☆ Sam Bankman-Fried blames top lieutenants for FTX troubles in second day of testimony in criminal trial
▼ + stars: | 2023-10-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In describing the swift downfall of FTX, Bankman-Fried said that customer withdrawals had quickly increased from $50 million a day to $1 billion a day. For example, Sassoon asked Bankman-Fried if he assured people that Alameda played by the same rules as others on the FTX exchange. Sassoon asked Bankman Fried, "Would you agree you know how to tell a good story?" Sassoon asked.

Persons: Sam Bankman, Fried, Kyle Mazza, FTX, Mark Cohen, Caroline Ellison, Ellison, Gary Wang, Nishad Singh, Singh, Sun, Jane Rosenberg, Renato Mariotti, Bryan Cave Leighton Paisner, Mariotti, Danielle Sassoon, I'm, Sassoon, Bankman, Crypto, wasn't, Bankman Fried, Vox, he's, Alameda, —, Dawn Giel Organizations: Court, Anadolu Agency, Getty, Alameda Research, Alameda, Bloomberg, Apollo, Reuters, U.S . Justice Department's Securities, Commodities, CNBC, U.S, PR Locations: New York City, Alameda, New York, U.S, Chicago

Prosecutors in the criminal trial against FTX founder Sam Bankman-Fried compared one of the defense's arguments to a scene in the 1994 film "Dumb and Dumber," in which actor Jim Carrey says IOUs are "as good as money." Funds also allegedly went to paying for things such as a $35 million property in the Bahamas and political donations. Customers were ultimately unable to retrieve much of their money as FTX and Alameda were simultaneously imploding. In a footnote, the prosecution writes, "A popular movie from the 1990s illustrates the point: a briefcase, once filled with money, is not the same as a briefcase later filled with IOUs." In "Dumb and Dumber," when the briefcase reaches its owner, it's filled with paper.

Persons: Sam Bankman, Jim Carrey, IOUs, Judge Lewis Kaplan, who's, Carrey, Jeff Daniels, transact, Lloyd Christmas Organizations: Prosecutors, FTX, Manhattan, Southern, of, York, Alameda Research Locations: Manhattan, New York City, Colorado, Bahamas, Alameda

NEW YORK (AP) — Four defendants in the criminal bribery case against U.S. Sen. Bob Menendez pleaded not guilty Wednesday in New York City to a revised indictment alleging that the senator, his wife and a third defendant conspired to use him as an agent of the Egyptian government. The defendants entering the pleas included his wife, Nadine Menendez, and a businessman, Wael Hana. The earlier indictment charged Menendez and his wife with participating in a bribery conspiracy by accepting bribes of cash, gold bars and a luxury car from three New Jersey businessmen who wanted the senator's help and influence over foreign affairs. The new charge against the trio alleges that they conspired to take a series of steps on behalf of Egypt, including for Egyptian military and intelligence officials, from January 2018 to June 2022. In a statement last week, Menendez said he will “show my innocence” at trial.

Persons: U.S . Sen, Bob Menendez, Nadine Menendez, Wael Hana, Hana, Menendez, Sidney H, Stein, Daniel Richenthal, Lawrence Lustberg, ” Lustberg, Richenthal, Lustberg, Prosecutors Organizations: —, U.S ., Senate Foreign, U.S Locations: New York City, Manhattan, Jersey, Egypt

☆ Explainer: Biden combines billions in chipmaking grants with China curbs to keep US ahead
▼ + stars: | 2023-10-17 | by ( Alexandra Alper | ) www.reuters.com time to read: +4 min

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. Those rules aimed to stem the flow of high-end American artificial intelligence chips and chipmaking tools into China. The United States has been locked in a technology war with China since former President Trump blacklisted Chinese telecoms giant Huawei in 2019. BILLIONS FOR CHIPSThe United States, meanwhile, has been helping non-Chinese chipmakers negotiate with states like Arizona, Texas and New York to set up shop or grow existing operations. According to the Semiconductor Industry Association, the share of global semiconductor manufacturing capacity in the U.S. has decreased from 37% in 1990 to 12% in 2022.

Persons: Florence Lo, Biden, Emily Kilcrease, Trump, Joe Biden, ”, Peter Harrell, TSMC, Alexandra Alper, Jonathan Oatis Organizations: REUTERS, Rights, U.S, Center, New, New American Security, Trade Representative, United, Huawei, Biden, chipmaker Micron, Semiconductor Industry Association, Samsung, Intel, Companies, Chips, Science, Thomson Locations: China, United States, New American, U.S, Arizona , Texas, New York, South, Ohio, Taiwan

☆ Former FTX engineer tells jury about panicky rooftop meeting where he learned how bad things were
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

During that exchange, Singh said he learned from Wang that Alameda was borrowing $13 billion from FTX. Singh asked about the size of the shortfall, and Bankman-Fried said that was the wrong question to be asking. After Singh asked if he would finally agree to curb spending, Bankman-Fried said, "Yes, definitely." There, Singh told the jury, he thought he might quit but instead asked Bankman-Fried for a real sense of how things went on the overseas trip. Singh told the jury that he faces a max of 75 years in prison but is "hoping for no jail time."

Persons: Singh, Caroline, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Sam Bankman, Nicolas Roos, I'm, wasn't, Ramnik Arora, Anthony Scaramucci, he'd, Bankman, Dawn Giel Organizations: Alameda, Alameda Research, U.S, Federal Court Locations: Bahamas, Alameda, Wang, Manhattan, FTX, New York City, New York, Bankman

☆ FTX top engineer testifies Bankman-Fried spent $1.13 billion on celebrities and sponsorships
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

She was preceded by Bankman-Fried's former close friend and college roommate Gary Wang, who was an FTX co-founder. In response to questions from Assistant U.S. Attorney Nicolas Roos, Singh said he frequently went to Bankman-Fried to voice his concerns over the company's spending. He told the court that he would tell Bankman-Fried he was "embarrassed" and "ashamed," and that the level of spending "reeked of excessiveness" and "flashiness." Bankman-Fried faces seven criminal counts related to the collapse of FTX and Alameda, including wire fraud, securities fraud and money laundering that could put him in prison for life. At the time, Singh pleaded guilty to six charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws.

Persons: Nishad Singh, FTX's, Sam Bankman, Singh, Caroline Ellison, Gary Wang, Nicolas Roos, Fried, He's, Ellison, Gabe Organizations: Alameda Research, U.S, University of California, Facebook, Alameda Locations: Manhattan, FTX, Alameda, Bay, Bankman, Berkeley

☆ SBF’s Behavior in Court Gets Called Out
▼ + stars: | 2023-10-12 | by ( ) www.wsj.com time to read: 1 min

Caroline Ellison is questioned in court as Sam Bankman-Fried watches during his fraud trial before U.S. District Judge Lewis Kaplan. (Jane Rosenberg/Reuters)In a sidebar during the trial Wednesday, a federal prosecutor complained about Sam Bankman-Fried's behavior during Caroline Ellison's testimony, saying it might have a visible effect on her. "The defendant has laughed, visibly shaken his head, and scoffed," said Assistant U.S. Attorney Danielle Sassoon. The prosecutor added that he had a history of intimidating Ellison, who dated Bankman-Fried on and off over two years.

Persons: Caroline Ellison, Sam Bankman, Fried, District Judge Lewis Kaplan, Jane Rosenberg, Caroline Ellison's, Danielle Sassoon, Ellison Organizations: U.S, District

Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.

Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan

NEW YORK (AP) — Sam Bankman-Fried ’s former top executive blamed the FTX founder on Wednesday of corrupting her values so she could lie and steal and create false balance sheets, things she told jurors at his New York City trial that she never imagined doing before joining his cryptocurrency empire. “I think it made me more willing to do things like lie and steal over time,” she said. She said she once created seven different balance sheets after Bankman-Fried directed her to find ways to conceal things that might look bad to Alameda's lenders. “I didn’t really want to be dishonest, but I also didn’t want them to know the truth,” Ellison said. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: Sam Bankman, Caroline Ellison, Fried, Danielle Sassoon, Ellison, “, ”, ” Ellison, couldn't, FTX, Palo, Judge Lewis A, Kaplan, ___ Organizations: New, New York City, Bankman, Alameda Research, U.S, Alameda, “ Locations: New York, Manhattan, FTX, Alameda, United States, Bahamas, Palo Alto , California

Political Cartoons View All 1206 ImagesHe even thought there was a 5% chance he'd become president someday, Ellison said. Assistant U.S. Attorney Danielle Sassoon asked her what he thought he'd be president of. Shortly after Ellison’s highly anticipated turn on the witness stand began, she was asked to identify Bankman-Fried in the courtroom. Ellison testified under a cooperation deal that could win her leniency when she is sentenced. As Ellison testified, several of her friends or online fans were in attendance at the courthouse.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, ”, he'd, Danielle Sassoon, ” Ellison, Ellison’s, FTX, Judge Lewis A, Kaplan, Palo, Sassoon, Jane, Bankman, “, Joe Biden, Gary Wang Organizations: Stanford, U.S, Alameda Research, Alameda, Republican Locations: Manhattan, Bankman, United States, Bahamas, Washington, Palo Alto , California, Alameda

☆ Caroline Ellison took almost 30 seconds to recognize ex-boyfriend Sam Bankman-Fried as testimony begins
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

From a courthouse in downtown Manhattan, Ellison then listed her crimes: "fraud, conspiracy to commit fraud and money laundering." Ellison, who ran Alameda Research, pleaded guilty in December to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison said she was under the impression that it was FTX customer money because the sums exceeded the exchange's profits and the amount of capital it hard raised. That followed an in-person conversation between Ellison, Bankman-Fried and Sam Trabucco, Alameda's co-CEO. WATCH: Caroline Ellison testifies Sam Bankman-Fried directed her to commit crimes

Persons: Caroline Ellison, Sam Bankman, Ellison, Danielle Sassoon, Fried, Sassoon, Bankman, Sam, FTX, Binance, Sam Trabucco, Alameda's Organizations: Alameda Research, Jane, Stanford, Jane Capital, Alameda Locations: Manhattan, Alameda, New York, San Francisco Bay, Brooklyn, FTX

☆ Meet the Main Players in the FTX Trial
▼ + stars: | 2023-10-10 | by ( Wsj Staff | ) www.wsj.com time to read: 1 min

The ProsecutionFederal prosecutors say Bankman-Fried is the architect of one of the biggest financial frauds in U.S. history. They say he stole billions of dollars from FTX customers, using the funds to enrich himself, fund venture investments and make campaign contributions. The prosecution is led by Danielle Sassoon and Nicolas Roos, assistant U.S. attorneys. Yuki Iwamura/Bloomberg News

Persons: Danielle Sassoon, Nicolas Roos, Yuki Iwamura Organizations: Bloomberg

"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, 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

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

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