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(AP) — A federal appeals court has ordered the appointment of an independent examiner in the bankruptcy case of FTX amid concerns about widespread fraud preceding the collapse of the multibillion-dollar cryptocurrency exchange. A three-judge panel in Philadelphia issued the ruling Friday in an appeal filed by the U.S. bankruptcy trustee, who serves as a government watchdog in Chapter 11 reorganizations. U.S. Bankruptcy Judge John Dorsey denied the trustee’s request last February. The appeals court reversed Dorsey’s ruling, agreeing with the trustee that the bankruptcy code mandates the appointment of an examiner. “Such is the case here.”Restrepo also noted that an examiner is required to make his or her findings public, whereas a debtor or creditors committee conducting an internal investigation has no such obligation.

Persons: John Dorsey, Dorsey, John Ray III, FTX, Sam Bankman, Fried, Prosecutors, ”, Luis Felipe Restrepo, ” Restrepo Organizations: —, U.S, FTX, Alameda Research Locations: Del, Philadelphia, FTX

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
▼ + stars: | 2023-12-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Meanwhile, Solana is nearly 10x higher in the last 12 months, and bitcoin miner Marathon Digital has also skyrocketed. That same year, Bankman-Fried earned street cred in crypto circles for his bitcoin arbitrage trading strategy, dubbed the Kimchi swap. The relationship between Zhao and Bankman-Fried began to sour a few months after they met. In Nov. 2022, a fight between Bankman-Fried and CZ on Twitter, now known as X, pulled the mask off the scheme.

Persons: Sam Bankman, Zhao Changpeng, Bitcoin, Solana, Binance's, Zhao, FTX's Sam Bankman, Fried, JPMorgan Chase, Jamie Dimon, bitcoin, Bill Gates, Warren Buffett, Elizabeth Warren, execs, Renato Mariotti, Michael Lewis, Sam, gunning, Lewis, SBF, Binance, FTX, Goldman Sachs, General Merrick Garland, Garland, Amr Alfiky Organizations: Marathon, JPMorgan, Microsoft, Capitol, Department of Justice, U.S . Justice Department's Securities, Commodities, CZ, Alameda Research, Formula, Democratic, Twitter, Emergency Economic, U.S ., Futures Trading Commission, Treasury Department, Securities, Exchange Commission, Justice Department, DOJ, Reuters Locations: Hong Kong, Singapore, Bankman, FTX, Miami, Washington, Alameda, U.S, New York City

☆ With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison
▼ + stars: | 2023-11-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried quickly figured out that mackerel fish is the currency of choice among inmates. AdvertisementIt didn't take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York's Metropolitan Detention Center. The disgraced founder of crypto exchange FTX has reportedly been keeping busy by swapping food items in exchange for services as he awaits sentencing on seven felony counts that include wire fraud and conspiracy to commit money laundering. He then used them to pay for personal upkeep services such as beard trims and shoe shines from inmates. Food items like mack and tuna are stable commodities with a value that can be pegged to the dollar.

Persons: Sam Bankman, Fried, —, FTX, SBF, It's, Larry Levin, mack Organizations: Service, New York's Metropolitan Detention Center, Wall Street Journal, Jane, Capital, Alameda Research, Wall Street Locations: New York's, New York, Lompoc, California

There are three classic theories:Deterrence: Severe sentences send a message to would-be criminals and prevent crimes. “If you’re going to deter, you have to reach an audience,” John Coffee, a Columbia University law professor and an expert on white-collar crime, told DealBook. Incarceration for economic crimes has an “expressive value,” Taub said. Bankman-Fried was famously obsessed with calculating risk — an effective sentence would signal to others like him that it’s not worth rolling the dice. — Ephrat LivniWe want to hear from you: How should judges approach sentencing for white-collar crime?

Persons: ” John Coffee, DealBook, Coffee, warranting, Judge Kaplan, Jennifer Taub, Taub, ” Taub, Fried, it’s, — Ephrat Livni, Biden, Sienna, Donald Trump Organizations: Columbia University, Alameda Research, Democratic, Biden, Times Locations: Western, England, Alameda, Virginia , Kentucky , Ohio, Pennsylvania

☆ SEC Chair Gensler says rebooted FTX run by ex-NYSE chief is possible if done 'within the law'
▼ + stars: | 2023-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

WASHINGTON — A revived FTX could work if new leadership does so with a clear understanding of the law, SEC chair Gary Gensler told CNBC on the sidelines of DC Fintech Week. "If Tom or anybody else wanted to be in this field, I would say, 'Do it within the law,'" Gensler said on Wednesday. Alameda was a market maker for the FTX exchange, and was given privileges, such as a $65 billion line of credit requiring no collateral. "We would never let the New York Stock Exchange also operate a hedge fund and trade against their members or trade against customers in the market," said Gensler. "FTX and Alameda had an extremely problematic relationship," Castle Island Venture's Nic Carter told CNBC.

Persons: Gary Gensler, Emanuel Cleaver, WASHINGTON —, Gensler, Tom Farley, Farley, FTX, Sam Bankman, Fried, Nic Carter Organizations: Financial, Securities and Exchange Commission, SEC, CNBC, DC, New York Stock Exchange, Alameda Research Locations: Rayburn, Alameda, FTX

☆ Sam Bankman Fried Exposed the Fragility of Crypto - The New York Times
▼ + stars: | 2023-11-08 | by ( Molly White | ) www.nytimes.com time to read: +3 min

In early 2019, FTX’s token, FTT, was conjured out of thin air as Mr. Bankman-Fried launched FTX from the same Hong Kong office where he ran Alameda Research. The FTT token initially sold to the public for around $1, but as cryptocurrency boomed into 2021, the token skyrocketed to $10, doubled again to $20 within a month of that and eventually peaked above $75. The bulk of them remained with FTX or Alameda Research. A trader might have reasonably agreed to buy a small amount of FTT tokens for the market price listed on an exchange. Other cryptocurrency firms that were overexposed to FTX or Alameda Research went bankrupt, in turn leaving their own customers and investors in the lurch.

Persons: Fried, FTX Organizations: Hong, Alameda Research, Alameda, Binance Locations: Hong Kong, Alameda, U.S, United States, FTX

☆ Sam Bankman-Fried and the SEC
▼ + stars: | 2023-11-05 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellySam Bankman-Fried charmed investors and politicians, but he wasn’t so fortunate with a federal jury. On Thursday the former FTX crypto-exchange kingpin was convicted of seven counts of fraud and money-laundering. Note to Chairman Gary Gensler : The Securities and Exchange Commission doesn’t need to regulate crypto markets to police malfeasance. Prosecutors showed that Mr. Bankman-Fried used the money to fund risky investment bets and cover losses at his Alameda Research trading house, buy influence in Washington, and acquire real estate in the Bahamas.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Sam Bankman, Fried, Gary Gensler, FTX Organizations: Reuters, Securities, Exchange, Prosecutors, Alameda Research Locations: Washington, Bahamas

☆ 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

☆ 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

☆ A timeline of Sam Bankman-Fried trial: Key moments leading up to FTX founder's conviction
▼ + stars: | 2023-11-03 | 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: +5 min

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Bankman-Fried debuts on the Forbes billionaires list, which estimates his net worth at $22.5 billion. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Fried, Amr Alfiky, Gary Wang, Larry David, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York City, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California, New York

☆ The 5 most memorable moments from the Sam Bankman-Fried trial
▼ + stars: | 2023-11-03 | by ( Jordan Valinsky | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Sam Bankman-Fried was found guilty Thursday following a monthlong trial that was almost as wild as the rapid rise and fall of cryptocurrency exchange FTX itself. He was found guilty of stealing billions of dollars from accounts belonging to customers of FTX. During the trial, Bankman-Fried took the unusual – and risky – decision to testify in his own defense. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. “No offense to the Kansas City Royals, but we didn’t want to be known as the Kansas City Royals of crypto exchanges,” SBF testified.

Persons: Sam Bankman, Fried, Bernie Madoff’s, Caroline Ellison, SBF’s, Mark Cohen, ” Cohen, “, ”, Cohen, SBF, Ellison, ” SBF, Lewis Kaplan, Kaplan interjected, Bankman, Danielle Sassoon, …, Sassoon, ’ Organizations: New, New York CNN, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya, PR, Alameda Locations: New York, FTX, Bahamas, United States, Kansas City, Bankman, China, Alameda

☆ Sam Bankman-Fried was just convicted. Where does crypto go from here?
▼ + stars: | 2023-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at Sam Bankman-Fried's conviction and what it means for the future of crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was found guilty of seven counts of fraud and conspiracy on Thursday night. Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. The conviction came, perhaps fittingly, on the first anniversary of the CoinDesk scoop that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. The downfall was swift, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report.

Persons: —, Katie Notopoulos —, Linda Yaccarino, Sam Bankman, Chelsea Jia Feng Down, Crypto, SBF, FTX, Fried, Katie Balevic, Jacob Shamsian, Katie, Chelsea Jia Feng, Miami —, That's, Brian Snyder Jamie Dimon, Jeff Gundlach, Gundlach, Mike Blake, Jack Dorsey, Samantha Lee, Janet Yallen, Sheryl Crow, Missy Elliott, isn't, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bankman, Alameda Research, Wall, BlackRock, PayPal, JPMorgan, Microsoft, Tech, Financial, Labor Statistics, Hall, Today Locations: FTX's, New York City, San Diego, London, New York

The FTX founder was convicted on fraud and conspiracy charges, and faces up to 110 years in prison. Joseph Bankman and Barbara Fried, who have both taught at Stanford Law, are tied up in the FTX scandal. As the jury announced the verdict, Barbara Fried, Bankman-Fried's mother, seemed to fight back tears. As the courtroom cleared out, Bankman-Fried's parents stood and embraced. Bankman-Fried's parents, both longtime Stanford law professors, were caught up in the FTX scandal.

Persons: Sam, Bankman, Joseph Bankman, Barbara Fried, —, Sam Bankman, Joe Bankman, Fried, FTX Organizations: Stanford Law, Service, Alameda Research, Stanford, FTX, Bankman, San Francisco Bay Area Locations: Manhattan, FTX, The Bahamas, San Francisco Bay

☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ Sam Bankman Fried’s fate is now officially in the hands of 12 jurors
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Chief among those errors, according to his own testimony, was was not hiring a dedicated risk management team. “I made a number of small mistakes and a number of larger mistakes,” Bankman-Fried said on the stand last week. Although Bankman-Fried made mistakes, he never defrauded anyone, Cohen told jurors. “Poor risk management is not a crime.”Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, were both in the courtroom again Thursday.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Fried, ”, They’ve, “, Danielle Sassoon, Mark Cohen, Cohen, ” Cohen, Barbara Fried, Joseph Bankman, Bankman, — Sabrina Souza Organizations: New, New York CNN, Prosecutors, Alameda Research Locations: New York, Manhattan, FTX, Alameda

☆ Jurors are deliberating on Sam Bankman-Fried's fate. Here's what they'd have to agree on to convict the FTX founder.
▼ + stars: | 2023-11-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Prosecutors charged him with money laundering and conspiring to defraud FTX and Alameda customers, investors, and lenders. Here's a breakdown of the seven charges jurors are considering. AdvertisementAdvertisementProsecutors allege he stole money from customers of FTX, the exchange, and used the funds for trades, investments, and property purchases through Alameda Research. AdvertisementAdvertisementIn addition to the criminal counts in this trial, Bankman-Fried faces another set of charges related to allegedly illegal campaign contributions. AdvertisementAdvertisementBeyond the criminal charges, Bankman-Fried has a slew of other legal problems, including negotiations over FTX's bankruptcy and civil lawsuits from regulators and investors who claim they were defrauded.

Persons: Sam Bankman, FTX, —, Fried, Lewis Kaplan, — Prosecutors, Caroline Ellison, it's, Kaplan, he's Organizations: Prosecutors, Service, Alameda Research, Bowl, — Locations: Alameda, Manhattan, Bahamas, FTX

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

A jury found Sam Bankman-Fried guilty of financial crimes in his five-week Manhattan trial. The defense said Bankman-Fried simply didn't know and his executives were to blame. AdvertisementAdvertisementA jury found Sam Bankman-Fried guilty of seven counts of fraud and conspiracy in his criminal trial in Manhattan federal court after deliberating for about four and a half hours on Thursday. AdvertisementAdvertisementCharges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. Ellison – along with execs Gary Wang and Nishad Singh – pleaded guilty to wire fraud and conspiracy charges and testified against Bankman-Fried at the trial, each emphasizing how they committed crimes at Bankman-Fried's direction.

Persons: Sam Bankman, —, Caroline Ellison, Ellison –, execs Gary Wang, Nishad Singh –, Fried Organizations: Prosecutors, Service, Inner City Press, Alameda Research, Washington , D.C, Bankman, Alameda Locations: Manhattan, Bahamas, Washington ,, FTX, Alameda, Bankman

The government is paying for pizza and Uber rides home for the 12 jurors in lower Manhattan who will decide the fate of Sam Bankman-Fried. In court on Thursday, U.S. District Judge Lewis Kaplan told jurors he would keep them until 8:15 p.m. as the criminal trial of the FTX founder enters its final stretch. Kaplan had previously hinted at the expedited timeline, while reassuring the jury that he wasn't rushing anyone. Now the trial moves to jury instructions and then deliberations. All three pleaded guilty to multiple charges and cooperated as witnesses for the prosecution.

Persons: Sam Bankman, District Judge Lewis Kaplan, Kaplan, Caroline Ellison, Bankman, FTX, Gary Wang, Nishad Singh Organizations: District, Stanford, Alameda Research Locations: Manhattan, Alameda

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

☆ Verdict reached in Sam Bankman-Fried fraud trial
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. Bankman-Fried looked sunken as the verdict was read out. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them. But, unlike bank customers, FTX depositors had no federal insurance fund to compensate them when the cash dried up.

Persons: Sam Bankman, Fried, Joe Bankman, Barbara Fried, Bernie Madoff’s, FTX, Tom Brady, Gisele Bundchen, Gary Wang, Nishad Singh, Wang, Singh Organizations: New, New York CNN, Alameda Research, Bankman, Miami, Chief Locations: New York, Alameda, FTX, Bahamas

☆ Donald Trump Jr. asked courtroom artist to make him 'look sexy' like an illustration of Sam Bankman-Fried
▼ + stars: | 2023-11-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

"Make me look sexy," Donald Trump Jr. told a courtroom illustrator after he finished testifying Thursday. The ex-president's son pointed out an image of Sam Bankman-Fried as inspiration. "He said, 'Make me look sexy,'" illustrator Jane Rosenberg told Insider. Eric Trump and Donald Trump Jr., both executives at the company, are co-defendants and testified this week. On the witness stand, Trump Jr. said he had no involvement in preparing documents about the Trump Organization's finances, even though he signed off on them.

Persons: Donald Trump Jr, Sam Bankman, Jane Rosenberg, —, Donald Trump, Rosenberg —, who's, Tom Brady, Harvey Weinstein —, Trump, Rosenberg, Sam Bankman Fried, 8l7Nn0zCN2 — Tom Breen, @TJBreen, Kimberly Guilfoyle, Letitia James, Eric Trump, Fried, Lewis Kaplan, Kaplan Organizations: Service, Trump Organization, Trump Jr, Reuters, New York, Trump, Alameda Research Locations: New York, Manhattan, Alameda

☆ Jurors in Sam Bankman-Fried criminal trial begin deliberations
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Indicted FTX founder Sam Bankman-Fried arrives at the U.S. Twelve jurors in a lower Manhattan courtroom have begun to deliberate the fate of FTX founder Sam Bankman-Fried following a month of testimony from nearly 20 witnesses. The case was handed to the jury around 3:15 p.m. on Thursday, after U.S. District Judge Lewis Kaplan finished reading aloud 60 pages worth of instructions. A verdict could come as early as Thursday afternoon, and Judge Kaplan previously ordered the jury to stay until 8:15 p.m, offering free pizza and Uber rides home. Judge Kaplan has encouraged the expedited timeline, holding jurors until 6:30 p.m. on Wednesday in order to finish closing arguments.

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Judge Kaplan, he's, — Organizations: U.S, District, Alameda Research, Massachusetts Institute of Technology, Stanford Locations: New York City, Manhattan

After Kaplan left the courtroom, Cohen put his arm around Bankman-Fried as they spoke at the defense table. He testified that while he made mistakes running FTX, such as not formulating a risk-management team, he did not steal customer funds. "We thought that we might be able to build the best product on the market," Bankman-Fried testified. The defense argued the three, who have not yet been sentenced, falsely implicated Bankman-Fried in a bid to win leniency at sentencing. Bankman-Fried has been jailed since August after Kaplan revoked his bail, having concluded he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Bankman, FTX, Damian Williams, Williams, Bernie Madoff, Jordan Belfort, District Judge Lewis Kaplan, Mark Cohen, Kaplan, Cohen, nodded, Joseph Bankman, Barbara Fried, Fried's, Danielle Sassoon, Caroline Ellison, Gary Wang, Nishad Singh, Luc Cohen, Jody Godoy, Will Dunham, Daniel Wallis Organizations: U.S . Justice, U.S, District, Massachusetts Institute of Technology, Marshals, Stanford Law, Prosecutors, Alameda Research, Former Alameda, Thomson Locations: Manhattan, Bankman, New York City, U.S, FTX, Alameda, New York, Lincoln

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