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Michael Lewis gave a peek into details from his new book on Sam Bankman-Fried in a tell-all interview. AdvertisementAdvertisement"The Big Short" author Michael Lewis shared some of the wildest details from his forthcoming book on disgraced FTX cofounder Sam Bankman-Fried during a tell-all interview with "60 Minutes" on Sunday. Tom Brady and Sam Bankman-Fried had an unlikely friendship, according to Michael Lewis. Sam Bankman-Fried, a known "League of Legends" fan, played a video game during his first live TV interview, Michael Lewis said. Sam Bankman-Fried.
Persons: Michael Lewis, Sam Bankman, Lewis, SBF, Tom Brady, Donald Trump, , Bankman, Sam, Erin Schaff, Insider's Lloyd Lee, Fried, Trump, Brady, Sebastian Widmann, Sam wasn't, FTX, he's, Larry David, Steph Curry's, Steph Curry, Anna Wintour, Matt Winkelmeyer, Vogue's Anna Wintour, Wintour, Spokespeople, David, Curry, Michael M, Bernie Madoff, Elizabeth Holmes, Jim Spellman, WireImage Lewis Organizations: Service, Trump, NFL, Super, Miami, Sequoia Capital, Metropolitan Detention, Prosecutors, Alameda Research, Bankman Locations: New York, Trump, Hollywood, America, Bahamas, Brooklyn
New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.
Persons: Sam Bankman, Judge Lewis Kaplan, , , ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn
Sam Bankman-Fried, the alleged crypto criminal who stands accused of masterminding one of the biggest financial frauds in U.S. history, was considering paying Donald Trump $5 billion not to run for president, according to best-selling author Michael Lewis. In an interview with CBS's "60 Minutes" that aired on Sunday, Lewis said the FTX founder wanted to put a stop to a Trump White House run in 2024 over fears that the former president was a threat to democracy. "Sam's thinking, 'We could pay Donald Trump not to run for president. And the number that was kicking around when I was talking to Sam about this was $5 billion. Sam was not sure that number came directly from Trump."
Persons: Sam Bankman, Donald Trump, Michael Lewis, CBS's, Lewis, Sam, Fried, Bernie Madoff Organizations: Trump White, Bankman Locations: New York, Trump, Manhattan
NEW YORK (AP) — For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. The trial of Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, will begin Tuesday with jury selection. Political Cartoons View All 1190 ImagesThe 31-year-old Bankman-Fried founded FTX in 2019, and it grew rapidly. Bankman-Fried is expected come face-to-face with his former lieutenants at FTX for the first time since its collapse. She has previously said in a statement through her lawyers that she knew funneling FTX customers' money into Alameda was wrong.
Persons: Sam Bankman, Fried, Bernie Madoff, , Michael Zweiback, Zweiback, Zalduendo, FTX, SBF ”, J.P, Morgan, Tiger Woods, Justin Timberlake, Bankman, John Ray III, Caroline Ellison, Gary Wang, Ryan Salame, Salame, Ellison, funneling, Christine Adams, Adams, Andrew Ross Sorkin, Judge Lewis A, Kaplan, Changpeng Zhao, Larry Neumeister Organizations: Southern, of, Republicans, “ Prosecutors, Zalduendo LLP, Stanford University, Alameda Research, Alameda, Enron, FTX, Bankman, Prosecutors, The New York Times, NFTs, Securities and Exchange Commission, Binance, SEC Locations: Morgan, of New York, Washington, cryptocurrencies, Silicon Valley, FTX, The Bahamas, Albany, Alameda, Bahamas, New York, Palo Alto , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAttorney defends Michael Milken in new book, calls conviction 'injustice on biblical scale'Richard Sandler, ‘Witness To A Prosecution’ author and Milken Institute director, joins 'Squawk Box' to defend Michael Milken, arguing that the financier was not the 'Bernie Madoff' of the 1980s, and more.
Persons: Michael Milken, Richard Sandler, Bernie Madoff Organizations: , Milken Institute
JPMorgan Chase executive Mary Callahan Erdoes sought advice for a $600 million tax issue from disgraced former financier Jeffrey Epstein in 2005, legal filings alleged. The USVI in court filings Monday night asked the court for partial summary judgment in its favor. In a deposition this year, Erdoes acknowledged that JPMorgan was aware of the accusations against Epstein by 2006. JPMorgan agreed to pay $290 million to settle a lawsuit from Epstein's victims, but the USVI suit has continued. On that, JPMorgan had this statement: "Jeffrey Epstein was in Florida where many of Madoff's victims lived.
Persons: Mary Callahan Erdoes, Jeffrey Epstein, Epstein, Erdoes, Jes Staley, Bernie Madoff, Staley Organizations: JPMorgan Chase, Virgin, JPMorgan Locations: U.S, Manhattan, Florida
Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.
Persons: , Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British
That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.
Persons: , Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British
Unless, that is, you recognize this opening as a summary of “The Great Gatsby,” F. Scott Fitzgerald’s novel about the innocence of the mountebank and his martyrdom at the hands of the wealthy married couple he tries to come between. This reversal is part of what makes “Gatsby” such an essential American text. In “Gatsby,” money is clearly corrupting once you have it, because the having imbues you with the “vast carelessness” of Tom and Daisy Buchanan or the cold-eyed manipulative spirit of the men who use Gatsby as their front. “If he’d of lived he’d of been a great man,” Gatsby’s father says before the funeral. But in dying young, Gatsby achieved the secret goal of all Americans: to get rich while remaining citizens of Eden, innocents till the last.
Persons: topick, charlatan, , Scott Fitzgerald’s, , Ross Douthat, Gatsby, Tom, Daisy Buchanan, It’s, Gatsbys, who’s, Sam Bankman, Elizabeth Holmes, Holmes, Bernie Madoff Locations: America, Eden
JPMorgan fails Jeffrey Epstein stress test
  + stars: | 2023-06-15 | by ( Jeffrey Goldfarb | ) www.reuters.com   time to read: +8 min
At least, that’s the impression left by Jamie Dimon’s answers to recent questioning in relation to Jeffrey Epstein, the dead sex-trafficker who was a JPMorgan (JPM.N) client for 15 years. Taken altogether, the case is a sign that the bank is simply too big for one person to manage. Epstein was a JPMorgan client from 1998 until 2013. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. Litigation related to Epstein is still pending between the U.S. Virgin Islands and JPMorgan, as are claims by JPMorgan against its former head of investment banking, Jes Staley.
Persons: Jamie Dimon’s, Jeffrey Epstein, ” Dimon, , Dimon, Epstein, Stephen Cutler, JPMorgan’s, Jes Staley, Mary Erdoes, Staley, fraudster Bernard Madoff, Cleave, Wells, Morgan Stanley, Jeffrey Epstein’s, John Foley, Streisand Neto Organizations: YORK, Reuters, JPMorgan, U.S, Securities, Exchange Commission, Department of Justice, Federal Reserve, Reuters Graphics, London Whale, Citigroup, U.S ., U.S . Virgin Islands, Thomson Locations: Wall, U.S, U.S . Virgin, Manhattan
The Unabomber died by suicide, AP reports
  + stars: | 2023-06-11 | by ( Associated Press | ) www.businessinsider.com   time to read: +5 min
Ted Kaczynski carried out a 17-year bombing campaign that killed three people and injured 23 others. Kaczynski was suffering from late-stage cancer and was found unresponsive in his cell on Saturday. He died by suicide, four people familiar with the matter told The Associated Press. They were not authorized to discuss Kaczynski's death publicly and spoke to the AP on condition of anonymity. Bernie Madoff, the infamous mastermind of the largest-ever Ponzi scheme, died at the facility of natural causes the same year.
Persons: Ted Kaczynski, Kaczynski, , Jeffrey Epstein, Bernie Madoff, David, Linda Patrik, He's, Daryl Johnson Organizations: Associated Press, Service, Federal Medical Center, AP, Prisons, Harvard, Yale University, The New York Times, Washington Post, FBI, American Airlines, New Lines Institute Locations: Butner , North Carolina, Florence , Colorado, North Carolina, Montana, California, Lincoln , Montana, Chicago
Anthony Scaramucci's investment firm SkyBridge Capital had a rough run in 2022 after being burned by the collapse of the bankrupt crypto exchange FTX. Scaramucci told Insider that the amount of leverage in the system and the tax-loss selling in December depressed their overall performance. Still, there are spillover effects — and lessons — from last year's debacle with FTX that Scaramucci and SkyBridge are working through. Lessons learned from the FTX debacleLast year, Sam Bankman-Fried through FTX, the crypto exchange he founded, bought 30% of SkyBridge for $45 million. And finally, as the majority shareholder of the firm, Scaramucci holds the right of refusal to reject any transfer of the shares.
The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers. The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. The high end of the Hamptons market is the strongest. In the luxury market — representing the top 10% of sales — both the median and average sales price broke records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.
CNN —Disgraced R&B singer and convicted sex trafficker R. Kelly has been transferred to a federal prison in North Carolina. R. Kelly, whose full name is Robert Sylvester Kelly, was moved to FCI Butner Medium I, a “medium security federal correctional institution,” according to the Federal Bureau of Prisons website. The Butner complex sits north of the Raleigh-Durham area and includes two medium security facilities, a low-security facility and a medical facility. He was already serving a 30-year sentence on racketeering and sex trafficking charges after being convicted in New York in September 2021. “Numerous seated jurors were either familiar with accusations that Defendant had a history of sexually abusing underage girls, had previously faced legal problems, and/or had seen the highly unflattering docuseries, Surviving R. Kelly, in which several government witnesses had appeared,” a brief filed last Wednesday said.
Florida Gov. "DeSanctus is being absolutely destroyed by Disney," Trump wrote earlier this week. "DeSanctus is being absolutely destroyed by Disney," Trump crowed on his social media platform Truth earlier this week. The Florida governor wanted to burnish his national image by torching Disney. And by gobbling up intellectual property and broadcasting rights, Disney continues to be virtually inescapable.
And if any city is the city where you can see just how remarkably things have shifted, it's also Miami. If the draw in the 1920s was imaginary land, Miami's bubble in the 2020s was driven by imaginary money — crypto. The newcomers — and the crypto kids, especially — believed they could master Miami as easily as they had mastered the markets. The new Miami money party started to run out of libations. "There were a lot of true believers in the Miami crypto scene.
Companies Deutsche Bank AG FollowNEW YORK, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE) has settled a lawsuit in which it accused two offshore funds of reneging on an agreement to sell it $1.6 billion of claims in the bankruptcy of Bernard Madoff's namesake firm. Incorporated in the British Virgin Islands, the Kingate funds funneled client money to Madoff for many years before his Ponzi scheme collapsed in 2008. The funds sold their claims against the former Bernard L. Madoff Investment Securities LLC to Deutsche Bank for 66 cents on the dollar in 2011. But the bank said the Kingate funds later got "sellers' remorse" because the value of the claims rose substantially. The case is Deutsche Bank Securities Inc v. Kingate Global Fund Ltd et al, U.S. District Court, Southern District of New York, No.
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. The former Hamptons home of late disgraced financier Bernie Madoff has sold for $14 million, according to the local Multiple Listing Service.
Feb 27 (Reuters) - Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme. Canada's Toronto-Dominion Bank <TD.TO> will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. They avert a trial that had been scheduled for Monday in Houston federal court, where TD, HSBC and Independent Bank were the last remaining defendants. Two other defendants, France's Societe Generale SA (SOGN.PA) and Mississippi-based Trustmark Corp (TRMK.O), settled for a respective $157 million and $100 million earlier this year. Independent Bank expects to recognize a $100 million first-quarter expense for its settlement, a regulatory filing shows.
Efforts to recoup them will highlight major flaws in political donations. On Thursday, former Chief Executive Sam Bankman-Fried was hit with additional criminal charges, including an accusation that he conspired with two former FTX executives to make more than 300 illegal political donations. Ray is hoping to add politicians’ returned donations to his coffers, and past blowups suggest he will have some luck. Madoff and Stanford’s political contributions, totaling hundreds of thousands of dollars each, pale in comparison to the $84 million-plus FTX executives gave campaigns. No other FTX executives, including Ryan Salame and Nishad Singh, have been charged with campaign finance violations at this time.
Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.
Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. ​​Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.
Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. ​​Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.
Sam Bankman-Fried and Anthony Scaramucci went on a Middle East fundraising tour in October. Scaramucci told Insider he bought SBF a suit so the FTX CEO wouldn't wear a T-shirt with investors. Scaramucci told Insider he bought the then-FTX CEO a suit from Bloomingdale's to help impress investors. "I bought him a suit, frankly, to take him to the Middle East with me and told him he can't dress with a T-shirt in the Middle East," Scaramucci told Insider. "So in some ways, I'm happy that we took that trip because we could still be living in a world of FTX," Scaramucci said.
NEW YORK, Jan 25 (Reuters) - Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. WHAT IS HINDENBURG RESEARCHFounded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. HOW MANY COMPANIES HAS HINDENBURG TARGETEDHindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website.
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