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☆ Billionaire Larry Ellison gets speeding ticket on island he owns while driving Corvette, told cop there's 'no excuse'
▼ + stars: | 2023-01-13 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Billionaire Larry Ellison was given a speeding ticket while driving on his Hawaiian island Lana'i. Ellison told the officer he was on his way to dinner with his kids, but "there's no excuse." The officer told Ellison he was pulled over for running through a stop sign and that he was "kind of speeding." Ellison apologized and told the officer he was trying to get home to have dinner with his kids. Ellison bought nearly 98% of the 141-square-mile island of Lana'i in June 2012 for an estimated $300 million.

☆ Billionaire investor Bill Ackman says the public shouldn't 'rush to convict' Sam Bankman-Fried
▼ + stars: | 2023-01-13 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Bill Ackman, known for his lucrative bet on COVID-19 crashing the market, extolled due process for SBF. He said defendants like Sam Bankman-Fried deserve the presumption of innocence at this stage. "Let's not sacrifice our core values in a rush to convict @SBF_FTX as it does no one any good," he wrote. After FTX's bankruptcy filing in November, Ackman tweeted in support of cryptocurrency, saying it could still "enable the formation of useful businesses and technologies." In his own Substack post this week, former FTX CEO Bankman-Fried insisted that he "didn't steal" from the company.

☆ Scaramucci says SkyBridge can buy back FTX stake this year, alleges SBF 'committed fraud’
▼ + stars: | 2023-01-13 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

FTX bought a 30% stake in SkyBridge in September, before the crypto company filed for bankruptcy on Nov. 11. We'll of course have to let the legal system determine all of those things," Scaramucci told CNBC. Bankman-Fried has pleaded not guilty to eight federal charges including fraud and money laundering. Meanwhile, FTX co-founder Gary Wang and Caroline Ellison, the former co-CEO of Alameda Research, have both pleaded guilty to federal charges connected with FTX's collapse and are working with investigators. Alameda Research was the crypto hedge fund started by Bankman-Fried and affiliated to FTX.

☆ Sam Bankman-Fried says guards outside his parents' house stopped a vigilante who wanted to make a citizen's arrest
▼ + stars: | 2023-01-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried said a citizen vigilante was stopped by security guards, per an interview in Puck. Bankman-Fried said people wanted to come to his parent's house and make a "citizen's arrest." Bankman-Fried told Teddy Schleifer, a reporter from Puck, that some people claimed they wanted to come to the house and make a citizen's arrest. As part of his bail terms, he is required to stay at his parent's house while he awaits trial. He told Schleifer he had not spoken to his ex-girlfriend, Caroline Ellison, or FTX co-founder Gary Wang.

☆ 'I didn't steal funds,' Sam Bankman-Fried says in unusual post-arrest blog post
▼ + stars: | 2023-01-12 | 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: +2 min

"I didn't steal funds, and I certainly didn't stash billions away," Bankman-Fried wrote in the blog published on Substack, in a rare public statement by a U.S. criminal defendant. He wrote that Alameda failed to hedge against an "extreme" crash in the crypto markets, which ultimately came to pass last year. "As Alameda became illiquid, FTX International did as well, because Alameda had a margin position open on FTX," Bankman-Fried wrote. Caroline Ellison, Alameda's former chief executive, said in her plea hearing that Bankman-Fried and other FTX executives received billions of dollars in secret loans from Alameda. Reporting by Luc Cohen in New York; editing by Amy Stevens and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ FTX has recovered $5 billion worth of ‘liquid’ assets, lawyers say
▼ + stars: | 2023-01-11 | by ( Rohan Goswami | Rohan Goswami Is A News Associate At Cnbc. | ) www.nbcnews.com time to read: +1 min

FTX has recovered over $5 billion worth of liquid assets, including cash and digital assets, attorneys in Delaware bankruptcy court said during an FTX bankruptcy hearing Wednesday. The news comes after federal prosecutors announced plans to seize at least $500 million worth of FTX-connected assets as part of their ongoing prosecution of FTX co-founder Sam Bankman-Fried. FTX’s new CEO, John J. Ray, previously attested that at least $8 billion of customer assets were unaccounted for in the “worst” case of corporate control he’d ever seen. FTX CEO John Ray testifies before the House Financial Services Committee on Dec. 13, 2022. Manuel Balce Ceneta / AP fileThe $5 billion figure doesn’t include any illiquid cryptocurrency assets, FTX attorney Adam Landis told the court.

☆ Tesla investors argue Musk can receive fair 'funding secured' trial in San Francisco
▼ + stars: | 2023-01-11 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com time to read: +3 min

Videos of an audience booing Musk during a surprise appearance at a Dave Chappelle show in San Francisco in December were circulated online. Tesla moved its headquarters from the San Francisco area to Texas in 2021. Musk tweeted in August 2018 that he had "funding secured" to take Tesla private, sparking 10 days of volatile trading in its stock shares, bonds and options. Defendants, which also include Tesla and its board at the time, will make their case that Musk was not misleading investors in a material way. Additional reporting by Hyunjoo Jin in San Francisco Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Ex-Coinbase manager's brother sentenced to 10 months in insider trading case
▼ + stars: | 2023-01-10 | 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: +2 min

Nikhil Wahi admitted last year that he made trades based on confidential Coinbase information. Ishan Wahi has pleaded not guilty. Two of his closest associates, Caroline Ellison and Gary Wang, have pleaded guilty and agreed to cooperate with prosecutors. Prosecutors had recommended Nikhil Wahi be sentenced to between 10 and 16 months in prison, arguing that he earned nearly $900,000 in profits from the scheme. Reporting by Luc Cohen in New York; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Former top FTX engineer who lived in Sam Bankman-Fried's Bahamas penthouse is trying to cut a deal with fraud prosecutors, report says
▼ + stars: | 2023-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

FTX's ex-chief engineer last week met prosecutors probing the crypto exchange's collapse, per Bloomberg. Sam Bankman-Fried's ex-roommate Nishad Singh could become the 3rd top FTX exec to cut a deal. Prosecutors hope Singh will shed light on Bankman-Fried's political donations, per Bloomberg. He worked as an engineer at Facebook before joining FTX, according to a LinkedIn profile that has now been taken down. Read more: FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights

☆ Sam Bankman-Fried's not-guilty plea keeps his options open, says a former federal prosecutor who explains what the criminal case means for investors-turned creditors of FTX
▼ + stars: | 2023-01-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

The Commodity Futures Trading Commission's lawsuit had alleged that both Ellison and Wang knowingly deceived the public under Bankman-Fried's direction. O'Brien, a former assistant US Attorney for the Department of Justice, specializes in white-collar criminal defense and commercial and securities litigation. "When you get indicted, your first appearance in court, you don't know what the charges are. You're presented with a piece of paper, an indictment, but you don't know what the evidence is." But Bankman-Fried's plea doesn't have much to do with what the outcome will be for investors who lost funds on the exchange, O'Brien noted.

☆ FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
▼ + stars: | 2023-01-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

They're currently scrutinizing former FTX engineer Nishad Singh, people familiar with the matter said. Singh first met Sam Bankman-Fried through the now-disgraced FTX founder's younger brother Gabe, who he was high school friends with. "[Former FTX chief technology officer] Gary [Wang] is scared, Nishad is ashamed and guilty," Bankman-Fried said. "It hit [Singh] hard. Read more: Everything we know about Nishad Singh, the 27-year-old former FTX exec who had an 8% stake in the crypto exchange

☆ U.S. securities regulator probes FTX investors' due diligence -sources
▼ + stars: | 2023-01-05 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoNEW YORK, Jan 5 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is seeking details about FTX investors' due diligence, according to two sources familiar with the inquiry, as fallout from the crypto firm's collapse spreads. Reuters and others previously reported that U.S. authorities sent document requests to investors and potential investors in FTX, seeking details on their communications with FTX officials. Those inquiries predated last month's SEC charges against FTX founder Sam Bankman-Fried for allegedly defrauding such investors. The SEC's inquiries to investors have continued after SEC filed those charges, and the agency has now shifted its focus to the firms' diligence, the sources said. FTX filed for bankruptcy in November amid what its new CEO later described as a "complete failure of corporate controls".

☆ Mystery solved! We identified the big chonky ring that Sam Bankman-Fried wore to court.
▼ + stars: | 2023-01-05 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

On his right ring finger was a big honking metal ring. Indeed, the ring appears to be an MIT class ring, also known as the "brass rat." The beaver design for the MIT class ring, taken from the school's mascot, dates to 1930. The chair of the 2014 ring committee didn't immediately respond to Insider's request for comment for this story. A representative for Bankman-Fried responded to Insider's request for comment and confirmed Bankman-Fried was wearing an MIT class ring.

☆ Exclusive: FTX's former top lawyer aided U.S. authorities in Bankman-Fried case
▼ + stars: | 2023-01-05 | by ( Angus Berwick | ) www.reuters.com time to read: +5 min

Friedberg gave details about FTX in a Nov. 22 meeting with two dozen investigators, the person said. "THROUGH THICK AND THIN"Prior to his work advising FTX, Friedberg advised a mix of banking, fintech, and online gaming companies. At the time, the source said Friedberg advised Bankman-Fried on running Alameda, which he founded that year. In 2020, when Bankman-Fried launched a separate exchange for U.S. customers called FTX.US, Friedberg moved in-house as FTX's chief regulatory officer. In a now-deleted blog post published that year on FTX's website, Bankman-Fried wrote that Friedberg was FTX's legal advisor "from the very beginning," noting he had been "with us through thick and thin."

☆ Larry Ellison, Ken Griffin and Other Rich Buyers Kept the Luxury Market ‘Separated From Reality’ in 2022
▼ + stars: | 2023-01-04 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

The luxury real-estate market may have returned to earth slightly in 2022 following a whirlwind pandemic-induced free-for-all in 2021. Still, some of the country’s richest buyers managed to log big-ticket deals. There were at least seven deals closed for $100 million or more in 2022, down from the eight closed the prior year, according to data from appraisal firm Miller Samuel and The Wall Street Journal’s reporting. In total, there were 44 sales across the U.S. closed for $50 million or more. While that’s down from 48 in 2021, it’s still the second highest total on record and a significant uptick from the 23 recorded in prepandemic 2019, according to Miller Samuel’s Jonathan Miller .

The government will give documents and evidence to Bankman-Fried’s lawyers in a process known as discovery. Prosecutors said on Tuesday that they have hundreds of thousands of documents with more on the way as they continue gathering evidence. Discovery can take months, particularly if disputes arise over what evidence the defense is entitled to see ahead of trial. Manhattan U.S. Attorney Damian Williams has said his office will continue to make announcements as its probe widens. Criminal defendants can change their plea at any time, and their lawyers often negotiate with prosecutors over a possible plea deal.

Sam Bankman-Fried pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research. The onetime crypto billionaire was indicted on charges of conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering, and conspiracy to avoid campaign finance regulations. Federal prosecutors also announced the launch of a new task force to recover victim assets as part of an ongoing investigation into Bankman-Fried and the collapse of FTX. Federal prosecutors built the indictment against Bankman-Fried with unusual speed, packaging together the criminal charges against the 30-year-old in a matter of weeks. The federal charges came alongside complaints from the Commodity Futures Trading Commission and the Securities and Exchange Commission.

He is scheduled to appear at 2 p.m. EST (1900 GMT) before U.S. District Judge Lewis Kaplan in Manhattan. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates. Caroline Ellison, who was Alameda's chief executive, and Gary Wang, FTX's former chief technology officer, pleaded guilty to seven and four criminal charges, respectively, and agreed to cooperate with prosecutors. Bankman-Fried, Ellison and Wang were also sued by the U.S. Securities & Exchange Commission and Commodity Futures Trading Commission.

☆ Sam Bankman-Fried pleads not guilty in the US government's criminal case over FTX crash
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried entered a plea of not guilty to the fraud and conspiracy charges against him, according to reports. If Bankman-Fried doesn't reach a deal with the government, the case would head to a trial. "Just because he enters a plea of not guilty, it doesn't mean he's not working with prosecutors." How those cases proceed would also depend on the course of the criminal case. A criminal trial, for instance, could help him put civil suits against him on hold.

☆ FTX founder Sam Bankman-Fried to appear in court Tuesday
▼ + stars: | 2023-01-03 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +2 min

New York CNN —Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, is set to appear in person in a Manhattan federal court on Tuesday to face charges that include cheating investors out of billions of dollars. Bankman-Fried, known as SBF, is charged with eight criminal counts ranging from wire fraud and conspiracy to commit money laundering, to conspiracy by misusing customer funds. He is expected to plead not guilty and could face up to 115 years in prison if convicted on all charges. Wang faces up to 50 years in prison in accordance with federal sentencing guidelines referenced in court. Ellison faces up to 110 years in prison for the seven criminal counts she’s pleaded guilty to, per federal sentencing guidelines.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Sam Bankman-Fried offered lenders 20% returns in a scramble to rescue his crypto empire from an earlier crisis in 2018, report says
▼ + stars: | 2023-01-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried promised big returns when seeking emergency cash in 2018, a report said. The outlet said that Bankman-Fried's troubles long predated FTX and Alameda collapsing in 2022. The issue, the report said, led Bankman-Fried to seek out additional loans to keep Alameda going. Per The Journal, he promised annual returns as high as 20% in exchange for loans of cash or crypto, but offered few specifics. They include fraud for allegedly using FTX funds to support the endeavors of Alameda, buy real estate, and fund millions of dollars in political contributions.

☆ Sam Bankman-Fried is expected to plead not guilty to defrauding FTX investors, reports say
▼ + stars: | 2022-12-31 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried is likely to plead not guilty, per The Wall Street Journal and Reuters. He faces multiple criminal charges including wire fraud and conspiracy to commit money laundering. He's facing multiple criminal charges including wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign financing laws. It is not unusual for criminal defendants to initially plead not guilty and defendants can later change their plea, Reuters reported. Former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang both pleaded guilty to criminal charges similar to those Bankman-Fried faces.

☆ From TerraUSD's meltdown to the collapse of a $32 billion crypto empire, here is a full timeline of the crypto market's year in 2022
▼ + stars: | 2022-12-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +7 min

Insider spoke with several crypto experts and charted the most influential events for the industry in 2022. The firm filed for insolvency in June, leading to widespread contagion. A month later, the firm filed for bankruptcy, listing $4.31 billion in assets and $5.5 billion in liabilities. The world's largest asset manager agreed to offer clients access to Coinbase's crypto trading and custody services. Radix's Epstein warned the industry must brace for more FTX contagion, but predicted crypto markets will rebound eventually.

☆ Who should play Sam Bankman-Fried, Caroline Ellison, and his parents when the FTX implosion gets made into a movie or TV show
▼ + stars: | 2022-12-31 | by ( Travis Clark | ) www.businessinsider.com time to read: 1 min

Michael Lewis, author of "The Big Short" and "Moneyball," has reportedly interviewed disgraced FTX founder Sam Bankman-Fried multiple times for an upcoming book. Sam Bankman-Fried outside at the federal court in Manhattan on Thursday. Jeenah Moon/ReutersThe Hollywood trade The Ankler reported in November that Lewis had been interviewing Bankman-Fried for six months, and the New York Post followed up on Tuesday, reporting that Lewis met with Bankman-Fried for "several hours" soon after the latter was put under house arrest at his parents' home in Palo Alto. Bankman-Fried was released on bail last week from a New York federal court after being extradited to the US from the Bahamas. He's facing several fraud-related charges after the implosion of FTX, the cryptocurrency firm he founded and of which he was formerly CEO.

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