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☆ South Carolina lawyer convicted of murder gets 27 years for financial crimes
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Alex Richard Murdaugh is seen in this police mugshot photo in Orlando, Florida, U.S., October 14, 2021. Murdaugh has appealed his murder convictions and maintains he is innocent of the killings. At his murder trial, prosecutors said Murdaugh killed his wife and son to distract from his financial crimes, through which he stole millions of dollars used to support a years-long opioids addiction and lavish lifestyle. He pleaded guilty to bank fraud and other financial felonies in a separate federal case in September. Reporting by Steve Gorman in Los Angeles; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Alex Richard Murdaugh, Richard, Alex, Murdaugh, gunning, Maggie, Paul, Steve Gorman, Sonali Paul Organizations: ORANGE COUNTY, REUTERS, Thomson Locations: Orlando , Florida, U.S, South Carolina, Charleston, Los Angeles

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 27 (Reuters) - Former Binance chief Changpeng Zhao must stay in the United States for the time being, a federal judge said on Monday, after the founder of the world's largest cryptocurrency exchange pleaded guilty to violating U.S. anti-money laundering laws. U.S. District Judge Richard Jones in Seattle said he would review whether Zhao should have to stay in the United States after the U.S. government appealed a decision by another judge allowing Zhao to return to the UAE before his Feb. 23 sentencing hearing. Last week, Zhao conceded: "I made mistakes, and I must take responsibility." The government had said it may be unable to secure Zhao's return to the United States given it has no extradition treaty with the UAE. Lawyers for Zhao disputed that he was a potential flight risk, noting that he paid a "substantial" bail package and voluntarily came to the United States to accept responsibility for his actions.

Persons: Zhao Changpeng, Binance, Benoit Tessier, Changpeng Zhao, Zhao, Richard Jones, Chris Prentice, Hannah Lang, Michelle Price, Bill Berkrot Organizations: Viva Technology, Porte de, REUTERS, United Arab, District, U.S, UAE, Binance Holdings, Justice, Lawyers, Thomson Locations: Porte, Paris, France, United States, Seattle, United Arab Emirates, Canada, Binance, New York, Washington

Oil futures traded steady ahead of next week's OPEC+ meeting, which could bring some kind of agreement on output cuts in 2024. Gold futures finished higher as the dollar index slipped against a basket of currencies on Friday. Germany's 10-year government bond yield , the benchmark for the euro area, rose 3 basis points to a 1-1/2-week high. Oil prices were steady after tumbling more than 1% on concerns over a delayed OPEC+ meeting. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Chris Prentice in New York, Naomi Rovnick in London and Stella Qiu in Sydney.

Persons: Caitlin Ochs, Germany's DAX, Peter Doherty, Arbuthnot Latham, Robert Holzmann, Pierre Wunsch, Chris Prentice, Naomi Rovnick, Stella Qiu, Toby Chopra, Susan Fenton, Mark Potter, Deepa Babington Organizations: New York Stock Exchange, REUTERS, U.S, Dow Jones, Nasdaq, Hamas, P Global, European Central Bank, ECB, Bank of England, Japan's Nikkei, China's CSI, Brent, Thomson Locations: New York City, U.S, OPEC, Germany, Israel, London, Belgian, Asia, New York, Sydney

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it's quite small," Nansen analysts said. By comparison, investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. Lawyers for Zhao, who founded Binance in 2017, did not respond to requests for comment on Wednesday. Zhao paid a $175 million bail bond, with another $15 million held in a trust account, a court filing showed.

Persons: Dado Ruvic, Changpeng Zhao, Binance, Zhao, Richard Teng, Nansen, ransomware, Arthur Hayes, Hayes, Sam Bankman, Fried, Daniel Silva, Buchalter, Luc Cohen, Michelle Price, Richard Chang Organizations: REUTERS, Nansen, U.S, U.S . Securities, Exchange Commission, Islamic, Binance, Prosecutors, Justice, Reuters, Thomson Locations: al Qaeda, Islamic State, Iraq, Syria, Dubai, Seattle, United States

Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. Binance is exiting the US as part of the agreement the crypto exchange made with law enforcement agencies. That also includes the Justice Department, the Commodity Futures Trading Commission , and the Treasury Department. There is even a National Cryptocurrency Enforcement Team within the Justice Department actively identifying and investigating criminal cases involving digital assets. That is precisely how the feds secured the first ever corporate settlement with a crypto exchange.

Persons: Sam Bankman, Zhao, Binance, Brian Armstrong, Coinbase, ” Armstrong, “, General Merrick Garland, ” Changpeng Zhao, Anthony Kwan, cryptocurrencies, ethereum, Bitcoin, ’, it’s, Ethereum, Treasury Department —, Kraken, Tiffany Hagler, ” Garland, Lisa Monaco, Tuesday’s presser, “ I’ve, Benham Organizations: New, New York CNN, Justice Department, Bloomberg, Getty, Washington DC, US Department of Justice, Department of Justice, Treasury, Securities and Exchange Commission, Treasury Department, SEC, Geard, Futures Trading Commission, Cryptocurrency, feds Locations: New York, United States, Binance, Washington, U.S, “, rulemaking

☆ U.S. Case Details Binance’s Knowledge About Criminal Users
▼ + stars: | 2023-11-22 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

For years, the Binance founder Changpeng Zhao and other senior employees at the cryptocurrency exchange knew that some of its users were criminals. Yet, despite regular warnings from some of its own employees that some transactions on Binance.com were violating anti-money-laundering laws, the firm was reluctant to cut them off. Those allegations, which were made public on Tuesday in a sweeping federal case against Binance and Mr. Zhao, show how thoroughly he and his deputies understood that criminals were using their trading platform — and how little they did to stop them. Mr. Zhao and Binance pleaded guilty on Tuesday to violations of the Bank Secrecy Act and agreed to pay hefty fines. The Binance official acknowledged the report, then tried to persuade the tech company’s representatives to downplay Binance’s role in the transactions, according to the filing, which FinCEN posted on its website on Tuesday.

Persons: Changpeng Zhao, Zhao, Binance, FinCEN Organizations: Binance, Network, Treasury Department, FinCEN, Qassam

☆ US authorities set to unveil settlement with Binance -source
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - U.S. government authorities are expected to unveil a settlement with Binance Holdings on Tuesday, resolving a years-long investigation into the world's largest crypto exchange, according to a source familiar with the matter. The deal, which will include charges against individuals and resolve allegations of violations of the Bank Secrecy Act and other U.S. laws, involves multiple U.S. agencies: the Justice Department, the Commodity Futures Trading Commission and the Treasury Department's Financial Crimes Enforcement Network, the source said. Reporting by Chris PrenticeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Chris Prentice Organizations: REUTERS, Binance Holdings, Justice Department, Futures Trading Commission, Treasury, Network, Thomson

☆ Binance chief will admit violating US laws as part of $4 billion deal to resolve probe
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/File photo Acquire Licensing RightsCompanies Binance Holdings Ltd FollowNEW YORK, Nov 21 (Reuters) - Binance Holdings chief Changpeng Zhao will admit violating U.S. laws as part of a deal to resolve a U.S. probe into illicit finance breaches, according to a source familiar with matter. The deal between a number of U.S. agencies and the world's largest crypto exchange will also involve charges against Binance's former compliance chief Samuel Lim, the source said. The deal will include penalties on the firm of over $4 billion, including $3.4 billion from U.S. Treasury's Financial Crimes Enforcement Network and another $968 million from the Office of Foreign Assets Control, another source familiar with the matter said. Reporting by Chris Prentice; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhao Changpeng, Binance, Costas Baltas, Changpeng Zhao, Samuel Lim, Chris Prentice, Lisa Shumaker Organizations: REUTERS, Binance Holdings, Treasury's, Network, Foreign Assets Control, Thomson Locations: Athens, Greece, U.S

☆ Binance warned VIP customers about law enforcement investigations, Treasury says
▼ + stars: | 2023-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Binance's VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury's Financial Crimes Enforcement Network. Treasury alleged in a 92-page order that Binance had "developed a process to notify VIP users if they became the subject of a law enforcement inquiry," in a setup where Binance was effectively serving as a lookout for its top-tier customers. Members of Binance's VIP team were instructed to contact the user under investigation by "all available means" including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen. According to the consent order, Binance's VIP team staff were warned not to be too obvious in their tips. They will be managed by your [VIP] team.

Persons: Changpeng Zhao, Binance, FinCEN, Binance's, — CNBC's Christina Wilkie Organizations: Treasury's, Treasury, . Enterprise Locations: U.S, United States

☆ What US charges does crypto exchange Binance face?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. The agreement will resolve criminal charges that Binance conducted an unlicensed money transmitter business, conspiracy and breaching sanctions regulations, the U.S. Department of Justice said. UNLICENSED MONEY SERVICE BUSINESSThe U.S. said that Binance, Zhao and other executives "knowingly and willfully conspired" to operate as an unlicensed money services business (MSB) from August 2017 until October 2022. MONEY LAUNDERING CHECKSThe U.S. said that Binance facilitated "billions of dollars" of crypto transactions for its customers, including in the United States, without implementing so-called "know your customer" checks. From around January 2018 to May 2022, Binance processed 1.1 million crypto transactions worth at least $898.6 million between U.S. customers and those who lived in Iran, the U.S. said.

Persons: Changpeng Zhao, ZHAO, Tom Wilson, Binance, Zhao, laundered, Crypto, Elizabeth Howcroft, Lisa Shumaker Organizations: ZHAO REUTERS, U.S . Department of Justice, Reuters, Binance, U.S, Treasury's, Palestinian, Hamas, Islamic, Palestine Islamic, Thomson Locations: Paris, France, U.S, United States, Russian, Iran, Islamic State, al Qaeda, Palestine, London

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Closely watched U.S. treasury yields slipped after auction, while global oil futures gained $2 on the prospect of supply cuts. Europe's benchmark STOXX index (.STOXX) inched up 0.1%, with energy stocks (.SXEP) leading gains. The healthcare sector (.SXDP) fell after shares in Bayer (BAYGn.DE) dropped to their lowest in 14 years. The dollar index fell to 103.26, its weakest since the start of September, as investors appeared to solidify bets that the Fed could start cutting interest rates next year.

Persons: Brendan McDermid, Dow Jones, Quincy Krosby, Krosby, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Will Dunham, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, U.S, Bayer, Nasdaq, Microsoft, Nikkei, Trading, LPL, Tech, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, Thursday's U.S, United States, Europe, Italy, New York, Sydney, London

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The MSCI World Equity Index (.MIWD00000PUS) gained 0.38% by 10:37 a.m. EST (1537 GMT) and Europe's benchmark STOXX index (.STOXX) rose 0.08%. The tech-heavy index (.IXIC) gained 0.44% to 14,187.16, as the Dow Jones (.DJI) rose 0.25% to 35,035.33 and the S&P 500 index (.SPX) gained 0.27% to 4,526.14. The dollar index fell to 103.46, its weakest level since the start of September, as investors appeared to solidify bets that the Fed could start cutting rates next year. "Dovish minutes could trigger some downside risk for the dollar," Ricardo Evangelista, senior analyst at ActivTrades, said.

Persons: Brendan McDermid, Dow Jones, Israel, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, Global, U.S, Nasdaq, Microsoft, Nikkei, Hamas, Tech, Treasury, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, United States, Gaza, Europe, Italy, New York, Sydney, London

☆ The Coming Deluge for Small Business
▼ + stars: | 2023-11-20 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report:What was accomplished by applauding China's leader? Images: Zuma Press Composite: Mark KellySmall businesses are often hit hardest by regulation, and the latest federal dragnet is no exception. Under a statute aimed at reducing money laundering, millions of small businesses may soon be snared by onerous reporting requirements and fines for noncompliance. In 2021 Congress enacted the Corporate Transparency Act (CTA) in a broad effort to tighten money-laundering laws. The CTA assigns the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with identifying shell companies used for illegal transactions and creating a registry of businesses with less than $5 million in annual sales and fewer than 20 employees.

Persons: China's, Mark Kelly Small Organizations: CTA, Treasury

☆ Sex Workers Have Been Shunned by Banks, Even When Their Work Is Legal
▼ + stars: | 2023-11-18 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +2 min

“We do not prohibit people in this industry from having personal bank accounts with us,” she added. One of the risks associated with sex work is money laundering and human trafficking, where victims, mostly women, are forced or coerced to engage in commercial sex acts. Many banks and other financial platforms avoid doing business with these industries altogether. “That is the problem we have — trying to recognize potential human trafficking that we would have to report.”Beyond banks, many financial services apps have blanket bans, which state they won’t process any transactions related to adult content or services. CashApp — which, like Square, is owned by Block — lists “selling adult content and services” on its “not allowed” list.

Persons: Trish Wexler, Chase, ”, — Organizations: Treasury, PayPal, Block Locations: OnlyFans

☆ Alex Murdaugh Pleads Guilty to Spate of Financial Crimes
▼ + stars: | 2023-11-17 | by ( Nicholas Bogel-Burroughs | More About Nicholas Bogel-Burroughs | ) www.nytimes.com time to read: +2 min

Why It Matters: Mr. Murdaugh is trying to get his murder conviction thrown out. But Mr. Murdaugh’s lawyers are seeking to get the conviction thrown out based on what they say was questionable behavior by the court clerk. What Happens Next: Mr. Murdaugh’s financial victims may confront him in court. Mr. Murdaugh is scheduled to be sentenced for the financial crimes on Nov. 28, at which point some of his victims may address the court. Creighton Waters, a prosecutor with the South Carolina Attorney General’s office, said in court on Friday that at the heart of the financial crimes was Mr. Murdaugh’s abuse of people’s trust, and his greed.

Persons: Murdaugh, Maggie, Paul, Mr, Clifton Newman, “, ”, Newman, Creighton Waters, Waters Organizations: Prosecutors, South Carolina Attorney Locations: South Carolina

☆ Alex Murdaugh pleads guilty to state financial charges
▼ + stars: | 2023-11-17 | by ( Dianne Gallagher | ) edition.cnn.com time to read: +5 min

Murdaugh was facing dozens of state charges in alleged schemes to defraud victims of millions. Lead prosecutor Creighton Waters said the deal would bring “finality to the matter” and ensure Murdaugh would “stay in state prison for a very long time.” The agreement, if approved, would see Murdaugh spend a total of 27 years in a South Carolina state prison, according to Waters. “Alex Murdaugh’s guilty plea will finally allow his financial victims to begin the process of healing,” Eric “EB” Bland and Ronnie Richter, attorneys for some of the victims, said in a statement. It also only covers the state financial charges and does not address any of the remaining county charges Murdaugh faces. Judge Newman sentenced Murdaugh to two consecutive life sentences in a South Carolina state prison, which Murdaugh is currently serving.

Persons: CNN —, Alex Murdaugh, Creighton Waters, Waters, Murdaugh, Clifton Newman, “, ” “, ” Murdaugh, ”, ” Newman, Newman, “ Alex Murdaugh’s, Eric “ EB, Bland, Ronnie Richter, Judge Newman, Alan Wilson, ” Wilson, Maggie, Paul, Becky Hill Organizations: CNN, Carolina Constitution, South Carolina, Murdaugh Locations: South Carolina, Beaufort County, Murdaugh, Waters, Carolina, Colleton

☆ Alex Murdaugh reaches plea deal days before trial in financial crimes case
▼ + stars: | 2023-11-17 | by ( Juliette Arcodia | Erik Ortiz | ) www.cnbc.com time to read: +3 min

Convicted killer Alex Murdaugh struck a plea deal Friday, days before the start of his trial in South Carolina's sprawling case against him in dozens of financial crimes. For more on the case, watch "The Murdaugh Murders: Inside the Investigation" on "Dateline" at 9 ET/8 CT Friday. Murdaugh has proclaimed his innocence in the fatal shootings of his wife and son since a grand jury indicted him in the murders last year. Prosecutors alleged he killed them to gain pity before he would be exposed for a slew of financial crimes. In return, his federal sentence must run at the same time as any sentence imposed in his state case.

Persons: Alex Murdaugh, Clifton Newman, Gloria Satterfield, Creighton Waters, general's, Murdaugh, Margaret, Paul, Murdaugh's Organizations: Prosecutors Locations: Colleton, South, Beaufort County, South Carolina's

☆ Real estate made China rich. Now it's looking more like kryptonite.
▼ + stars: | 2023-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.

Persons: —, That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco

☆ Turkey's crypto rules seen addressing licensing, taxation after boom
▼ + stars: | 2023-11-14 | by ( Ezgi Erkoyun | ) www.reuters.com time to read: +5 min

MARKET BOOM"We have been observing that the interest in crypto assets in Turkey is on a continuous rise. There is currently a lack of regulation in this area," said Mucahit Donmez, chief executive of crypto currency exchange Binance Turkey. The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024. In 2021, authorities banned the use of crypto assets for payments after some local exchanges were investigated for fraud. Onur Altan Tan, board member at Futurance Finance Tech & Fexobit crypto currency platform, said that they are expecting the new regulation to detail out licensing criteria for platforms and bring taxation for users.

Persons: Bora Erdamar, Erdamar, Mehmet Simsek, FATF, Mucahit Donmez, Altan Tan, There's, Ezgi Erkoyun, Jonathan Spicer, Sharon Singleton Organizations: BlockchainIST, Turkey, FATF's, Service, Binance Research, Futurance Finance Tech, Thomson Locations: Turkey, ISTANBUL, Ankara, Paris, United States, India, United Kingdom

☆ What Sam Bankman-Fried’s Conviction Says About the Fight Against Financial Fraud - The New York Times
▼ + stars: | 2023-11-13 | by ( Ankush Khardori | ) www.nytimes.com time to read: +3 min

Under the Biden administration, Mr. Garland and Deputy Attorney General Lisa Monaco have made several overlapping efforts in this area. Mr. Bankman-Fried’s case was highly unusual, in large part because he became remarkably prominent in political circles and among certain members of the media. We can hire more qualified investigators and prosecutors in Washington to pursue these cases. Policy and organizational changes within the Justice Department may help a bit, but just as important (if not far more so), we also need to ensure that U.S. attorney’s offices and F.B.I. Ideally, Congress would do its part by significantly increasing funding for hiring more prosecutors, investigators and support staffs, and by committing to this effort as a yearslong national priority.

Persons: Biden, Garland, Lisa Monaco, Bankman Organizations: Justice Department Locations: Washington, New York, Chicago, Los Angeles

☆ US Treasury's Adeyemo Sees More Actions Against Hamas in Coming Days, Weeks
▼ + stars: | 2023-11-09 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

"We're going to see actions taken by our allies and partners," Adeyemo said. Since the Palestinian militant group's deadly Oct. 7 attack on Israel, Washington has imposed two rounds of sanctions on Hamas. Nelson "pledged continued engagement with those who have taken proactive steps to investigate, identify, and disrupt Hamas-related activity," the Treasury said. Such transactions combining pools of assets or delaying transaction processing can hide the beneficial ownership of crypto assets, Adeyemo said. (Reporting by Andea Shalal in New York and Daphne Psaledakis in Washington; Writing by David Lawder, Editing by Howard Goller)

Persons: Andrea Shalal, Daphne Psaledakis NEW, Wally Adeyemo, Adeyemo, Brian Nelson, Nelson, doesn't, Andea Shalal, Daphne Psaledakis, David Lawder, Howard Goller Organizations: WASHINGTON, ., Reuters NEXT, Treasury, Terrorism, Financial Intelligence, FOCUS, USA Locations: Israel, Washington, Europe, New York

NEW YORK (AP) — Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday. The bureau said some bank employees argued internally that Armenian Americans were more likely to commit fraud and referred to applicants as “bad guys” or as affiliated with organized crime. As part of the order, Citi will pay $24.5 million in fines as well as $1.4 million in remedies to impacted customers. However, in the bureau's order, these Citi employees used identifiable information that broadly discriminated against Armenian Americans in general. The bank has been fined or cited several times by the CFPB, as well as by the Federal Reserve, for unsound business practices.

Persons: —, “, ”, Rohit Chopra, Jane Fraser, Fraser, ” Chopra Organizations: — Citigroup, Consumer Financial, Citi, Armenian, ”, “ Citi, Home, American Airlines, Federal Reserve Locations: Glendale , California, Southern California, New York, California

☆ 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 ,

Tesla, X (formerly known as Twitter) and SpaceX's CEO Elon Musk attends the AI Safety Summit at Bletchley Park in Bletchley, Britain on November 1, 2023. Musk filed the objections in San Francisco federal court, where the SEC sued him on Oct. 5 to make him testify for the probe, which it launched in April 2022. Musk has given the SEC documents relating to the probe and provided testimony in July last year via video conference, the SEC said in a court filing. The SEC has spent 18 months "devoting its formidable resources to investigating Mr. Musk over an allegedly untimely filing," the court filings said. The SEC sued Musk in 2018 over his posts on social media saying he had "funding secured" to take electric vehicle maker Tesla Inc (TSLA.O) private.

Persons: Tesla, Elon Musk, Leon Neal, Musk, Alex Spiro, Spiro, Twitter, Jody Godoy, Chris Prentice, Dan Whitcomb, Chizu Nomiyama Organizations: SpaceX's, Bletchley, REUTERS Acquire, U.S . Securities, Exchange, SEC, Twitter, U.S, Tesla Inc, Supreme, Thomson Locations: Bletchley, Britain, San Francisco federal, U.S, New York

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