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LOS ANGELES (AP) — Los Angeles motorists should expect traffic snarls indefinitely as crews assess how much damage was caused by a raging fire that closed a major elevated interstate near downtown, officials said Sunday. Commuters were urged to work from home or take public transportation into downtown Los Angeles. Newsom declared a state of emergency Saturday afternoon and directed the state Department of Transportation to request assistance from the federal government. California Secretary of Transportation Toks Omishakin said storage yards under highways are common statewide and across the country. At least 16 homeless people living underneath the highway were evacuated and brought to shelters, Mayor Karen Bass said.

Persons: Gavin Newsom, ” Newsom, Kristin M, Crowley, Newsom, ”, Transportation Toks, Karen Bass, Bass Organizations: ANGELES, Gov, Patrol, Flames, Fire, Department of Transportation, Sunday, Transportation Locations: Los Angeles, Alameda Street, Santa Fe, California

All lanes in a nearly two-mile stretch of Interstate 10 will be closed until further notice, Caltrans, the state’s transportation department, confirmed on Sunday. The section is what one official called one of the “largest arteries” going in and out of downtown Los Angeles, just west of the East Los Angeles Interchange, where several freeways come together. About 300,000 vehicles use the freeway for daily commuting between Los Angeles and Orange County, Calif., Gov. And it is a major conduit connecting Southern California ports to the rest of the country, carrying about 20,000 trucks daily. While Interstate 10 remains closed between Alameda Street and Santa Fe Avenue, officials said that people planning to travel to and from downtown Los Angeles should plan for delays and check for alternative routes.

Persons: Gavin Newsom Organizations: Caltrans, East Los Angeles Locations: Los Angeles, Orange County, Calif, Southern California, Alameda Street, Santa Fe

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

☆ Here's one area of California where people aren't leaving and the population is actually growing
▼ + stars: | 2023-11-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

But the Central Valley is booming, making it one of the few areas of the state experiencing sustained growth. But the 2020 Census revealed a stunning statistic: California's population growth had slowed in the prior decade, which resulted in the state's first-ever loss of a congressional district. But in California's Central Valley, the population is booming, driven by higher birth rates and substantial migration from more expensive coastal counties, according to The Economist. AdvertisementAdvertisementIn Northern California's Central Valley, San Joaquin County is poised to become a primary beneficiary of this inward migration. The state is projecting that the Northern California county will have almost 1 million residents by 2060, up from its current population of about 780,000 residents.

Persons: —, Jane Tyska, aren't Organizations: Service, Golden, California Department of Finance, Golden State, Alameda County —, Oakland, San, Media, East Bay Times, Getty, San Bernardino counties —, Inland Locations: California, San Joaquin County, Bay Area, Golden State, Los Angeles, San Francisco, Central, Golden, Francisco, Alameda County, Berkeley, Alameda, Bay, Southern California, Riverside, San Bernardino, Central Valley, Northern California, San Joaquin

☆ Astra founders offer to take company private at value of about $30 million
▼ + stars: | 2023-11-09 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

The founders of struggling space company Astra have offered to take the company private at a value of about $30 million, according to a securities filing Thursday. That price is a 103% premium to Wednesday's closing price of 74 cents a share, which represents a market value of about $16 million. "We believe that Astra's strategic objectives and business prospects will be best served as a private company. Kemp and London are also "open to certain accredited investor stockholders of the Company rolling their equity into the transaction." The company is running out of cash, with its acquired spacecraft propulsion business yet to drive meaningful quarterly revenue.

Persons: Chris Kemp, Adam London, " Kemp, Kemp Organizations: Astra, San, Company, London, CNBC PRO Locations: San Francisco Bay, Alameda , California, London

They will try to sway Hal Steinbrenner of the New York Yankees, too — another owner identified as someone who could be convinced to vote against Vegas. The devoted fan group chose 15 owners to receive the box, selected because maybe — just maybe — there's one more chance to keep the A's in Oakland. MLB owners are expected to vote on the proposed relocation next Wednesday or Thursday during their annual meetings, to be held this year in Arlington, Texas. On June 13, furious fans showed up at the Coliseum and implored owner John Fisher to sell the team with what they called a reverse boycott. Thousands wore green “SELL” T-shirts and chanted “Sell the team!” throughout a 2-1 victory against Tampa Bay.

Persons: John Henry, Hal Steinbrenner, Arte Moreno, Ray Davis, John Stanton, ” Paul Bailey, Oaklandish, “, Sheng Thao, ”, Stephen Lucero, John Fisher, Trevor May, Fisher, May, Lucero, Chrissy, it's Organizations: OAKLAND, Boston Red Sox, Area, New York Yankees, Vegas, Angeles Angels, Texas Rangers, Seattle Mariners, AP, Oakland, MLB, Coliseum, Tampa Bay, Dodgers, City Locations: Calif, Oakland, Las Vegas, ., Alameda, Arlington , Texas, Tampa Bay .

☆ 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

☆ Sam Bankman-Fried faces over 100 years in prison at sentencing. Experts weigh in on how much time he'll actually get
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

A jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. The question of how long he'll remain in prison, however, is one that Judge Lewis Kaplan will spend the next few months deliberating by himself. "So I should preface this by saying I'm not a lawyer," Bankman-Fried began one answer. After several dozen of these instances, the government often presented evidence that would either directly refute the defendant's testimony or offer an answer to the question Bankman-Fried had dodged. So now, the question of prison time goes to Judge Kaplan.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Judge Kaplan, I'm, Fried, FTX, Danielle Sassoon, wasn't Organizations: Southern, of, Massachusetts Institute of Technology, CNBC Locations: of New York, Manhattan, Alameda, FTX

☆ 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

☆ 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

☆ Sam Bankman-Fried tried to pin his fraud scheme on his closest friends. Then they turned on him for it.
▼ + stars: | 2023-11-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +12 min

A jury found Sam Bankman-Fried guilty in his fraud trial over the collapse of FTX. One by one, his friends flipped to work with the prosecution and threw Bankman-Fried under a much bigger bus. That's how a jury found him guilty of seven counts in his federal fraud trial in downtown Manhattan on Thursday evening. AdvertisementAdvertisementSingh, for example, testified he was "blindsided and horrified" when he found out in November that Alameda had used FTX customer money. The sentencing schedule may depend on a second criminal trial Bankman-Fried faces for alleged illegal campaign contributions.

Persons: Sam Bankman, Fried, SBF, —, FTX, –, Nicolas Roos, Jim Angel, Angel, Caroline Ellison, Gary Wang, Nishad Singh, Bankman, Singh, blindsided, Ellison, Sam, Eduardo Munoz Alvarez, Wang, Singh —, Mark Cohen, Cohen, who'd, Adam Yedidia, Sun, deflating, they're, Chelsea Jia Feng, Danielle Sassoon, Roos Organizations: Service, Prosecutors, MIT, Georgetown, Financial Markets, Alameda, Bankman Locations: FTX, Alameda, Manhattan, Bankman

☆ AA flight attendants won $1M from clothing company after saying their uniforms made them sick
▼ + stars: | 2023-11-03 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

A jury awarded $1M+ to 4 American Airlines attendants who said their uniforms made them sick. Their attorneys now anticipate many other lawsuits against the clothing company, Twin Hill. AdvertisementAdvertisementA jury in California ruled that a clothing company should pay more than $1 million to four American Airlines flight attendants who said wearing their uniforms made them sick. Attorneys told the AP that they represent more than 400 other AA flight attendants who are making the same claims. Silver-Charan was part of a group of flight attendants who initially filed a lawsuit in 2017.

Persons: —, Tracey Silver, Charan, Brenda Sabbatino, Daniel Balaban, Balaban, they're Organizations: Service, American Airlines, Twin, Associated Press, Alameda County Superior Court, Washington, AP, AA, The, Post, Centers for Disease Control, The Post, Detroit News Locations: Twin Hill, California, Alameda County

☆ 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

☆ 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 ,

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

☆ 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

☆ 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

☆ 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

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

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

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

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

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