DIRS.INFO The most relevant business & tech news

Ahmad Abouammo had been found guilty by a jury in August following a trial in federal court in San Francisco. Abouammo's attorneys had asked U.S. District Judge Edward Chen for a probationary sentence at his home in Seattle with no prison time. The case focused on Abouammo's efforts to look up information on two Twitter users, a $42,000 watch he received from a Saudi official and a pair of $100,000 wire transfers. Twitter, recently acquired by Elon Musk, and the Saudi Embassy in Washington also did not immediately respond to requests for comment. The attorneys also said Abouammo's actions paled in comparison to those of Ali Alzabarah, another ex-Twitter employee, who was accused of accessing thousands of Twitter accounts on behalf of Saudi Arabia.

☆ Wall Street sees past Fed's lower rate hike to finish in red
▼ + stars: | 2022-12-14 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 8, 2022. While the dollar index initially jumped on the Fed news, trading was choppy and was last down nearly 0.5% on the day. European stocks were flat, with the continent-wide Stoxx 600 (.STOXX) down 0.02% after rising 1.3% in the previous session. "Rather it is dot plot expectations that the Fed will hold rates throughout 2023, and not begin rate cuts until 2024." U.S. Treasury yields were little changed to slightly lower in choppy trading after the Fed news.

Bankman-Fried and unnamed co-conspirators made "tens of millions of dollars in illegal campaign contributions" to both Democratic and Republican candidates and campaign committees, Damian Williams, the U.S. attorney for Southern New York, said at a news conference unveiling the eight-count criminal indictment, which included a campaign finance violation charge. "And all of this dirty money," Williams said, was used to "buy bipartisan influence and impact the direction of public policy in Washington." FTX boss Sam Bankman-Fried is escorted by police officers as he leaves court in Nassau, Bahamas on Dec. 13, 2022. The indictment alleges he also made illegal contributions through a corporation, which it does not name. Once believed to be a financial wunderkind, Bankman-Fried also faces a host of other charges.

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. "Securities fraud victimizes innocent investors and undermines the integrity of our public markets,” said Assistant Attorney General Kenneth Polite of the Justice Department's Criminal Division. His attorney did not respond immediately to a request for comment. Rybarczyk and Deel did not respond immediately to requests for comment. Reporting by Chris Prentice and Nate Raymond; Editing by Mark Porter and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Securities trader charged in New York with front-running employer's trades
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

Dec 14 (Reuters) - An equities trader at a large U.S. asset manager was criminally charged with using information about his employer's trades to make tens of millions of dollars in an insider trading scheme, federal prosecutors in New York said Wednesday. Equities trader Lawrence Billimek, 51, of Hailey, Idaho, was arrested in Texas and day trader Alan Williams, 77, of West Linn, Oregon, was arrested in his home state, prosecutors said. Prosecutors allege they made tens of millions of dollars on more than a thousand trades ahead of large stock transactions by Billimek's employer. Both were charged with conspiracy, securities fraud and wire fraud in an indictment unsealed in Manhattan. Reporting by Jody Godoy in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Prosecutors said Wu, through a Berklee-focused WeChat group whose 300-plus members included the activist, demanded that any fliers be torn down and said he was reporting the activist to the public security agency in China. "I already called the tip-off line in the country, the public security agency will go greet your family," Wu wrote, according to a criminal complaint. Prosecutors said Wu in a later WeChat post asked for help determining where the unnamed civic activist lived. "You should wash dishes for the capitalist dogs," Wu wrote, according to the complaint. Reporting by Nate Raymond in Boston; Editing by Richard Chang and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Lawmakers are generally in agreement that crypto firms should have greater regulation, but there are divergent views on how the industry should be regulated. U.S. prosecutors on Tuesday charged FTX founder Sam Bankman-Fried with money laundering and fraud, among other violations. "It is time for Congress to make the crypto industry follow the same money-laundering rules as everyone else," U.S. She and Republican Senator Roger Marshall from Kansas earlier announced legislation aimed at closing money laundering loopholes in the crypto industry. Without U.S. regulation, the value of crypto investments could disappear, said hearing witness and American University law professor Hilary Allen.

☆ Factbox: Major cryptocurrency cases probed by U.S. authorities
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +5 min

BITMEX EMPLOYEESEmployees of BitMEX, including the cryptocurrency exchange's founders, pleaded guilty this year to willfully failing to establish, implement and maintain programs to prevent money laundering. The firm's cofounders pleaded guilty in federal court in New York and each agreed to pay a $10 million criminal fine. Another of the firm's employees also pleaded guilty, and agreed to a $150,000 fine. ONECOIN LTDIn 2019, U.S. authorities charged the alleged leaders of a multibillion-dolar pyramid scheme involving a fraudulent cryptocurrency called OneCoin. After a six-month court battle, Telegram agreed to pay an $18.5 million civil penalty and return $1.2 billion to investors.

The Senate Banking Committee on Wednesday is holding a second day of hearings this week on the downfall of cryptocurrency exchange FTX, examining how the company's implosion could impact the nascent industry. Old school, old school." Bankman-Fried was charged by federal prosecutors in the Southern District of New York for a wide variety of crimes including wire fraud, securities fraud and violating campaign finance regulations. Though Ray and Bankman-Fried won't be part of the Senate Banking hearing on Wednesday, four cryptocurrency experts will be testifying instead, including Kevin O'Leary, a longtime paid FTX spokesman. "In my opinion, it is the largest Ponzi scheme in history by an order of magnitude."

☆ Elizabeth Warren unveils bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. Due to time constraints, the Warren-Marshall crypto legislation has little chance of getting through this Congress. The new bill, called the Digital Asset Anti-Money Laundering Act, would attack money laundering by attempting to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system. The Treasury Department warned earlier this year that ransomware hackers, drug traffickers and fraudsters are using digital assets to launder illicit proceeds. - Cracking down on digital asset ATMs by making sure operators and administrators submit and update the physical addresses of their kiosks.

☆ Germany calls for global regulation of crypto industry
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Dec 14 (Reuters) - Germany's top regulator this week called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserve financial stability. Branson said a "crypto spring" may follow what has been a "crypto winter" but that the industry that emerges is likely to have more links with traditional finance, further increasing the need for regulation. "Now is the time for serious cryptocurrency regulation," he said. Regulation of the industry has been loose and patchwork. Last month he said in an interview on the ECB's website that "not all crypto business models are serious".

[1/3] The prison where Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, is being held after his arrest is seen in Nassau, Bahamas December 14, 2022. REUTERS/Maria Alejandra Cardona/File PhotoDec 13 (Reuters) - Prisoners faced rodents and a lack of toilets in the Bahamas detention center where Sam Bankman-Fried will be held, according to a 2021 U.S. State Department report, though local authorities says conditions have since improved. The 30-year-old Bankman-Fried arrived at a Bahamas court on Tuesday for his first in-person public appearance since the spectacular collapse of cryptocurrency exchange he founded. Cleare said on Tuesday that prison conditions have greatly improved thanks to a renovation program that has built new cells. The Bahamas Department of Correctional Services did not immediately respond to a request for comment on the videos.

FTX founder Sam Bankman-Fried oversaw one of the biggest financial frauds in American history, a top federal prosecutor said in charging that the former chief executive stole billions of dollars from the crypto exchange’s customers while misleading investors and lenders. An indictment by the U.S. attorney’s office for the Southern District of New York, unsealed Tuesday, charges Mr. Bankman-Fried with eight counts of fraud. Prosecutors allege that he took FTX.com customers’ money to pay the expenses and debts of Alameda Research, an affiliated trading firm. Mr. Bankman-Fried is charged as well with conspiring to defraud the U.S. and violate campaign-finance rules by making illegal political contributions.

☆ Danske Bank to Pay $2 Billion to Resolve Estonia Money-Laundering Probes
▼ + stars: | 2022-12-13 | by ( Dylan Tokar | Richard Vanderford | ) www.wsj.com time to read: +4 min

Danske Bank A/S, Denmark’s largest bank, has agreed to pay about $2 billion to settle long-running probes into anti-money-laundering failures that led to hundreds of billions of dollars of suspicious transactions flowing largely unchecked through a former branch in Estonia. The bank admitted to defrauding other banks regarding its Estonia customers and its anti-money-laundering controls. The resolutions bring to an end U.S. and Danish investigations, although scrutiny of the bank’s anti-money-laundering controls will likely continue for years. “We offer our unreserved apology and take full responsibility for the unacceptable failures and misconduct of the past, which have no place at Danske Bank today,” Mr. The Estonia branch ultimately processed $160 billion through U.S. banks on behalf of its nonresident customers, U.S. prosecutors said.

☆ Breakingviews: Sam Bankman-Fried lacks cover of systemic risk
▼ + stars: | 2022-12-13 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Dec 13 (Reuters Breakingviews) - Sam Bankman-Fried couldn’t be blamed for mulling over past financial scandals with a degree of envy. The former boss of bankrupt crypto exchange-cum-hedge-fund FTX was arrested on Monday in the Bahamas at the request of U.S. prosecutors. No senior executives ended up facing criminal charges, or were hauled off in handcuffs even, though several Libor traders went to jail. loadingCONTEXT NEWSSam Bankman-Fried, the former chief executive of now-bankrupt crypto firm FTX, was arrested in the Bahamas on Dec. 12. The attorney general’s office for the Caribbean state said it took Bankman-Fried into custody after receiving formal confirmation of criminal charges from U.S. prosecutors.

The exemption allowed Alameda to keep borrowing funds from FTX irrespective of the value of the collateral securing those loans. The other was a mechanism whereby FTX customers deposited over $8 billion in traditional currency into bank accounts secretly controlled by Alameda. Indeed, he told investors that Alameda received no preferential treatment from FTX, the SEC complaint said. This would allow Alameda to keep borrowing more FTX funds without the need to provide more collateral. Bankman-Fried's house of cards "began to crumble" in May 2022, the SEC complaint said.

Companies Ledgerx LLC FollowDec 12 (Reuters) - Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, said on Monday he would testify remotely at Tuesday's U.S. House Financial Services Committee hearing to examine the collapse of the company. Tuesday's hearing will be the first time Bankman-Fried appears publicly before U.S. lawmakers. In a Twitter Spaces event on Monday with Twitter account Unusual Whales, Bankman-Fried said he would be "calling in" to the hearing from the Bahamas. A spokesperson for Bankman-Fried confirmed that he would not be testifying at the hearing in person. The Senate Banking Committee will also hold a hearing on FTX's collapse on Wednesday, Dec. 14, in which Bankman-Fried says he is not scheduled to appear.

Companies Guangzhou R&F Properties Co Ltd FollowLONDON, Dec 12 (Reuters) - The billionaire co-founder of Guangzhou R&F Properties Co Ltd (2777.HK) is wanted in the United States accused of paying kickbacks to obtain permits for a construction project in San Francisco, a court in London heard on Monday. The 69-year-old – who is worth $2.3 billion, according to Forbes magazine – offered to pay a security of 15 million pounds ($18.4 million). Mark Summers, representing Zhang, said 10 million pounds of the security would be provided by R&F. Zhang would provide the other 5 million pounds, Summers said. The judge also said Zhang must be handcuffed to a member of his court-appointed private security team when he left his house for the purposes of attending court.

Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Binance's defense attorneys at U.S. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Faced with the Justice Department investigation, Binance hired an external lawyer from U.S. law firm Paul Weiss, Roberto Gonzalez, who was previously Treasury's deputy general counsel. MLARS has a reputation in the Justice Department for moving slowly in reaching prosecution decisions, people familiar with its activities said. Day met with Justice officials in Washington in recent months, three of the people said.

☆ U.S. Justice Department reportedly split over charging Binance as crypto world falters
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +15 min

Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Binance's defense attorneys at U.S. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Faced with the Justice Department investigation, Binance hired an external lawyer from U.S. law firm Paul Weiss, Roberto Gonzalez, who was previously Treasury's deputy general counsel. The Justice Department appointed Eun Young Choi, previously Monaco's senior counsel, as NCET's first director. MLARS has a reputation in the Justice Department for moving slowly in reaching prosecution decisions, people familiar with its activities said.

CNBC's Andrew Ross Sorkin reported that the charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. Neither the Attorney General of the Bahamas nor the Royal Bahamas Police Force would confirm the nature of the charges against Bankman-Fried. "I didn't ever try to commit fraud," Bankman-Fried said. The CFTC and lawmakers have begun their probes into FTX and Bankman-Fried, who told Sorkin he was down to his last $100,000. Failed lender BlockFi sued Bankman-Fried in November, seeking unnamed collateral that the FTX founder provided for the crypto lending firm.

Companies Ledgerx LLC FollowWASHINGTON, Dec 9 (Reuters) - FTX's Sam Bankman-Fried is set to testify before a U.S. House committee on Tuesday, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. In a statement late on Friday, the panel said it would hear from newly appointed FTX CEO John Ray and from Bankman-Fried, FTX's founder and former CEO, on Tuesday. "But as the committee still thinks it would be useful, I am willing to testify on the 13th," he added. loadingZhao said that after Binance, an early investor in FTX, sought to exit its stake over one-and-a-half years ago, Bankman-Fried made "offensive tirades" against Binance team members. Binance sold back to FTX its stake in the company last year.

Companies Ledgerx LLC FollowWASHINGTON, Dec 9 (Reuters) - FTX's Sam Bankman-Fried is set to testify before the U.S. House Committee on Financial Services on Dec. 13, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. A day earlier, the committee's chair, Maxine Waters, told Reuters that she is prepared to subpoena Bankman-Fried if he does not agree to appear before the panel. In a statement put out late on Friday by the House of Representatives committee, the panel said it would hear from newly-appointed FTX CEO John Ray and from Bankman-Fried, FTX's founder and former CEO, on Dec. 13. "But as the committee still thinks it would be useful, I am willing to testify on the 13th," he added. loadingZhao said after Binance - an early investor in FTX - sought to exit its stake over one-and-a-half years ago, Bankman-Fried made "offensive tirades" against Binance team members.

☆ Flint water crisis charges dismissed against ex-Michigan Gov. Snyder
▼ + stars: | 2022-12-09 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Rick Snyder in the Flint water crisis, months after the state Supreme Court said indictments returned by a one-person grand jury were invalid. Snyder also is the eighth person to have a Flint water case thrown out after the Supreme Court’s unanimous June opinion. “The charges against (Snyder) were not properly brought and must be dismissed at this time,” Behm wrote. Snyder acknowledged that state government had botched the water switch, especially regulators who didn’t require certain treatments. State prosecutors, however, chose that path in the Flint water saga to hear evidence in secret and get indictments against Snyder and others.

☆ Former federal prison warden convicted of sexually abusing inmates
▼ + stars: | 2022-12-09 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

The former warden of a federal women’s prison in California where inmates said they were subjected to rampant sexual abuse was convicted on Thursday of molesting inmates and forcing them to pose naked in their cells. Ray Garcia was found guilty of all eight charges and faces up to 15 years in prison. He was among five workers charged with abusing inmates at the federal correctional institution in Dublin, California, and the first to go to trial. Garcia, 55, retired from his post last year after the FBI found nude photos of inmates on his government-issued phone. Garcia was charged with abusing three inmates between December 2019 and July 2021.

Search resuls for: ". Prosecutors"

25 mentions found