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☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

☆ The Star Witness at Sam Bankman-Fried’s Trial: His Top Deputy and Ex-Girlfriend
▼ + stars: | 2023-10-01 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, ellison

☆ FTX Sues Sam Bankman-Fried’s Parents to Recover ‘Misappropriated Funds’
▼ + stars: | 2023-09-19 | by ( ) www.wsj.com time to read: 1 min

FTX has sued founder Sam Bankman-Fried’s parents to recover millions of dollars in “fraudulently transferred and misappropriated funds,” the company said in a court filing late Monday. Joseph Bankman and Barbara Fried, both Stanford Law School professors, “exploited their access and influence within the FTX enterprise to enrich themselves,” the company, operated in bankruptcy by new management, alleged.

Persons: FTX, Sam Bankman, Joseph Bankman, Barbara Fried, “ Organizations: Stanford Law School

☆ Sam Bankman-Fried’s Parents Sued by FTX
▼ + stars: | 2023-09-19 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

A spokeswoman for Mr. Bankman and Ms. Fried did not immediately respond to a request for comment. FTX filed for bankruptcy protection in November, after a run on deposits exposed an $8 billion hole in the exchange’s accounts. He has pleaded not guilty, and is scheduled to go on trial on Oct. 3FTX’s collapse fueled scrutiny of Mr. Bankman and Ms. Fried. According to the lawsuit, Mr. Bankman helped arrange hundreds of millions of dollars in loans to top employees and was listed on an internal document as a member of the firm’s management team. In messages cited in the lawsuit, Mr. Bankman complained that he was receiving a salary of only $200,000 a year, as opposed to the $1 million he thought he would get.

Persons: Bankman, Fried, FTX, “ Gee, Sam I, ”, Larry David Locations: Manhattan

☆ FTX sues Sam Bankman-Fried’s parents
▼ + stars: | 2023-09-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”The lawsuit aims to recover funds that the company claims were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents. FTX collapsed into bankruptcy in November last year as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds. Despite Bankman-Fried’s assertions that his parents weren’t involved in “any of the relevant parts” of FTX, the lawsuit claims that his parents played a role from the beginning. She described herself as her son’s “partner in crime of the noncriminal sort,” the lawsuit claims. In April, FTX told the bankruptcy court it had recovered $7.3 billion in assets.

Persons: Sam Bankman, “, Joe Bankman, Barbara Fried, Fried, Joe, Barbara, FTX, weren’t, Bankman, …, ” Fried, Fried’s, John J, Ray III, ”, Ray Organizations: New, New York CNN, Stanford, Southern, of, Bankman, FTX Group, Super Bowl, Alameda Research Locations: New York, of New York, Bahamas, FTX

FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. Several other former FTX executives have pleaded guilty to fraud and conspiracy charges and are cooperating with investigators. The scheme involved Bankman-Fried receiving a loan from Alameda, then transferring the money to his parents. According to FEC records, Singh contributed roughly $9.7 million in 2022 and in late 2020 to various candidates and committees. The judge revoked Bankman-Fried’s bail last month after finding probable cause that he had tampered with witnesses.

Persons: Sam Bankman, ”, Allan Joseph Bankman, Barbara Fried, FTX, Fried, Bankman, ’, “ Bankman, John Ray III, Joe, Barbara, Ray, “ Fried, Nishad Singh, ” Singh, Singh, Ryan Salame Organizations: —, FTX, Stanford University, Alameda Research, Stanford, FTX Group, Bankman, FEC, FTX Digital Markets Locations: Del, Bahamas, Delaware, Manhattan, Alameda, FTX

☆ Stanford University says it will return all gifts from bankrupt crypto exchange FTX
▼ + stars: | 2023-09-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Stanford University said it will be returning gifts it received from bankrupt crypto exchange FTX “in their entirety,” after a lawsuit against founder Sam Bankman-Fried’s parents alleged the school received millions of dollars in donations. The school said it received the gifts from the FTX Foundation and its related companies “for pandemic-related prevention and research,” a Stanford spokesperson said. “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” the spokesperson said. Bankman donated more than $5.5 million in FTX Group donations to his employer, Stanford University, the lawsuit alleges. FTX went bankrupt last November as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds.

Persons: Sam Bankman, ”, “, FTX, Joe Bankman, Barbara Fried, Bankman, Fried, Joe, Barbara Organizations: New, New York CNN — Stanford University, FTX Foundation, Stanford, FTX Group, Stanford University Locations: New York

NEW YORK (AP) — Another top executive at the failed FTX cryptocurrency exchange is scheduled to appear in court in New York Thursday afternoon to face undisclosed criminal charges. Ryan Salame, the former co-chief executive of FTX Digital Markets, was set to appear before a judge at 3 p.m. at the U.S. district court in Manhattan. Federal prosecutors didn't immediately disclose what charges Salame is facing or reveal details about the case. Before FTX collapsed and declared bankruptcy in November, Bankman-Fried had been one of the best-known U.S. crypto entrepreneurs. Bankman-Fried and people associated with his companies, including Salame, were also heavy givers to political campaigns.

Persons: Ryan Salame, didn't, Jason Linder, FTX, Sam Bankman, Caroline Ellison, Nishad Singh, Gary Wang, Fried, Larry David, Salame Organizations: FTX, Alameda Research Locations: New York, U.S, Manhattan, Bahamas, Alameda, Bankman

☆ Ryan Salame, an ex-FTX executive, is expected to plead guilty to criminal charges
▼ + stars: | 2023-09-07 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

New York CNN —Ryan Salame, a former top executive of FTX, the now-bankrupt cryptocurrency trading platform, is expected to plead guilty to criminal charges in a New York courtroom on Thursday afternoon, a person familiar with the matter has told CNN. The plea comes less than one month before Sam Bankman-Fried, co-founder of the digital currency exchange, is set to go on trial. Salame, served as the chief executive of FTX and was a top lieutenant of Bankman-Fried, who is set to go to trial on October 2 facing numerous wire fraud and conspiracy charges. Prosecutors have said Salame played a role in the alleged scheme involving political donations. They want to show the jury a private message Salame sent to a family member in November 2021, explaining that he was a straw donor that Bankman-Fried used to make political donations.

Persons: New York CNN — Ryan Salame, Sam Bankman, Fried, Salame’s, Caroline Ellison, Gary Wang, FTX, Nishad Singh, Salame Organizations: New, New York CNN, FTX, CNN, Prosecutors, Bankman, Republican, Democrat Locations: New York, Bankman, Alameda

A diet of bread, water and peanut butter. A laptop with no internet connection. Sam Bankman-Fried, the 31-year-old cryptocurrency mogul, has spent nearly a month at the Metropolitan Detention Center in Brooklyn since a federal judge revoked his bail in August. They have also said he has not been getting enough access to the internet to prepare for his trial and should be released. They did not reach a resolution, leaving it for the judge to decide.

Persons: Sam Bankman, Fried, FTX, Bankman Organizations: Metropolitan Detention Locations: Brooklyn, Bahamas

CNN —Federal prosecutors in Manhattan filed another indictment against FTX co-founder Sam Bankman-Fried Monday, dropping another count against him. Prosecutors had previously indicated their plans to drop the one count of conspiracy to make unlawful campaign contributions against Bankman-Fried last month in a letter to the court. Prosecutors maintain that Bankman-Fried conducted an illegal campaign finance scheme in connection to the charges that are moving forward to trial. “The defendant’s use of customer deposits to conduct a political influence campaign was part of the wire fraud scheme charged in the original indictment. Bankman-Fried’s attorneys said they reserve the right to challenge evidence prosecutors may seek to use.

Persons: FTX, Sam Bankman, Prosecutors, Fried, docketed, Sam, arraign, ledgers, Caroline Ellison, “, Ellison, Ryan Salame, Salame, ”, Bankman Organizations: CNN, Federal, Bankman, United, Government, Prosecutors, Alameda Research, ” Prosecutors, Alameda Locations: Manhattan, Bahamas, United States, New York, Alameda, FTX

☆ Prosecutors Detail Evidence Against Sam Bankman-Fried
▼ + stars: | 2023-08-14 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Prosecutors in the criminal case against Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, on Monday provided the most detailed account to date of the evidence they plan to use to convict him at trial in October. In a 70-page court filing, the prosecutors said they would draw on testimony from some of Mr. Bankman-Fried’s closest advisers, as well as an expert witness and other employees of FTX and Alameda Research, a crypto hedge fund he also founded. The prosecutors also said they planned to use notes that Caroline Ellison, one of Mr. Bankman-Fried’s top lieutenants, took after conversations with him, including a memo titled “Things Sam Is Freaking Out About.” And they said they would introduce a recording of a meeting in which Ms. Ellison told Alameda employees that she had worked with Mr. Bankman-Fried to siphon funds from FTX customers’ accounts. Mr. Bankman-Fried, a onetime crypto mogul who built FTX into one of the world’s largest virtual currency exchanges, was arrested in December and charged with orchestrating a sweeping scheme to use customer deposits to finance real estate purchases, charitable giving and donations to politicians. Ms. Ellison and two other top FTX executives, Gary Wang and Nishad Singh, have pleaded guilty to participating in the effort and agreed to cooperate with prosecutors.

Persons: Sam Bankman, Bankman, Caroline Ellison, Sam, Ellison, Gary Wang, Nishad Singh Organizations: Alameda Research, Alameda, Mr Locations: FTX

Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was ordered to jail on Friday after a federal judge in New York revoked his bail, in a dramatic twist less than two months before the case was set to go to trial. Mr. Bankman-Fried, 31, had been under house arrest at his parents’ home in Palo Alto, Calif., since he was arrested in December on fraud charges stemming from FTX’s implosion. The decision was the latest extraordinary development in one of the most dramatic corporate implosions in recent memory. Over just a few weeks, Mr. Bankman-Fried went from an industry titan courted by politicians and celebrities to a criminal defendant facing decades in prison. Ms. Ellison has pleaded guilty to fraud charges and agreed to cooperate with the prosecutors investigating Mr. Bankman-Fried.

Persons: Sam Bankman, ’, Judge Lewis A, Kaplan, Fried, FTX, Caroline Ellison, Bankman, Ellison Organizations: Federal, Court, New York Times Locations: New York, Palo Alto, Calif, Manhattan

New York CNN —Sam Bankman-Fried, the alleged crypto grifter, is about to learn which of two profoundly divergent paths he’ll take on the road to trial. One path allows him to continue his house arrest in the comfort of his parents’ California home. If his bail is revoked, Bankman-Fried will be immediately remanded to a notorious federal detention center in Brooklyn. Bankman-Fried, who has pleaded not guilty to multiple conspiracy and fraud charges, is set to go to trial in October. But the company came unglued in the span of a week last November — as concerns about its financial ties to Bankman-Fried’s crypto hedge fund, Alameda Research, spurred investors and customers to yank their funds.

Persons: Sam Bankman, ’, Judge Lewis Kaplan, “, ”, Fried, Caroline Ellison, FTX Organizations: New, New York CNN, Bankman, Metropolitan Detention Center, New York Times, of Prisons, Prosecutors, Super Bowl, Alameda Research Locations: New York, ’ California, Brooklyn, Bahamas

☆ Prosecutors urge judge to jail Sam Bankman-Fried, saying there are no conditions to stop him from witness tampering
▼ + stars: | 2023-07-28 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

CNN —Federal prosecutors urged a judge to revoke Sam Bankman-Fried’s bail to stop him from tampering with witnesses before his criminal fraud trial, saying there are likely no conditions that the cryptocurrency entrepreneur will abide by to satisfy their concerns. The additional arguments were made in a court filing Friday — following a hearing on Wednesday when prosecutors first asked the judge to detain the co-founder of FTX. “The defendant’s argument that the defendant did nothing other than exercise his First Amendment rights is a red herring. Witness tampering is not constitutionally protected speech,” prosecutors wrote. The charges against Bankman-Fried stem from what prosecutors have characterized as one of the biggest financial frauds in US history.

Persons: Sam Bankman, ”, Fried, Caroline Ellison, CNN’s Allison Morrow Organizations: CNN, Prosecutors, Bankman Locations: Bahamas

New York CNN —A federal judge is set to consider a gag order on former FTX CEO Sam Bankman-Fried after prosecutors accused him of leaking his former girlfriend and business partner’s personal writings to the New York Times. US District Court Judge Lewis Kaplan was expected to rule on a so-called gag order that would prevent Bankman-Fried from discussing his case publicly. At a previous bail hearing, Kaplan alluded to the possibility of revoking Bankman-Fried’s bail deal and forcing him to await trial in jail. In February, Judge Kaplan tightened restrictions on Bankman-Fried’s bail after prosecutors flagged a direct message Bankman-Fried sent to a former FTX employee, raising concerns about potential witness-tampering. While his lawyers said they would comply with any gag order, they pushed back on prosecutors’ allegations of witness-tampering.

Persons: Sam Bankman, Fried, Prosecutors, Caroline Ellison, Lewis Kaplan, Kaplan, ”, Palo, Judge Kaplan, Ellison Organizations: New, New York CNN, New York Times, Bankman, Google, Alameda Research Locations: New York, Palo Alto , California, Alameda, FTX

☆ Prosecutors accuse Sam Bankman-Fried of leaking ex-girlfriend’s private notes to the New York Times
▼ + stars: | 2023-07-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —Federal prosecutors have accused former FTX CEO Sam Bankman-Fried of witness tampering after he allegedly leaked the personal writings of his former girlfriend and business partner, Caroline Ellison, to the New York Times. They reportedly detailed her “unhappy and overwhelmed” emotional state as CEO of Alameda Research, FTX’s crypto hedge fund. The writings also reportedly expressed her doubts about her ability to make decisions and effectively run the business. Prosecutors say she is expected to serve as a witness in their criminal case against Bankman-Fried, who has pleaded not guilty to eight federal counts of fraud and conspiracy. A spokesperson for the New York Times and a lawyer representing Ellison did not immediately respond to requests for comment.

Persons: Sam Bankman, Caroline Ellison, Lewis Kaplan, Bankman, ”, Ellison, Kaplan, Damian Williams, “, ” Williams, Fried, — CNN’s Kara Scannell Organizations: Minneapolis CNN — Federal, New York Times, Star, Google, Alameda Research, Prosecutors, Government, ” Prosecutors, Bankman Locations: Minneapolis, FTX

Three months before the cryptocurrency market imploded last year, Caroline Ellison, the 27-year-old chief executive of the crypto hedge fund Alameda Research, was racked with self-doubt. “I have been feeling pretty unhappy and overwhelmed with my job,” Ms. Ellison wrote in a Google document in February 2022. She did not think that she was well suited to running Alameda or was a particularly decisive leader, she wrote in another Google document. They had dated on and off, and Ms. Ellison worried about “making things weird” and “causing drama.”“It doesn’t really feel like there’s an end in sight,” she wrote in the February 2022 document. Now Ms. Ellison is poised to be a star witness at Mr. Bankman-Fried’s criminal trial, which is scheduled for Oct. 2.

Persons: Caroline Ellison, “, ” Ms, Ellison, Ms, Sam Bankman, ”, Bankman Organizations: Alameda Research Locations: Alameda

☆ Inside the White-Hot Center of A.I. Doomerism
▼ + stars: | 2023-07-11 | by ( Kevin Roose | More About Kevin Roose | ) www.nytimes.com time to read: +2 min

labs and safety research organizations contain some trace of effective altruism’s influence, and many count believers among their staff members. Some Anthropic staff members use E.A.-inflected jargon — talking about concepts like “x-risk” and memes like the A.I. (Just one example: Ms. Amodei is married to Holden Karnofsky, the co-chief executive of Open Philanthropy, an E.A. Open Philanthropy, in turn, gets most of its funding from Mr. Moskovitz, who also invested personally in Anthropic.) safety was genuine, in part because its leaders had sounded the alarm about the technology for so long.

Persons: E.A.s, Dustin Moskovitz, Jaan, Anthropic, Sam Bankman, Fried, Bankman, Amodei, Shoggoth, Holden Karnofsky, Luke Muehlhauser, Moskovitz Organizations: Facebook, Skype, Open Locations: E.A, Jaan Tallinn, Anthropic

☆ Taylor Swift agreed to $100 million deal with FTX before it went bankrupt, but FTX pulled out
▼ + stars: | 2023-07-06 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Taylor Swift signed onto a lucrative touring partnership with FTX before its collapse, but FTX pulled out of the arrangement, according to a person familiar with the discussions. Bankman-Fried has been accused of orchestrating one of the biggest financial frauds in US history, allegedly costing investors billions of dollars and improperly using customer funds from his cryptocurrency exchange, FTX. But a person familiar with the Swift discussions said the artist’s side had agreed to a $100 million tour sponsorship deal, but the deal was never finalized due to hesitation on FTX’s side. Other celebrities, including Tom Brady, Gisele Bundchen, Steph Curry, and Naomi Osaka, signed deals with FTX, which declared bankruptcy last fall. Brady and Bundchen also held stakes in FTX that were likely entirely wiped out.

Persons: CNN — Taylor Swift, FTX, cryptocurrency, Swift’s, Sam Bankman, Adam Moskowitz, endorsers, Swift, Fried, Moskowitz, “, ”, Taylor Swift, Tom Brady, Gisele Bundchen, Steph Curry, Naomi Osaka, Brady, Bundchen, Jimmy Fallon, Madonna, Kim Kardashian, Max, CNN’s Kara Scannell, Chloe Melas Organizations: CNN, FTX, New York Times, Financial Times, Securities and Exchange Commission

☆ Judge denies Sam Bankman-Fried’s motion to dismiss charges
▼ + stars: | 2023-06-27 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ The Super Connector Who Built Sam Bankman-Fried’s Celebrity World
▼ + stars: | 2023-06-23 | by ( David Yaffe-Bellany | Erin Griffith | ) www.nytimes.com time to read: +1 min

As they built K5, Mr. Kives and Mr. Baum touted their connections, including with the billionaire financier Warren E. Buffett. In an interview, Mr. Buffett said Mr. Kives was a “name-dropper” who “might pitch that he has a connection to me, but he doesn’t.” Mr. Buffett said he had known Mr. Kives from his time at Creative Artists Agency. Since then, he said, Mr. Kives has contacted him about a few investment opportunities, which he declined. In late 2021, Mr. Kives used his network to forge a relationship with Mr. Bankman-Fried, who was rising in prominence as cryptocurrencies boomed. They got in touch over email, the lawsuit said, and Mr. Kives introduced Mr. Bankman-Fried to the musician Sia.

Persons: Kives, Baum, Warren E, Buffett, dropper, ” Mr, Sia, Fried, Kives’s, Perry, Bloom, FTX Organizations: Creative Artists Agency, Super, K5 Locations: Beverly Hills, Calif, Bahamas

☆ Fact Check-No charges against FTX ex-CEO Sam Bankman-Fried dropped as of June 22
▼ + stars: | 2023-06-22 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

As of June 22, 2023, none of the 13 charges against Bankman-Fried have been dropped by federal prosecutors in Manhattan. Bankman-Fried faces a 13-count indictment for allegedly scheming to defraud FTX investors. Federal prosecutors in Manhattan said those five charges would be dropped if the Bahamas did not consent to them. In mid-June, noting that it was unclear when the Bahamas would consent, prosecutors supported the separate March 2024 trial for the additional charges (here). None of the 13 criminal charges against FTX Founder Sam Bankman-Fried have been dropped as of June 22, 2023.

Persons: Sam Bankman, District Judge Lewis Kaplan, ’, Fried, Read Organizations: Bankman, District, Biden, Facebook, U.S, Prosecutors, Republicans, Reuters, FTX Locations: Manhattan, U.S, Palo Alto , California, Bahamas

June 21 (Reuters) - Law firm Fenwick & West has hired its own outside legal team as it faces scrutiny over its role advising now-bankrupt cryptocurrency exchange FTX, including from the company's indicted founder Sam Bankman-Fried. Silicon Valley-founded Fenwick has turned to Gibson, Dunn & Crutcher as its advice becomes a focus of Bankman-Fried’s criminal defense, according to court documents and sources familiar with the situation. Nancy Hart and Kevin Rosen, leaders in Gibson Dunn's prominent law firm defense practice, are representing Fenwick on issues related to FTX, including in the Bankman-Fried criminal case and a federal class action lawsuit, sources said. The firm also counseled Bankman-Fried’s hedge fund Alameda Research, which is at the center of the criminal case against him. Fenwick, one of at least four major law firms to advise FTX, is not the only firm to be targeted by Bankman-Fried.

Persons: Fenwick, Sam Bankman, Gibson, Dunn, Nancy Hart, Kevin Rosen, Gibson Dunn, FTX, Bankman, Fried, Fenwick’s, Sullivan, Cromwell, Andrew Goudsward Organizations: West, Crutcher, Alameda Research, Prosecutors, Bankman, Thomson Locations: Silicon, Alameda, New York, Florida

☆ Bahamas court boosts Bankman-Fried’s challenge to post-extradition charges
▼ + stars: | 2023-06-13 | by ( ) edition.cnn.com time to read: +2 min

A Bahamas court on Tuesday temporarily barred the country’s government from agreeing to let US prosecutors pursue part of their criminal case against Sam Bankman-Fried, the indicted founder of now-bankrupt cryptocurrency exchange FTX. Those charges were not in Bankman-Fried’s initial eight-count indictment last December, which focused on the collapse of FTX the previous month, but they were added after his extradition. The Bahamas Supreme Court said the country’s foreign affairs minister and attorney general could not consent to the new charges until Bankman-Fried had a formal chance to object. In papers filed late Monday in Manhattan federal court, Bankman-Fried’s lawyers said a sixth charge alleging US campaign finance violations should also be dismissed because the Bahamas did not consent to it. His lawyers want the six charges dismissed, or tried separately from charges of stealing from customers and lying to investors and lenders.

Persons: Sam Bankman, FTX, Fried, Loren Klein, Lewis Kaplan Organizations: US, Prosecutors Locations: Manhattan, Caribbean, Bankman, Bahamas, United States

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