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Follow live updates on the Sam Bankman-Fried fraud trial. A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a tousle-haired crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns. The charges against Mr. Bankman-Fried, 31, have put the rest of the crypto industry on trial with him. He has emerged as a symbol of the unrestrained hubris and shady deal-making that turned cryptocurrencies into a multitrillion-dollar industry during the pandemic. The demise of FTX in November helped burst that bubble, sending other high-profile companies into bankruptcy and provoking a government crackdown.

Persons: Sam Bankman, Fried Locations: Manhattan

☆ JPMorgan Settles Epstein Suits With U.S. Virgin Islands and James Staley
▼ + stars: | 2023-09-26 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The U.S. Virgin Islands sued JPMorgan in December, and about a month later, lawyers for Mr. Epstein’s victims had sued the bank. The money the bank is paying to the Virgin Islands, where Mr. Epstein had a private island residence for roughly two decades, will mostly go toward funding charitable causes in the U.S. territory in the Caribbean and paying lawyer fees. Mr. Epstein killed himself in a federal jail in Manhattan in August 2019, a month after he had was arrested on federal sex trafficking charges. Mr. Epstein had been a client of JPMorgan both before and after he pleaded guilty in 2008 to a charge of soliciting prostitution from a teenage girl and had to register as a sex offender in New York, Florida and the Virgin Islands. The parties, however, took issue with how each side had characterized some of the terms of the settlement in their respective news releases.

Persons: Epstein Organizations: U.S . Virgin Islands, JPMorgan Locations: U.S, Caribbean, Manhattan, New York , Florida, Virgin

☆ New Jersey Sen. Bob Menendez hires Hunter Biden lawyer for bribery case
▼ + stars: | 2023-09-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Senator Robert Menendez (D-NJ) walks to the Senate floor for a procedural vote at the U.S. Capitol in Washington, U.S. September 20, 2023. New Jersey Sen. Bob Menendez has tapped Abbe Lowell, the same attorney defending Hunter Biden against his tax and firearm charges, to represent him in his federal bribery case, a spokesperson for the prosecutors said. The Democratic senator also hired Lowell when he was charged in 2015 for allegedly accepting illegal gifts from a Florida ophthalmologist. Grimes, Barrack and others had been charged with secretly acting as foreign agents for the United Arab Emirates. Lowell has also represented Jared Kushner, Trump's son-in-law and former advisor.

Persons: Robert Menendez, New Jersey Sen, Bob Menendez, Abbe Lowell, Hunter Biden, Joe Biden's, Lowell, Matthew Grimes, Donald Trump's, Tom Barrack, Grimes, Barrack, Jared Kushner, Trump's, Kushner, Menendez, Law360 Organizations: U.S, Capitol, Democratic, United, United Arab Emirates, White Locations: Washington , U.S, New Jersey, Florida, United Arab

☆ Pro-Trump protester Ray Epps set to plead guilty to Jan. 6 disorderly conduct charge
▼ + stars: | 2023-09-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Ray Epps, in the red Trump hat, center, gestures to others as people gather on the West Front of the U.S. Capitol in Washington, D.C., Jan. 6, 2021. Ray Epps , the pro-Trump protester at the center of right-wing conspiracy theories about the government orchestrating the Capitol riot, plans to plead guilty Wednesday to a disorderly conduct charge related to his presence there, his attorney said. Epps, who is a former member of the right-wing Oath Keepers group, traveled to Washington, D.C., to protest the 2020 election results. In Monday's filing in U.S. District Court in Washington, D.C., Epps was charged with one count of knowingly engaging in "disorderly and disruptive conduct" with the "intent to impede and disrupt" the government's activity taking place Jan. 6. Epps' conduct "did in fact impede and disrupt the orderly conduct of Government business and official functions," U.S. Attorney Matthew Graves wrote in the two-page information.

Persons: Ray Epps, Epps, Joe Biden, Donald Trump, Edward Ungvarsky, Mike Pence, Trump, James Boasberg, Tucker Carlson, Matthew Graves Organizations: U.S, Capitol, Washington , D.C, Electoral, NBC News, Trump, FBI, U.S . Department of Justice, Fox News, Government Locations: Washington ,, Washington

☆ Regulators Charge Money Manager Tied to Russian Oligarch
▼ + stars: | 2023-09-19 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The sanctions forced Mr. Abramovich to sell the Chelsea Football Club, the famed London soccer team. Authorities also froze more than $13 billion in assets held by financial institutions in Britain, the Cayman Islands, the Isle of Jersey and the British Virgin Islands. In June last year, the United States seized two jets believed to be owned by Mr. Abramovich. complaint covers activity beginning in 2012 when, the regulator said, the firm and Mr. Matlin, now 59, should have registered as investment advisers. The regulator said that over the next decade, the firm and Mr. Matlin had taken in $85 million in compensation.

Persons: Abramovich, Matlin, Concord, Gurbir, Grewal, ’, ” Jon Hammond, Michael Matlin Organizations: Chelsea Football Club, London, Authorities, British Virgin Islands, Concord, Concord Management Locations: Britain, Cayman Islands, Isle of Jersey, British Virgin, United States, Concord, British Virgin Islands, Jersey

☆ The Trials of Aurora: A Colorado City’s Deep Divide Over Policing
▼ + stars: | 2023-09-15 | by ( Audra D. S. Burch | ) www.nytimes.com time to read: +3 min

I asked him if he thought good policing was possible. “The policing problem is that you have 90 percent good police officers, but that 10 percent or 5 percent, whatever the scientific number is, is enough to taint it. “There have been so many questionable incidents with the police involving Black residents,” Mayes said. Like Black voters across the country who have indicated support for fair policing in national polls, they took pains to explain that they were not against policing itself. “It’s just really hurtful,” Fields told a local radio station when the news broke.

Persons: ” Mayes, ‘, Mayes, —, “, ” Rhonda Fields, ”, Fields, Matthew Green, McClain, “ It’s, ” Fields, you’re Organizations: City Council, Aurora, Colorado’s, Aurora Police Department Locations: Vietnam, Black, America, Aurora

☆ Mortgage demand stalls at a level not seen since 1996
▼ + stars: | 2023-09-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing. Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The refinance share of mortgage activity decreased to 29.1% of total applications from 30.0% the previous week. ARMs offer lower interest rates but are deemed riskier because their rates are fixed for a shorter term. "Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996," said Joel Kan, a Mortgage Bankers Association economist, in a release.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, refinances, Mortgage Bankers Association, Mortgage News

☆ Senate Republicans Grill S.E.C. Chair on Pace of Rule Making
▼ + stars: | 2023-09-12 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Mr. Gensler said the S.E.C. A rule governing climate change disclosures has been delayed, Mr. Gensler said, partly because the S.E.C. “We’re updating our rules to promote the efficiency, integrity and resiliency of the markets,” said Mr. Gensler, who appeared before the committee for about two hours. In response to questions about digital assets, Mr. Gensler said the cryptocurrency market faced “significant noncompliance” and was “rife for fraud.”The most heated moment of the hearing came when Senator J.D. “Have you ever spoken to anyone at the White House about your investigation of Donald Trump’s Truth Social?” Mr. Vance asked Mr. Gensler.

Persons: Gensler, ”, J.D, Vance, Mr, Donald J, “, Donald Trump’s Organizations: Republican, Truth, Trump, White House Locations: Ohio

TACOMA, Wash. (AP) — Two men have pleaded guilty to vandalizing power substations in Washington state in attacks that left thousands without power on Christmas Day. According to the plea agreement, Crahan, 40, and Greenwood, 32, damaged four power substations on Dec. 25, 2022. The substations targeted were the Graham and Elk Plain substations operated by Tacoma Power and the Kapowsin and Hemlock substations operated by Puget Sound Energy. In all four cases, the men forced their way into fenced areas surrounding the substations and damaged equipment to cause a power outage. Greenwood, also of Puyallup, pleaded guilty in April to conspiracy to destroy energy facilities.

Persons: Jeremy Crahan, Matthew Greenwood, Tessa M, Gorman, Graham, Crahan, Greenwood Organizations: Court, U.S, Tacoma Power, Puget Sound Energy Locations: TACOMA, Washington, Puyallup, Tacoma, Crahan, Greenwood, Elk

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

☆ Trump Media Buyer Gets More Time to Complete Long-Delayed Merger
▼ + stars: | 2023-09-05 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Shareholders of a cash-rich shell company approved a measure on Tuesday that will give the firm 12 additional months to complete its long-delayed merger with former President Donald J. Trump’s social media company. The shareholder vote increases the likelihood that Trump Media & Technology Group will get access to at least $300 million in badly needed cash to operate Truth Social — a right-leaning social media platform. Online ads on the social media platform also account for a critical piece of Mr. Trump’s fund-raising effort for his 2024 presidential campaign. The shell company, Digital World Acquisition Corp., raised the $300 million in a September 2021 initial public offering. A little over a month later, the company, set up as a special purpose acquisition company, or SPAC, announced the deal to merge with Trump Media.

Persons: Donald J, Trump’s Organizations: Trump Media & Technology Group, Trump Media

☆ Mortgage rates hit their highest point since 2000
▼ + stars: | 2023-08-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates jumped Monday, following a rise in bond yields driven by investors' concerns that high interest rates and inflation will linger longer than expected. The average rate on the popular 30-year fixed mortgage hit 7.48%, the highest level since November 2000, according to Mortgage News Daily. Higher mortgage rates exacerbate the supply situation. The nation's homebuilders have been trying to offset higher mortgage rates by either buying down those rates for short or long terms, or by lowering home prices. Homebuilder sentiment in August, however, dropped sharply, with builders citing higher interest rates as the main reason.

Persons: Matthew Graham Organizations: Mortgage News, Federal Reserve, ARM, Mortgage, Association

☆ Shell Company Seeks to Extend Deadline for Merger With Trump Media
▼ + stars: | 2023-08-17 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The shell company seeking to merge with former President Donald J. Trump’s social media company announced late Wednesday that it had postponed a crucial meeting of shareholders scheduled for Thursday, at which it hoped to announce that investors had agreed to give it more time to complete its long-delayed deal. The company is now giving shareholders until Sept. 5 to approve the measure to give it more time to complete the deal with Trump Media & Technology Group. That is just three days before the shell company, Digital World Acquisition Corp., would be forced to begin to liquidate and return the $300 million it raised from investors in a September 2021 initial public offering. Digital World was set up as a special purpose acquisition vehicle, or SPAC, which raises money by going public to finance a future merger — in this case, Trump Media. The merger was announced on Oct. 21, 2021, and Digital World now is trying to get 65 percent of its roughly 400,000 shareholders to approve the extension for the deal.

Persons: Donald J Organizations: Trump Media & Technology, Trump Media, Securities and Exchange Commission

☆ Ex-FBI counterintelligence official pleads guilty to conspiracy charge for helping Russian oligarch
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +3 min

McGonigal is expected to change his plea to guilty after initially pleading not guilty. A former high-ranking FBI counterintelligence official pleaded guilty Tuesday to conspiring to violate sanctions on Russia by going to work, after he retired, for an oligarch he once investigated. McGonigal told the judge he accepted over $17,000 to help Deripaska collect derogatory information about another Russian oligarch who was a business competitor. McGonigal pleaded guilty to a single count of conspiring to launder money and violate the International Emergency Economic Powers Act. He supervised investigations of Russian oligarchs, including Deripaska.

Persons: Charles McGonigal, Oleg Deripaska, McGonigal, Deripaska, Rebecca Dell, Jennifer H, Rearden, Vladimir Putin, Matthew G, Olsen Organizations: FBI, Manhattan Federal Court, Emergency Economic, U.S, District of Columbia, Justice Department's National Security Division Locations: New York City, McGonigal, Russia, Crimea, New York, Washington ,, Albanian, Cypress, New Jersey, United States, Russian

☆ UBS to Pay $1.4 Billion to Settle Financial-Crisis Fraud Case
▼ + stars: | 2023-08-14 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The Swiss-banking giant UBS agreed on Monday to pay $1.4 billion to settle U.S. claims that it misrepresented bonds backed by mortgages sold in the years leading up to the 2008 financial crisis, a sign that the legacy of the turmoil that engulfed the global financial system continues to haunt Wall Street. The settlement with UBS is the last action brought by a Justice Department task force that was set up in 2012, during the Obama administration. It investigated the role of big banks and other financial firms in selling flawed and predatory mortgage products that contributed to the collapse of the U.S. housing market, federal prosecutors in Brooklyn said in a news release. “The substantial civil penalty in this case serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes,” said Breon Peace, U.S. attorney for the Eastern District of New York. UBS said in a statement on its website that it had reached the settlement with federal prosecutors to resolve “a legacy matter,” adding that the money had already been accounted for in previous financial statements.

Persons: Obama, ” Organizations: UBS, Justice Department, Eastern, of Locations: Swiss, Brooklyn, U.S, of New York

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

☆ Epstein Victim May Pursue Claims Against Two Wall St. Executives
▼ + stars: | 2023-08-10 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

At least one longtime sexual abuse victim of Jeffrey Epstein who received a monetary settlement from his estate can also pursue separate claims against two powerful former Wall Street executives who had ties to the convicted sex offender, according to two people briefed on the matter. The exceptions made for Mr. Black and Mr. Staley show how the two men continue to be dogged by their social and business dealings with Mr. Epstein four years after he killed himself in a federal jail while awaiting trial on sex trafficking charges. The arrangement could set a precedent for other victims of Mr. Epstein, potentially exposing Mr. Black and Mr. Staley to further scrutiny and liability. “She was a victim, potentially, to these individuals,” Mr. Kahn said in the deposition, according to one of the people. Mr. Kahn said that Mr. Epstein’s estate agreed to the carve-out provision so that the unnamed woman could potentially sue for “harms that she incurred.”

Persons: Jeffrey Epstein, Richard Kahn, Leon Black, James E, Staley, Black, Epstein, ” Mr, Kahn, Epstein’s, ” Organizations: Wall Street, JPMorgan Chase, Barclays, Mr

☆ Banks Fined $549 Million Over Use of WhatsApp and Other Messaging Apps
▼ + stars: | 2023-08-08 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Federal regulators continued their crackdown against employees of Wall Street firms using private messaging apps to communicate, with 11 brokerage firms and investment advisers agreeing Tuesday to pay $549 million in fines. The latest round of fines adds to the nearly $2 billion in penalties against big Wall Street banks announced last year for similar violations. In all, the regulators have now penalized more than two dozen banks and investment firms for not properly policing employees use of “off channel” messaging services like WhatsApp, iMessage and Signal. charged the financial institutions for failing to properly “maintain and preserve” all official communications by their employees. Federal securities laws require banks and investments firms to maintain records and make sure their employees are not conducting company business using unauthorized means of communication.

Persons: Wells, Société Organizations: Wall Street, BNP, Bank of Montreal, Securities and Exchange Commission, Commodity Futures Trading Commission Locations: Wells Fargo, Société Générale

☆ Kopecky and Hoogland both win second golds at world championships
▼ + stars: | 2023-08-08 | by ( Martyn Herman | ) www.reuters.com time to read: +2 min

GLASGOW, Aug 8 (Reuters) - Belgium's Lotte Kopecky underlined her status as one of the best all-round cyclists of her generation when she claimed a second track title at the UCI World Championships with victory in the points race on Tuesday. Earlier, Dutch dominance of the men's sprint events continued as the 30-year-old Jeffrey Hoogland claimed a third successive 1km time trial world title. Kopecky also won the elimination race earlier in the championships and will be one of the favourites for the women's road race which concludes the championships on Sunday. Hoogland also won the men's sprint alongside Lavreysen and both of them will be going for a third gold in the keirin which reaches its conclusion on Wednesday. Lavreysen retained his men's sprint world title on Monday.

Persons: Lotte Kopecky, Jeffrey Hoogland, Georgia Baker, Britain's Neah Evans, Kopecky, Baker, Evans, Tsuyaka Uchino, Hoogland, Harrie Lavreysen, Matthew Glaetzer, Chris Hoy, Australia's Thomas Cornish, Lavreysen, Martyn Herman, Clare Fallon Organizations: GLASGOW, UCI, Tour de, Femmes, Lavreysen, Britain, Thomson Locations: Netherlands

☆ Trump likely to face gag order after he targeted Pence, Jack Smith online, experts say
▼ + stars: | 2023-08-07 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +6 min

"I think a gag order is likely, I'm just not sure if it will be enforced," former federal prosecutor Neama Rahmani told CNBC. "A lot of the judges that I've seen cover these types of political cases, they've been all bark, no bite," he said. Indeed, Trump's political operation has heavily featured the indictments in its fundraising pitches and in other campaign messages. "Maybe, but you have to be willing to enforce that gag order." "However, the need to protect that information does not require a blanket gag order over all documents produced by the government."

Persons: Donald Trump, Sam Wolfe, Neama Rahmani, I've, they've, Norm Eisen, Matthew Galluzzo, Galluzzo, Joshua Ritter, " Ritter, Ritter, Jack Smith, Fani Willis, Trump, Manhattan DA Alvin, Tanya Chutkan, Rahmani, Smith, —, Koch, RINO, Trump's Organizations: U.S, Republican, Reuters, Trump, White, CNBC, United Democracy Center, Manhattan DA, Super, Name, Department of, DOJ, Manhattan Locations: Columbia , South Carolina, U.S, New York, Los Angeles, Fulton County, China, Miami

☆ Mortgage demand from homebuyers drops for the third straight week as interest rates rise
▼ + stars: | 2023-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates have been holding at high levels for several weeks now, and that is taking its toll on homebuyers. Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA's seasonally adjusted index. "The purchase index decreased for the third straight week to its lowest level since the beginning of June," said Joel Kan, an MBA economist. Mortgage rates began this week higher and could continue to rise ahead of the all-important monthly employment report expected to be released Friday. If those fears are realized, rates could be at 20-year highs by the end of this week," said Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage Bankers Association, Mortgage News Locations: Hollywood , Florida

☆ Divvy Wants to Make Rent-to-Own Deals Easy. Many Customers Find Them Hard.
▼ + stars: | 2023-08-01 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +2 min

“With mortgage rates at all-time highs, our mission is more critical than ever,” Adena Hefets, the chief executive and a founder of Divvy, said in a statement. The higher payments have become a struggle for some customers, especially because of rapid inflation. The company, which charges a 5 percent fee for late payments, said it evicted only as a last resort. This spring, Divvy said, it put in place a new system to prioritize maintenance requests, including a 24-hour hotline for customers. They said they had been referred to Divvy by a real estate broker who worked closely with the company.

Persons: Hefets, Divvy, “, Divvy’s Organizations: Private, U.S . Locations: Atlanta, Georgia, U.S, U.S . Virgin Islands

Federal prosecutors pursuing the criminal case against the cryptocurrency mogul Sam Bankman-Fried said on Wednesday that they were dropping a charge that Mr. Bankman-Fried violated campaign finance rules. Mr. Bankman-Fried was charged with fraud and campaign finance violations last December after the sudden collapse of his company, the cryptocurrency exchange FTX. He was quickly extradited to the United States from the Bahamas, where FTX was based. But in a court filing on Wednesday night, the prosecutors said that they had been informed by officials in the Bahamas that the nation’s government had not intended to extradite Mr. Bankman-Fried on the campaign finance charge. “In keeping with its treaty obligations to the Bahamas, the government does not intend to proceed to trial on the campaign contributions count,” the prosecutors’ filing said.

Persons: Sam Bankman, Fried, FTX, Mr Organizations: “ Locations: United States, Bahamas

☆ Mortgage demand drops as interest rates remain stubbornly high
▼ + stars: | 2023-07-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move at all last week, and are still sitting near a recent high. Most borrowers today carry interest rates far lower than the current rate and would therefore not benefit from a refinance. Mortgage rates moved higher to start this week, crossing over 7% Tuesday to 7.04%, according to Mortgage News Daily. Rates will likely move later today, following the latest interest rate decision and press conference at the Federal Reserve. In other words, mortgage rates CAN move lower tomorrow even if the Fed hikes.

Persons: Joel Kan, Jerome, Powell, Matthew Graham Organizations: Mortgage, Federal Housing Administration, Mortgage News, Federal Reserve

☆ Senate Committee Presses Leon Black on Epstein Tax Advice
▼ + stars: | 2023-07-25 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A Senate committee is investigating whether $158 million that the billionaire investor Leon Black paid the disgraced financier Jeffrey Epstein for tax and estate planning services should have been classified as a gift, as part of a broader inquiry into tax-avoidance schemes by ultrawealthy individuals, according to a letter reviewed by The New York Times. In addition to the fees that Mr. Black said he had paid Mr. Epstein, the Senate Finance Committee is looking into several trusts that Mr. Black used to save on taxes and advice that Mr. Epstein gave on art purchases, according to the letter, which the committee’s chairman, Senator Ron Wyden, sent to the private equity mogul on Monday. Mr. Wyden, Democrat of Oregon, wrote that the committee was dissatisfied with the information that Mr. Black, a co-founder of Apollo Global Management, had provided it to date and requested his cooperation. “A significant number of open questions remain regarding the tax-avoidance scheme you implemented with Epstein’s assistance, including whether the exorbitant amounts paid to Epstein should have been classified as a gift for federal tax purposes,” the senator wrote. Gifts exceeding an annual threshold in value are subject to federal taxes ranging from 18 to 40 percent.

Persons: Leon Black, Jeffrey Epstein, Black, Epstein, Ron Wyden, Wyden Organizations: The New York Times, Senate Finance, Mr, Democrat, Apollo Global Management Locations: Oregon

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