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☆ Twitter wants a federal court to throw out employees' collective allegations over layoffs
▼ + stars: | 2022-12-26 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Twitter is fighting a lawsuit by a group of employees whose layoffs take effect in the new year. Twitter has argued that the employees who brought the lawsuit themselves have different circumstances, and that they haven't properly stated what broad claims a large potential class of Twitter employees would have. "Plaintiffs do not even attempt to define a class, making only passing reference to 'thousands of other Twitter employees,' or 'other similarly situated Twitter employees,'" Twitter argued in a court filing on Dec. 23. "We will do everything necessary to protect the rights of Twitter employees," Liss-Riordan said. "We call on Elon Musk to show some holiday spirit and honor the law and promises made to Twitter employees," she added.

☆ What's next for Caroline Ellison, Sam Bankman-Fried's ex who helped run Alameda Research
▼ + stars: | 2022-12-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Caroline Ellison, Alameda's ex-CEO, is out on a $250,000 bond after pleading guilty in the FTX case. She and FTX cofounder Gary Wang are working with feds probing Sam Bankman-Fried's crypto empire. The plea deals that Ellison, who was the CEO of Bankman-Fried's trading firm Alameda Research, and FTX cofounder Gary Wang have struck with federal prosecutors in New York free them each on $250,000 bonds. The counts against Ellison carry a maximum penalty of 110 years, if the sentences for each were to be stacked up. They won't be sentenced until after prosecutors unveil much more of their investigation and Bankman-Fried's own fate becomes clearer.

☆ No, Sam Bankman-Fried and his parents didn't just shell out $250 million for bail. Here's how it works.
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

A New York federal court released Sam Bankman-Fried on Thursday on a $250 million bail. He didn't pay it upfront, but his parents' Palo Alto home helps secure his promise not to flee. Bankman-Fried said last month that he believed he had about $100,000 in his bank account. In this case, Bankman-Fried's parents' home in Palo Alto offers such a security, along with types of collateral posted by others who weren't named in the filing. Bankman-Fried previously said in media interviews last month that he had seen just about $100,000 in his account at the time.

☆ Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
▼ + stars: | 2022-12-22 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried was granted release on $250 million bail at a court hearing Thursday. He will be required to surrender his passport and stay with his parents ahead of a federal trial on a list of charges tied to the failure of FTX. Bankman-Fried will be required to attend a court hearing in California at 10 a.m. Friday, Gorenstein ruled. Another court hearing is scheduled for January 3 in Manhattan, where Bankman-Fried is expected to enter a plea. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.

☆ The charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Alameda's former CEO Caroline Ellison and FTX cofounder Gary Wang are in the SEC's crosshairs. US Attorney Damian Williams said on Wednesday that Ellison and FTX cofounder Gary Wang had pleaded guilty to various charges, including fraud, and are cooperating with the government. Still, Ellison and Wang perpetuated the alleged fraud of FTX's investors and customers, according to the SEC. That gave the firm broad access to FTX customer funds — and Ellison knowingly traded at Alameda using that money. The complaint largely painted Bankman-Fried as the one making allegedly fraudulent assurances to investors, but cast Ellison and Wang as loyal enablers.

☆ Read Mark Zuckerberg's deposition about Facebook user data, released years later thanks to a Freedom of Information Act request
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg told the SEC in 2019 he'd heard news of Cambridge Analytica and the 2016 US election. He was "curious" to understand the group's use of Facebook then, per a newly released deposition. The deposition with the SEC was released thanks to a Freedom of Information Act request. A newly released deposition of Zuckerberg's questioning in 2019 by the US Securities and Exchange Commission is another piece of the puzzle. In a House hearing in 2018, Representative Anna Eshoo, a Democratic Representative from California, asked Zuckerberg pointedly about Cambridge Analytica.

☆ Gary Wang, the mysterious FTX cofounder, is cooperating with prosecutors. Here's what we know about the key player in the failed crypto empire.
▼ + stars: | 2022-12-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . Throughout his time at FTX, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder, Sam Bankman-Fried. But at FTX, Wang was a somewhat reclusive figure, per reports. Fraud charges and guilty pleaUnlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

☆ Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges. Here's what we know about the key player in the failed crypto empire.
▼ + stars: | 2022-12-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . Wang also served as FTX's former chief technology officer but kept a low profile. Wang served as the chief technology officer at FTX until the exchange collapsed in mid-November. Wang later became the chief technology officer at FTX, establishing himself as a key member of the crypto empire's inner circle. Fraud charges and guilty pleaUnlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion.

☆ It's official — Sam Bankman-Fried will soon be extradited to the US
▼ + stars: | 2022-12-21 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried will be heading to the US after over a rough week in a Bahamas prison, per WSJ and NYT. The former FTX CEO is expected to arrive in New York as soon as Wednesday. A federal court in Manhattan would determine bail, amid criminal charges filed against Bankman-Fried. The New York Times has also reported Sam Bankman-Fried is set to be extradited. The New York federal court overseeing the criminal case is expected to decide on bail when Bankman-Fried first appears in court after his arrival to New York.

☆ Wells Fargo is paying yet another huge penalty to settle more allegations it harmed its own customers
▼ + stars: | 2022-12-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Here are some of the other scandals Wells Fargo has been embroiled in. In what has become a common practice in these types of resolutions, Wells Fargo neither admitted nor denied the CFPB's allegations. "Put simply, Wells Fargo is a corporate recidivist that puts one third of American households at risk of harm," Chopra said in prepared remarks on Tuesday. At a Senate hearing in 2017 over the scandal, Elizabeth Warren, Democrat from Massachusetts, called for then Wells Fargo CEO Timothy Sloan to be fired. In 2020, Wells Fargo said it would pay $3 billion to resolve enforcement actions over the episode.

☆ Sam Bankman-Fried is reportedly willing to be extradited to the US
▼ + stars: | 2022-12-19 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried is accepting extradition to the US, The New York Times reported. He is facing criminal charges in New York, where he would have to enter a plea once he arrives. His lawyer in the Bahamas, Jerone Roberts, said that Bankman-Fried is now willing to be extradited, according to The New York Times. It is still unclear what Bankman-Fried's next steps before the Bahamas court will be, and when he would leave for the US. A criminal indictment unsealed in New York federal court last week revealed that prosecutors charged Bankman-Fried with multiple counts of wire fraud and conspiracy.

☆ Sam Bankman-Fried pictured arriving at courthouse in Bahamas, where his extradition to the US could be decided
▼ + stars: | 2022-12-19 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

It's still not certain if Sam Bankman-Fried will submit to an extradition to be brought to the US. He's facing serious wire fraud and conspiracy charges in New York federal court. Federal prosecutors in the US have hit Bankman-Fried with 8 counts, including for wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign finance laws. "These contributions were disguised to look like they were coming from wealthy co-conspirators when, in fact, the contributions were funded by Alameda research with stolen customer money," Williams said at the conference. The brief indictment against Bankman-Fried targeted just him, and laid the foundation to extradite him from the Bahamas.

☆ Goldman Sachs to lay off up to 8% of its workforce
▼ + stars: | 2022-12-16 | by ( Sindhu Sundar | Emmalyse Brownstein | ) www.businessinsider.com time to read: +2 min

Goldman Sachs plans to lay off up to 8% of its employees. CEO David Solomon previously said the firm is seeing "headwinds on our expense lines." Goldman Sachs has also been hit by losses to its burgeoning consumer banking division. This month, Goldman Sachs CEO David Solomon suggested that tough decisions could be ahead, saying at the firm's financial services conference that the firm wasn't immune to economic forces. Goldman Sachs previously laid off a number of bankers and others across departments including its tech, health care and media teams, Insider previously reported in September.

☆ Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison?
▼ + stars: | 2022-12-16 | by ( Sindhu Sundar | Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

Former Alameda CEO Caroline Ellison isn't named in prosecutors' charges against Sam Bankman-FriedBut the SEC's civil suit references her statements on the relationship between FTX and Alameda. Conspiracy charges and civil claims against SBF show others in the crosshairs, legal experts said. But her rise as CEO at Alameda, Bankman-Fried's other crypto company separate from FTX, may certainly put her in investigators' sights. The SEC's complaint on Tuesday claimed that Bankman-Fried "remained the ultimate decision-maker" at Alameda, even after Ellison took over the reins. Since Bankman-Fried's crypto empire began unraveling in November however, Ellison has stayed away from the public eye.

☆ The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts say
▼ + stars: | 2022-12-15 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

If he pleads guilty or ends up being convicted, a federal judge will ultimately decide the length of any prison sentence. And those charges come with potentially big penalties, if he's found guilty: In a sparse indictment unsealed on Tuesday morning, federal prosecutors in Manhattan listed eight criminal counts. Prosecutors leveled multiple conspiracy and wire fraud charges, some of which can be fairly straightforward as they don't require elaborate exposition to support, according to legal experts. It is too soon to tell what, if any, charges Bankman-Fried would be convicted on. But federal criminal statutes prescribe these maximum prison penalties for the following counts:Four counts relating to wire fraud: Maximum sentence for each count is 20 years in prison.

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☆ Here's how to watch FTX's current CEO testify before Congress — the same hearing ex-CEO Sam Bankman-Fried was expected to speak at before his arrest
▼ + stars: | 2022-12-13 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

The hearing, which was expected to include Sam Bankman-Fried before his arrest, will stream live. FTX Group's current CEO John J. Ray III is scheduled to testify at the panel. The hearing, titled, "Investigating the Collapse of FTX, Part I" was originally expected to feature testimony by both FTX Group's current CEO, John J. Ray III, and its founder and former CEO, Sam Bankman-Fried, who has indicated plans to appear remotely. Ray III, FTX's current CEO, had some harsh words for Bankman-Fried in his prepared testimony. You can follow along with the House hearing below, which is expected to kick off at 10 a.m. Eastern.

☆ Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer funds
▼ + stars: | 2022-12-13 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

A grand jury indictment against Sam Bankman-Fried was unsealed Tuesday. Prosecutors in New York accused him of mixing the coffers of FTX and Alameda Research. The 8 criminal charges against him include wire fraud, conspiracy to commit money laundering, and conspiracy to defraud the US and violate the campaign finance laws. In charges unsealed Tuesday morning, a grand jury indictment laid out the 8 accusations against Bankman-Fried, alleging he directed FTX customer funds to "pay expenses and debts of Alameda Research." The indictment alleged that FTX customer funds went toward paying off Alameda Research's debts or inappropriately put toward investments, and that Alameda's own lenders were given "false and misleading information."

☆ Sam Bankman-Fried is set to testify before Congress on Tuesday. He could be grilled on his past statements — and expose himself to more legal risks.
▼ + stars: | 2022-12-12 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried plans to appear remotely before the House Financial Services Committee on Tuesday. The House Financial Services committee has its own investigative mandate, outlined by its role in inquiring into financial failures, and in helping to craft legislation to prevent similar episodes in the future. Participating could expose Bankman-Fried to more legal risksTestimony provided to House lawmakers would usually be under oath, thought not necessarily so. The House Financial Services committee, chaired by Democratic Representative Maxine Waters of California, comprises progressive political stars like Alexandria Ocasio-Cortez of New York and Rashida Tlaib of Michigan. The House Financial Services committee hearing is scheduled to kick off at 10 a.m. Eastern on Tuesday.

☆ Twitter hasn't decided if Ye's exile from the platform is permanent, new safety chief says
▼ + stars: | 2022-12-12 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Twitter's new safety chief told The Wall Street Journal that Ye's return to the platform is uncertain. Since Elon Musk's takeover, it's been unclear how content moderation decisions are made at Twitter. At the time, Musk said that he decided to kick Ye off the site and shared text messages in which he told Ye, "you have gone too far. The notion of policing speech on the platform has vexed Musk, who at one point indicated plans to enlist a "content moderation council" to advise on decisions. Despite that proclamation, Musk brought back former President Donald Trump onto the platform after conducting a Twitter poll, rather than consulting such a council.

☆ US lawmakers want answers on FTX's collapse. Sam Bankman-Fried may not have them.
▼ + stars: | 2022-12-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

But first, we are going to hear more from Sam Bankman-Fried this week, even if you think we've already heard quite enough from him. Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on December 8, 2021 in Washington, DC. Disgraced FTX founder Sam Bankman-Fried, who said he once considered himself a "model CEO," tweeted last week that he would testify before tomorrow's House Financial Services committee hearing focused on his firm's blowup. FTX's new CEO, John J. Ray III, who oversaw the bankruptcy of Enron, will testify in the first part of the hearing. A private lunch with the billionaire is on the table if you're willing to pony up the cash.

☆ Sam Bankman-Fried says he'll take the hot seat and testify before lawmakers probing FTX
▼ + stars: | 2022-12-09 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried tweeted that he would testify to a House committee this month. The House financial services committee is inquiring into his failed crypto lending company FTX. Committee chair Rep. Maxine Waters emphasized the stunning scope of 'over a million' FTX creditors. The onetime billionaire and former CEO of the crypto lending giant Tweeted on Friday morning that he would testify before the House Financial Services committee at a hearing scheduled for Dec. 13 on his company's failure. Bankman-Fried tweeted that he would address FTX's customers and how it could "return value" to its international base, and suggested more mea culpas could be forthcoming.

☆ Apple is beefing up iCloud encryption. The FBI says data encryption 'hinders' investigations of crimes.
▼ + stars: | 2022-12-08 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Apple, which federal agents regularly ask for access to user data, is further securing iCloud info. The FBI criticized encryption in comments to WashPo, saying it would curtail criminal investigations. Apple users' iCloud information has already been long protected by other forms of encryption. Apple responded to 90% of those requests relating to Apple accounts, and 82% of those involving devices, according to its website. At the time, Apple handed over the iCloud data of a suspect who participated in a protest in Seattle where police cars were being burned.

☆ Ticketmaster's botching of Taylor Swift ticket sales 'converted more Gen Z'ers into antimonopolists overnight than anything I could have done,' FTC chair says
▼ + stars: | 2022-12-07 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Disastrous presales for Taylor Swift's Eras tour renewed controversy over Ticketmaster's dominance. In 2010, Ticketmaster merged with Live Nation, raising antitrust concerns. Live Nation has been facing an ongoing DOJ antitrust investigation since before the Taylor Swift-Ticketmaster saga, the New York Times reported last month. Representatives for Ticketmaster and Live Nation did not immediately respond to requests for comment Wednesday morning. Former FTC policy director David Balto previously told Insider that the Eras Tour ticket crisis shows the merger's anti-competitive effects on consumers, including exorbitant fees.

☆ Sam Bankman-Fried could face extradition from the Bahamas to the US: Here's how, legal experts explain
▼ + stars: | 2022-12-07 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Its founder Sam Bankman-Fried has mounted a media tour apparently from the Bahamas, where he's said to still live. US prosecutors have powerful tools to charge and summon defendants living overseas, experts said. If the US government ultimately succeeds in bringing criminal charges against him, prosecutors have legal tools to extradite him to the US, legal experts told Insider. The US would file its extradition application through the Justice Department's Office of International Affairs, which oversees those requests. In this case, it's not likely that a potential securities fraud case would allow another nation to put terms on its extradition.

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