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☆ Elizabeth Warren is concerned Elon Musk is treating Tesla like a 'plaything' amid his Twitter takeover
▼ + stars: | 2022-12-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren wrote to Tesla's board, raising questions over Elon Musk's Twitter purchase. The senator told the board it must ensure Elon Musk does not treat Tesla as a "private plaything." Some Tesla investors have expressed concern that Twitter has become a distraction for Musk. Warren cited reports that Musk has brought in dozen of Tesla employees to assist in his Twitter takeover, saying it could violate the billionaire's "legal duty of loyalty to Tesla." Musk later took aim at Warren, calling her "Senator Karen" and saying she reminded him of a "friend's angry mom."

☆ Where Was Biden’s SEC Sheriff on Sam Bankman-Fried?
▼ + stars: | 2022-12-18 | by ( Allysia Finley | ) www.wsj.com time to read: 1 min

Securities and Exchange Commission Chairman Gary Gensler is trying to spin the FTX blow-up as a cautionary tale about the crypto “wild West.” But where was the SEC sheriff when Sam Bankman-Fried was funneling FTX customers’ funds to his Alameda Research trading house to finance risky bets and a lavish lifestyle? In September 2021, Mr. Gensler rejected major industry players’ contention that he needed congressional authorization to regulate crypto products. “We have robust authorities at the Securities and Exchange Commission and we’re going to use them,” he told the Washington Post. “We’ll also be the cop on the beat, bringing those enforcement actions.” And the commission has—but not against FTX.

News of the FTX's fall first prompted questions to lawmakers about Bankman-Fried's political donations. Bill Cassidy of Louisiana and John Boozman of Arkansas said they would donate Bankman-Fried’s campaign contributions, though they did not specify the charities they intended to donate the money to. Bankman-Fried also poured millions into super PACs that support candidates outside of their campaigns, including the Senate Majority PAC, or SMP, a super PAC supporting Democratic Senate candidates. The disclosed sums likely don't capture the full breadth of Bankman-Fried's political spending. "The candidates who received money from dark money organizations don't really have to answer for it," Sherman said.

☆ Shaq — who starred in an FTX commercial in June — says he 'was just a paid spokesperson' for the exchange and doesn't believe in crypto
▼ + stars: | 2022-12-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Shaquille O'Neal said he was paid to appear in an FTX ad and was never involved in the firm. "A lot of people think I'm involved, but I was just a paid spokesperson for a commercial," O'Neal told the outlet. The former basketball star, who's now an angel investor and businessman, starred in an FTX commercial released on June 2. In the ad, O'Neal said he was excited to partner with the exchange to "make crypto accessible to everyone." The NBA hall of fame member did not disclose how much money he received for appearing in the June FTX commercial.

Sen. Elizabeth Warren is introducing legislation Wednesday aimed at cracking down on money laundering in cryptocurrency. The Senate Banking Committee, which includes Warren, is holding a hearing Wednesday on the FTX debacle and aftermath. The bill would designate providers of digital asset wallets as money service businesses, bringing them under the authorities of the Bank Secrecy Act, which fights money laundering in the financial system. Further, it would prohibit financial institutions from dealing with services that blend the cryptocurrencies of users together, obscuring their origins. Warren has been an outspoken critic of FTX prior to Bankman-Fried’s indictment.

☆ Disgraced FTX CEO Sam Bankman-Fried 'orchestrated yearslong fraud' on investors and customers, SEC and criminal charges say
▼ + stars: | 2022-12-13 | by ( Marlene Lenthang | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +8 min

Sam Bankman-Fried, the former CEO of cryptocurrency giant FTX, defrauded investors by funneling money into his private hedge fund and conspired to commit wire fraud against customers and lenders, federal authorities said Tuesday. The Manhattan panel indicted Bankman-Fried on eight counts: conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to defraud the United States and violate the campaign finance laws. $8 billion loss to customersThe wire fraud on lenders and customers started in or about 2019 and lasted through November, according to the filing. Separately, in a filing Tuesday also in the Southern District of New York, the SEC charged him with defrauding investors and enriching Alameda. FTX CEO pledges continued cooperationAlso Tuesday, the company’s new CEO, John J. Ray III, testified at a congressional hearing on FTX’s collapse and missteps.

☆ Sam Bankman-Fried secretly invested in crypto news site The Block by funneling money to its CEO: report
▼ + stars: | 2022-12-09 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried secretly funded crypto news site The Block, Axios reported. Axios said the the news site, The Block, has been funded by payments from Alameda to the site's now-former CEO, Michael McCaffrey. Employees were previously unaware of the investment, Axios reported, but the revelation could raise conflict-of-interest concerns. "Just before Thanksgiving, Mike told me that in early 2021 he was evaluating ways to merge, sell or restructure The Block," Moran wrote in a blog post. A $16 million batch of funding from Alameda was used in part to purchase an apartment in the Bahamas for McCaffrey, Axios reported.

☆ Most crypto should be regulated as securities, NYSE-owner ICE's CEO says
▼ + stars: | 2022-12-06 | by ( John Mccrank | ) www.reuters.com time to read: +1 min

NEW YORK, Dec 6 (Reuters) - Most cryptocurrencies will likely be regulated under existing securities laws following crypto exchange FTX's collapse, and traditional players like the New York Stock Exchange may move into tokenized trading, the head of NYSE-owner Intercontinental Exchange Inc (ICE.N) said on Tuesday. "They're going to be regulated and dealt like securities," ICE Chief Executive Jeffrey Sprecher said of cryptocurrencies at a financial services conference by Goldman Sachs Group Inc (GS.N). "The laws already exist and I think they're just going to be implemented more strongly," Sprecher said. U.S. Securities and Exchange Commission Chair Gary Gensler has said he expects his agency to be the primary cryptocurrency regulator because he considers most crypto tokens to be securities. "We happen to run a securities exchange, so I could see us doing tokenized trading," ICE's Sprecher said, referencing the NYSE.

☆ Michael Avenatti sentenced to 14 years in California fraud case
▼ + stars: | 2022-12-05 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

SANTA ANA, Calif. — Incarcerated lawyer Michael Avenatti was sentenced in Southern California on Monday to 14 years in prison and ordered to pay $7 million in restitution after admitting he cheated four of his clients out of millions of dollars. Before sentencing, Avenatti apologized to the four victims in the case, three of whom were in the courtroom. Avenatti is currently serving time in a Southern California prison on two separate cases. In another instance, prosecutors said Avenatti collected a $2.75 million settlement payment for a client and used much of the money to buy a private airplane. Prosecutors had asked for Avenatti to be sentenced to an additional 17.5 years in prison on top of the five he is already serving.

☆ Bankman-Fried says he will testify before U.S. House committee
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - FTX founder Sam Bankman-Fried tweeted on Sunday that he would testify before the House Financial Services Committee after he finished "learning and reviewing" the events that led to the spectacular collapse of his cryptocurrency exchange. The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved, including founder and CEO Bankman-Fried. Committee Chair Maxine Waters last week invited Bankman-Fried to participate in the panel's hearing on Dec. 13.loading"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," the founder and former FTX CEO wrote in a reply to Waters. Bankman-Fried added that he was unsure if that would happen before Dec. 13.loadingHe rejected suggestions of fraud in a range of interviews last week after his company's collapse stunned investors and left creditors facing losses totaling billions of dollars. Reporting by Akriti Sharma in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Some adult content creators are worried about losing their community if Twitter dies
▼ + stars: | 2022-11-23 | by ( Morgan Sung | Morgan Sung Is A Trends Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +12 min

As she followed reports of the chaos within Twitter, OnlyFans creator and artist Stephanie Michelle fretted over what losing Twitter would mean for her livelihood. The pandemic and subsequent OnlyFans boom brought a new wave of adult content creators to the so-called sex work Twitter. The online sex work community is also tight-knit, so it’s also become a space to warn others of potential dangerous customers. Because sex work is so widely stigmatized, sex workers rely on each other for mutual aid and support. She added that many sex workers have experienced losing their followings and community because of how hostile other social media platforms are to adult content creators, even if they aren’t posting explicit content.

In September, she and her boyfriend, Jay, moved into their teal 30-foot school bus and started living and working from the road. Now, she works from her converted school bus and makes up to $15,000 per month. CNBC Make It"The goal was to make a couple of hundred dollars every month for gas money," Everdeen, 31, tells CNBC Make It. But that freedom has a lofty price tag: Everdeen and Jay bought their school bus from a government auction for $7,324 in January 2020. They decided to buy the school bus, and started deconstructing its seats and windows to convert it into their 30-foot home.

☆ Rising interest rates can't stop the surging market for ultra-lux real estate. These 13 PR power players are competing for the attention of billionaire buyers.
▼ + stars: | 2022-11-21 | by ( Michael Kaminer | ) www.businessinsider.com time to read: +2 min

The market for ultraluxury real estate is frothy and exclusive. But swanky parties and over-the-top stunts no longer grab the attention of well-heeled buyers. Sign up for our newsletter to get the news, trends and strategies that advertising and media pros want to know — delivered weekly to your inbox. Uncertainty in Europe and Latin America is funneling even more wealth into US real estate in cities like New York, Miami, and Los Angeles. Insider has identified 13 of the most sought-after PR executives in luxury real estate based on research and conversations with industry insiders.

☆ GOP operative convicted of funneling Russian donation to Trump's 2016 campaign
▼ + stars: | 2022-11-18 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

In this Tuesday, Sept. 20, 2016, file photo, Jesse Benton arrives for his sentencing hearing at the federal courthouse in Des Moines, Iowa. WASHINGTON — A Republican political operative and former campaign aide was convicted in federal court this week of funneling $25,000 from a Russian businessman to Donald Trump's 2016 presidential campaign. The money for the donation originally came from Roman Vasilenko, a former Russian naval officer turned multilevel marketer and CEO of the "Life is Good International Business Academy." When Benton paid the Trump Victory committee for the ticket, he used his own credit card, pocketing the remaining $75,000 from Vasilenko. Thursday's conviction marks the second time that Benton has been found guilty of a campaign finance crime.

☆ These are the hard lessons we learned this year — and what we got right
▼ + stars: | 2022-11-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

First, let's look at three tough lessons we learned and how we managed through the turmoil. Second, we'll discuss three investments that were right for this market and challenged macroeconomic backdrop. If inflation doesn't cool enough, the Fed will likely remain hawkish, and if Bullard is right rates could end up much higher. When China last week reduced quarantine time for international travelers, Club holdings Estee Lauder (EL), Wynn Resorts (WYNN) and Starbucks (SBUX) got a boost. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ As Ebola outbreak grows in Uganda, US ramps up preparedness plans
▼ + stars: | 2022-11-16 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +8 min

“All primary and secondary schools in Uganda are directed to close by November 25th, 2022 for third term holidays as a measure to contain Ebola Virus Disease (EVD) in the country,” Museveni said in a statement. Major US cities get Ebola plans in placeThe CDC estimates that 20% of travelers from Uganda will arrive without a cell phone or US-based phone number. “CDPH continues to work with our hospitals to screen patients for travel history and be alert for symptoms of Ebola virus disease or, more likely, malaria or circulating respiratory viruses. ‘We need to be prepared’The Ebola virus is transmissible – but not as transmissible as some other infectious diseases, like Covid-19. “If we do see any cases in the United States, the hope is that they will be identified quickly before there is further spread,” Barouch said.

☆ Sam Bankman-Fried reportedly said it was a mistake to pick a fight with Binance CEO Changpeng Zhao: 'not a good strategic move on my part"
▼ + stars: | 2022-11-15 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

The relationship between Bankman-Fried and Binance CEO Changpeng Zhao soured when Bankman-Fried pushed for crypto regulation. "It was not a good strategic move on my part," Bankman-Fried told the New York Times in an interview. The former FTX CEO said criticizing Binance CEO Changpeng Zhao, known as "CZ," "was not a good strategic move on my part," in an interview with the New York Times on Sunday. The New York Times reported that Bankman-Fried used his growing influence in Washington to criticize Zhao in private meetings. "I shouldn't throw stones in a glass house, so I'll hold back a bit," Bankman-Fried told employees, according to The Times.

☆ Climate advocates win key governors races as Democrats defy 'red wave' in midterm elections
▼ + stars: | 2022-11-10 | by ( Emma Newburger | ) www.cnbc.com time to read: +6 min

This year, state laws could have the greatest implications for climate action since state officials can accelerate their own climate agendas even in a divided Congress, advocates say. Joseph Prezioso | AFP | Getty ImagesClimate action could also move forward in Maryland and Minnesota after environmental victories in those two gubernatorial races. Ahmad Gharabli | AFP | Getty ImagesThe climate victories in gubernatorial races have notable implications for national and local climate policies, advocates say, especially with respect to deploying funding from Biden's climate legislation. Still, climate groups are concerned for provisions within the climate bill if Republicans do seize control of one or both chambers of Congress. Biden, who will attend the summit on Friday, said he is eager to work with congressional Republicans after the midterm elections but emphasized he would not compromise his climate agenda.

☆ How Hurricane Sandy transformed the Jersey Shore into 'a playground for the rich'
▼ + stars: | 2022-11-09 | by ( Zoe Rosenberg | Dan Latu | ) www.businessinsider.com time to read: +17 min

Jersey Shore residents battled through a patchwork of programs to rebuild after Hurricane Sandy. Even 10 years after Hurricane Sandy, Barbara is still reminded daily of the mental and financial toll it took on her. Courtesy of BarbaraThe bureaucratic red tape around flood insurance and rebuild programs linked to Hurricane Sandy deepened the divide between the haves and have-nots of the Jersey Shore. Milliman, an actuarial company that works with FEMA's National Flood Insurance Program, found that about 47% of coastal dwellers had flood insurance, The Inquirer reported. "After Sandy, there was a lot more money coming in," Mery, who has built Jersey Shore homes for 15 years, told Insider.

☆ Social media influencer ‘Hushpuppi’ sentenced to 11 years in prison over money laundering conspiracy
▼ + stars: | 2022-11-08 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

LOS ANGELES — A Nigerian social media influencer who called himself Ray Hushpuppi and flaunted a lavish lifestyle fueled by his efforts to launder millions of stolen dollars was sentenced Monday in Los Angeles to more than 11 years in federal prison. In 2019, he helped launder some $14.7 million stolen by North Korean hackers from a bank in Malta, funneling the money through banks in Romania and Bulgaria, prosecutors said. His social media posts showed him living a life of luxury, complete with private jets, ultra-expensive cars and high-end clothes and watches. He pleaded guilty in 2020 to one count of conspiracy to engage in money laundering, prosecutors said. He was sentenced to nearly 12 years in federal prison and was ordered to pay more than $30 million in restitution.

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

☆ Stochastic terrorism appears to be on the rise globally. Extremism experts explain how this form of violence has gone mainstream.
▼ + stars: | 2022-11-08 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

Acts of stochastic terrorism appear to be on the rise, according to extremism experts. The "lone-wolf" nature of the assault in conjunction with the suspect's stated motivation suggests the incident could be an example of stochastic terrorism, according to extremism experts. While stochastic terrorism is not a new phenomenon, its stark prevalence in global society at the moment is a more recent development, he added. "It's quite mainstream," Spaaij said, of stochastic terrorism. But what makes the violence stochastic, he added, is "we don't know where or when."

☆ Train crosses North Korea border into Russia after arms report, think tank says
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +3 min

North Korea said in September it had never supplied weapons or ammunition to Russia and has no plans to do so. read moreAccording to a statement from Russia's state veterinary service on Wednesday, Russia and North Korea restarted train travel for the first time since the pandemic with a cargo of 30 grey thoroughbred "Orlov Trotter" horses into North Korea. North Korean leader Kim Jong Un is known as a keen horseman. He was shown in 2019 by North Korean media trekking through mountain snows astride a white stallion. Russian customs data shows North Korea has spent thousands of dollars on thoroughbred horses from Russia in previous years.

☆ An ex-Apple employee faces as long as 20 years in jail after admitting to defrauding the tech giant of over $17 million
▼ + stars: | 2022-11-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

A former Apple employee has admitted to defrauding the company out of $17 million. The ex-worker, Dhirendra Prasad, admitted to running multiple fraud schemes. In one of the schemes, Prasad and a co-conspirator arranged to have Apple pay for its own components. He admitted that these actions cost Apple more than $17 million, according to the release. In one of the schemes, Prasad and Baker arranged to have Apple pay for its own property.

North Korea is covertly supplying a "significant number" of artillery shells to Russia for use in Ukraine, White House National Security Council spokesman John Kirby said Wednesday. Kirby said North Korea is trying to obscure the destination of the shipments by funneling them through countries in the Middle East and North Africa. In September, North Korea denied U.S. intelligence reports that it supplied weapons to Russia and said it had no plans to do so. Kirby’s announcement came amid a period of heightened tensions between North and South Korea. North Korea fired more than 20 ballistic missiles Wednesday, a record, sending residents of a South Korean island to underground shelters.

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