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☆ CrowdStrike shares plunge 11% to lowest level of the year on report that Delta may seek damages
▼ + stars: | 2024-07-30 | by ( Katie Bartlett | ) www.cnbc.com time to read: +1 min

CrowdStrike shares fell tumbled 11% on Tuesday to their lowest level of the year following a report that Delta Air Lines hired prominent attorney David Boies to seek damages from the security software vendor. CrowdStrike fell $28.98 to $228.83 as of early afternoon trading. Late Monday, CNBC's Phil Lebeau reported that Delta hired Boies, chairman of Boies Schiller Flexner, to seek compensation from CrowdStrike and Microsoft . No suit has been filed, Lebeau reported, and Delta didn't respond to a request for comment. The Department of Transportation said last week that it's investigating Delta due to the widespread flight disruptions and service failures.

Persons: CrowdStrike, David Boies, CNBC's Phil Lebeau, Boies, Boies Schiller, Lebeau, Harvey Weinstein, Elizabeth Holmes Organizations: Delta Air Lines, Microsoft, Delta, Department of Transportation, U.S, Hollywood

☆ Delta just issued a warning shot to CrowdStrike about the money it wants to help cover some losses from the huge outage
▼ + stars: | 2024-07-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

Read previewDelta Air Lines is gearing up to demand money following an outage that sent the world, including the airline, into chaos. The carrier hired star attorney David Boies to seek damages from CrowdStrike and Microsoft for the July 19 computer outage that forced Delta to cancel about 6,000 flights, CNBC reported on Monday. AdvertisementWhile no lawsuit has been filed, Delta plans to seek compensation from CrowdStrike and Microsoft, CNBC reported. AdvertisementEven individuals hoping to seek damages from CrowdStrike through proposed class action lawsuits may have little luck. Between customer agreements that favor CrowdStrike and SolarWinds largely beating the SEC, CrowdStrike stands a good chance in court, Sanchez said.

Persons: —, David Boies, Delta, Boies, Elizabeth Holmes, Al Gore, Boies Schiller, CrowdStrike, Elizabeth Burgin Waller, Woods Rogers, Mauricio Sanchez, Sanchez, SolarWinds, Andrew Selbst, Selbst Organizations: Service, Lines, Microsoft, CNBC, Business, Delta, Analysts, Bloomberg, CrowdStrike's Falcon, Dell'Oro, Fierce, Securities and Exchange, SEC, UCLA School of Law, Harvard Law, Federal Trade Commission, FTC Locations: CrowdStrike, Delta, Texas

☆ Delta hires powerful lawyer David Boies’ firm to seek compensation from CrowdStrike and Microsoft for its outage
▼ + stars: | 2024-07-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

And now it wants Microsoft and the cybersecurity firm that caused the problem to compensate it for at least some of its losses. Delta has hired high-profile attorney David Boies’ law firm to seek damages from cyber security firm CrowdStrike and Microsoft for the massive service issues it suffered last week following a badly flawed software update caused problems in a key computer program. The hiring of the firm of Boies Schiller Flexner, first reported by CNBC, was confirmed to CNN by a person familiar with the decision. Delta’s costs could total between $325 million to $475 million, according to a note published Tuesday by Savanthi Syth, airline analyst for Raymond James. Boies and his firm won $290 million in 2023 from JPMorgan Chase for Jeffrey Epstein’s sexual abuse victims.

Persons: Delta, David Boies, Boies Schiller, Savanthi Syth, Raymond James . Delta, ”, CrowdStrike, Patrick T, Fallon, Boies, JPMorgan Chase, Jeffrey Epstein’s, Elizabeth Holmes, Boeis, Harvey Weinstein, Weinstein, Jeffrey Epstein's, Peter Foley, Al Gore, Brown Organizations: New, New York CNN — Delta Air Lines, Microsoft, CNBC, CNN, Delta Air Lines, Los Angeles International Airport, Getty, Endeavor Air, Delta, JPMorgan, Theranos, Bloomberg Locations: New York, AFP, Perry v

☆ CrowdStrike extends post-outage losses to 34% on report Delta has hired a lawyer to seek compensation
▼ + stars: | 2024-07-30 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

The stock fell as much as 13% on Tuesday alone after heavily-hit Delta reportedly hired a lawyer. No suit has been filed, but Delta plans to seek compensation from CrowdStrike, CNBC said. The continued fallout comes after CNBC reported that Delta hired attorney David Boies — chairman of Boies Schiller Flexner — to seek compensation for outage-related damages, according to CNBC. AdvertisementDelta's earnings will drop an estimated $350 million to $500 million this quarter as a result of the outage, according to Bloomberg. Following the Friday outage, Delta still canceled hundreds of flights on Tuesday, by when most other airlines had resumed normal operations.

Persons: —, David Boies —, Boies Schiller, Boies, Elizabeth Holmes, Al Gore, Harvey Weinstein Organizations: Delta, CNBC, Service, Hollywood, Microsoft, Bloomberg, United Locations: CrowdStrike, Delta, FlightAware

Delta Air Lines has hired prominent attorney David Boies to seek damages from CrowdStrike and Microsoft following an outage this month that caused millions of computers to crash, leading to thousands of flight cancellations. CrowdStrike shares fell as much as 5% in extended trading on Monday after CNBC's Phil Lebeau reported on Delta's hiring of Boies, chairman of Boies Schiller Flexner. On July 19, a software update from CrowdStrike led to a historic outage of Microsoft systems, knocking numerous industries offline. While no suit has been filed, Delta plans to seek compensation from Microsoft and CrowdStrike, Lebeau reported. Insurance startup Parametrix estimated that the CrowdStrike incident resulted in a total loss of $5.4 billion for Fortune 500 companies, not including Microsoft.

Persons: David Boies, CNBC's Phil Lebeau, Boies Schiller, CrowdStrike, Lebeau, Delta hasn't, Harvey Weinstein, Elizabeth Holmes Organizations: Delta Air Lines, Microsoft, Airlines, Department of Transportation, Delta, U.S, Hollywood, Insurance, Fortune

☆ It's cool to be a finance bro — for now
▼ + stars: | 2024-07-04 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +3 min

It comes amid reports that White House staffers are being told to go heads down and " execute, execute, execute. " The big storyISO: A man in financeGetty Images; Jenny Chang-Rodriguez/BIIt's cool to be a finance bro — for now. AdvertisementThanks to a song in a viral TikTok video , finance bros have entered a period of resurgence. But it didn't take long to discover that finance bros were often the butt of the joke. So finance bros may be enjoying a moment in the cultural sunshine — but it likely won't last forever.

Persons: —, I'm Jordan Parker Erb, Dan DeFrancesco, Donald Trump, Joe Biden's, Biden, We'll, Jenny Chang, Rodriguez, bro —, Megan Boni, It's, Maria Noyen, wasn't, Elizabeth Holmes, Theranos, Sam Bankman, Rishi Sunak —, Joey Chestnut, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, White House, Business, Getty, bros, Trust Locations: New York City, Patagonia, Manhattan, New York, London

☆ Elizabeth Holmes, Silicon Valley’s most famous convict, makes her long-shot appeal
▼ + stars: | 2024-06-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Holmes was sentenced to 11 years in prison for defrauding investors in her failed blood-testing company, Theranos. She is seeking a new trial, arguing that the judge in her case erred in several decisions during the 2022 proceedings. Since her conviction, her projected release date from prison has been moved up, shaving about two years off her sentence. Theranos’ unraveling, and Holmes herself, became the subject of a bestselling book, a Hulu scripted series and an award-winning documentary. Holmes knowingly concealed the technology’s problems, and still pushed to get the company’s Edison devices into pharmacies, prosecutors argued.

Persons: Elizabeth Holmes, Holmes, Stanford, Steve Jobs, Larry Ellison, Rupert Murdoch, Ramesh “ Sunny ”, “ Holmes, Balwani, Holmes ’, Theranos, “, Edward Davila, Balwani “, laywers, ”, Agustin Orozco, Crowell, Orozco Organizations: New, New York CNN, California’s, Circuit, Wall Street, Prosecutors, Moring Locations: New York, California, Texas

☆ Theranos founder Elizabeth Holmes' prison time gets shortened — again
▼ + stars: | 2024-05-08 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes has once again had her prison time shortened. She got a few more months trimmed off for a new projected release date of August 16, 2032. She was originally sentenced to 11.25 years, but soon after reporting to prison her projected release date moved up 2 years. AdvertisementElizabeth Holmes' prison time is getting shorter, again. Her projected release date is now August 16, 2032, a change from her previously listed December 29 projected release for later that same year, according to Federal Bureau of Prisons records.

Persons: Elizabeth Holmes, —, Holmes Organizations: Service, Federal Bureau of Prisons, NBC News, Prosecutors Locations: Silicon, Bryan , Texas

☆ Elizabeth Holmes shaves more time off her sentence
▼ + stars: | 2024-05-07 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Disgraced former Theranos CEO Elizabeth Holmes could be out of prison several months earlier than expected, according to the projected release date posted by the Bureau of Prisons. The Bureau of Prisons’ online database currently shows that Holmes’ expected release date from a Texas prison is August 16, 2032 — a slight reduction from her previous release date of December 29, 2032. It’s her second reduction in less than a year: She previously had her 11-year-and-three-month sentence by about two years last July. These factors that go into calculating an estimated release date are not unique to Holmes’ case, but standard for inmates, a bureau spokesman previously told CNN. Holmes is currently serving out her sentence at Federal Prison Camp Bryan, a minimum security federal prison camp that is approximately 100 miles from Houston.

Persons: New York CNN —, Elizabeth Holmes, Holmes, It’s, Prisons didn’t, Theranos, –, Catherine Thorbecke Organizations: New, New York CNN, Bureau of Prisons, Prisons, CNN, Federal Prison, Street Locations: New York, Texas, Houston, Silicon Valley

☆ Michael Showalter on 'the Idea of You' Controversial Ending, 'Wet Hot'
▼ + stars: | 2024-05-04 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +12 min

Michael Showalter kept acting long after he realized he didn't want to do it anymore — mostly because he needed to eat. Showalter got his start in college doing sketch comedy as a member of The State (formerly The New Group). Fast forward roughly two decades and Showalter has found himself right where he was always meant to be. But as I grew older, it was a combination of I wasn't getting cast in things, but I also wasn't really needing to get cast in things. Is there any one moment where you realized acting wasn't what you loved doing?

Persons: Michael Showalter, Showalter, Michael Ian Black, Joe Lo Truglio, Thomas Lennon, Ken Marino —, he'd, didn't, wasn't, Baxter, he's, Sally Field, Kumail Nanjiani, Zoe Kazan, Oscar, Nanjiani, Jessica Chastain, Tammy Faye, Elizabeth Holmes, Amanda Seyfried, Holmes, Jennifer Westfeldt, Lee's, Anne Hathaway, Reid Scott, Ella Rubin, Nicholas Galitzine, Claudette Godfrey, Daniel Boczarski, You've, you've, … It's, Ivanov, Kevin Kline, I'm, Adam Jason Finmann, gee, Hayes, Alisha Wetherill, Nicholas, Nick, Cathy Schulman, He's, It's, Anne, Bernie Telsey, Maria Organizations: The, Business, MTV, Globe, BI, SXSW, Knitting Factory, Amazon, Netflix Locations: New Jersey, Austin, Hollywood , California

☆ Start-Up Founder Sentenced to 18 Months in Prison for Fraud
▼ + stars: | 2024-04-19 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

Another start-up founder is going to prison for overstating his company’s performance to investors. His misrepresentations allowed him to raise $117 million in funding from top investment firms, valuing his start-up at $1.1 billion. When HeadSpin’s board members found out about the behavior in 2020, they pushed Mr. Lachwani to resign and slashed the company’s valuation by two-thirds. Mr. Lachwani is at least the fourth start-up founder in recent years to face serious consequences after taking Silicon Valley’s culture of hype too far. Other founders currently in prison for fraud include Sam Bankman-Fried of the cryptocurrency exchange FTX and Elizabeth Holmes and Ramesh Balwani of the blood testing start-up Theranos.

Persons: Manish Lachwani, Lachwani, Sam Bankman, Elizabeth Holmes, Ramesh Balwani

☆ Sam Bankman-Fried has to repay $11 billion. How can he possibly do that?
▼ + stars: | 2024-03-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX. In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture. Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury. It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion. So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.

Persons: Sam Bankman, Fried, SBF, ” Mitchell Epner, “, ”, District Judge Lewis Kaplan, Anthony Capozzolo, Elizabeth Holmes, Holmes, Ramesh “ Sunny ” Balwani, Bernard Madoff, Peter Katz, Katz, they’ll, ” Katz Organizations: New, New York CNN, CNN, Treasury, District, “, of, Department of Justice’s, Department of Justice, Department Locations: New York, Eastern, of New York

☆ How Sam Bankman-Fried’s Sentence Compares With Other White-Collar Cases
▼ + stars: | 2024-03-28 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Two years in prison for tax and securities violations. The country’s most notorious white-collar fraudsters — like Bernie Madoff and Elizabeth Holmes — have received a range of punishments for their crimes, from relatively short prison terms to effectively a life sentence. On Thursday, Sam Bankman-Fried, the onetime cryptocurrency mogul, joined their ranks, receiving a 25-year sentence for fraud, conspiracy and money laundering. In legal filings, prosecutors cited 13 examples of white-collar prosecutions that involved a loss of more than $100 million. In all but two of those cases, the defendant was sentenced to 40 years or more.

Persons: Bernie Madoff, Elizabeth Holmes —, Sam Bankman, Fried, FTX

☆ Sam Bankman-Fried sentenced to 25 years in federal prison
▼ + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.

Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco

☆ Inside Smashmallow, Silicon Valley's Failed Marshmallow Startup
▼ + stars: | 2024-03-03 | by ( Adam Rogers | ) www.businessinsider.com time to read: +20 min

"We wanted a marshmallow to have a little bite to it, not just be a foamy air," he says. Jon Sebastiani, Smashmallow founderSmashmallow had a killer brand — but the product was still basically being made one batch at a time, on kitchen counters. If Smashmallow couldn't produce enough marshmallows, Tanis wouldn't get its dough. The thing is, even though Smashmallow failed, Sebastiani didn't. "In that industry, a snackable marshmallow is a Smashmallow, like a copy machine is a Xerox," says Kwasniewski.

Persons: Jon Sebastiani, Sebastiani, Krave, jonesing, marshmallows, Liam Eisenberg, aerated, Cook, Jens Hoj, Hoj, Smashmallow, he'd, It's, Theranos, wasn't, Elizabeth Holmes, Tanis, Wolfgang Confectioners, Smashmallow Smashmallow, Wolfgang, Tanis wouldn't, Smashmallow couldn't, Richard Hartel, Sebastiani didn't, David Kwasniewski, Kwasniewski, Smashmallows, it's, Adam Rogers Organizations: Hershey, Michelin, BI, Kraft, Target, Walmart, Doumak, Workers, University of Wisconsin, Area, Xerox, marshmallows, Business Locations: Paris, California, Sonoma, Hershey, Silicon Valley, Los Angeles, Hobart, Chicago, Las Vegas, Netherlands, Tanis, Pennsylvania, America, Sonoma Capital, Smashmallow, Santa Rosa, San Francisco, Colorado, North America

☆ Sophia Amoruso was furious after she and Elizabeth Holmes were grouped together as 'favorite disgraced girlboss' costumes in 2022
▼ + stars: | 2024-03-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

In 2022, The Information ran a story suggesting Elizabeth Holmes and Sophia Amoruso as "disgraced girlboss" Halloween costumes. In a recent Elle profile, Amoruso described her fury over the comparison. AdvertisementSophia Amoruso wants you to know she is no Elizabeth Holmes. In a profile published in Elle on February 29, Amoruso described her fury over the comparison. Elizabeth Holmes, who put dying people at risk and is in fucking prison?"

Persons: Elizabeth Holmes, Sophia Amoruso, girlboss, Amoruso, —, that's, Elle Organizations: Service, Business Locations: Elle

☆ Fresh from a murder sentence, Gypsy Rose Blanchard is becoming the internet's favorite influencer
▼ + stars: | 2024-01-10 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +9 min

The 32-year-old was recently released from prison after eight years for orchestrating the murder of her mother, Clauddine "Dee Dee" Blanchard. Where Gypsy Rose Blanchard's story beganDee Dee Blanchard and Gypsy Rose Blanchard. AdvertisementBehind closed doors Dee Dee was overbearing, but to the outside world, it was a different story. She was also a lot older than Dee Dee was telling people she was. In one with People after her release, she said killing Dee Dee was an act of "panic" and "desperation" because she was facing yet another surgery.

Persons: —, Rose Blanchard, Dee Dee, Blanchard, Blanchard shouldn't, Elizabeth Holmes, Nina Vargas, Dee Dee Blanchard, Gypsy Rose Blanchard, Joey King, Patricia Arquette, Dee Dee's, Nicholas Godejohn, Dee, Godejohn, I'm, Blanchard hasn't, She's, Claudia Oshry, Time's, Amanda Hirsch, notskinnybutnotfat, Ryan Anderson, Vargas, Jamie McCarthy, TikTok, Jessica Maddox, she's, Maddox Organizations: Service, Business, ABC News, Police, Getty, The University of Alabama Locations: Missouri, Dee, TikTok

☆ Henry Kissinger's puzzling connection to disgraced Theranos founder Elizabeth Holmes
▼ + stars: | 2023-12-01 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Kissinger's business dealings included close involvement with Theranos and Elizabeth Holmes. Once a board member at Theranos, he invested $3 million and recruited others who also opened up their wallets. AdvertisementFormer US Secretary of State Henry Kissinger's troubled legacy includes his involvement with failed blood-testing startup Theranos and its now-imprisoned founder, Elizabeth Holmes. Federal agencies ran investigations into Theranos, and in 2018, Holmes stepped down as CEO and the startup later shuttered. "When I was introduced to Elizabeth by George Shultz, her plan sounded like an undergraduate's dream," he wrote, referring to the former Secretary of State and Theranos board member.

Persons: Henry Kissinger, Theranos, Elizabeth Holmes, —, Henry Kissinger's, Kissinger, State George Shultz, William Perry, Sam Nunn, Richard Kovacevich, William H, Daniel Mosley, Holmes, Cox, Walton, Elizabeth, George Shultz Organizations: Service, State, Wells, Wall Street, Federal Locations: Theranos, Connecticut, Silicon, Bryan , Texas

☆ Henry Kissinger, the towering American diplomat, dies at age 100
▼ + stars: | 2023-11-29 | by ( Marty Steinberg | ) www.cnbc.com time to read: +25 min

President Gerald Ford (left) and Secretary of State Henry Kissinger talk together in the Oval Office, February 19, 1975. In his 2001 book "The Trial of Henry Kissinger," social critic Christopher Hitchens called him a war criminal. North Vietnam's Le Duc Tho (left) and US National Security Advisor Henry Kissinger at the Paris peace talks, January 1973. Chairman Zedong of the People's Republic of China meets U. S. Secretary of State Henry Kissinger on Nov. 12, 1973. On a helicopter during the period of shuttle diplomacy in the Middle East, Henry Kissinger talks to his wife, Nancy.

Persons: Henry Kissinger, —, Richard Nixon's, Kissinger, Richard Nixon, Richard Corkery, Duc Tho, Gerald Ford, Benjamin E, Ford, Warren Burger, Kissinger's, Paula, Gene, Forte, Seymour M, Hersh bashed Kissinger, Walter Isaacson's, Christopher Hitchens, Greg Grandin, Niall Ferguson, Kant, Clausewitz, Bismarck, Barry Gewen, Gewen, Elizabeth Holmes, Nixon, George Shultz, Holmes, Heinz Alfred Kissinger, Louis, Walter, Hitler, Kissingers, Fritz Kraemer, William Yandell Elliott, Spengler, Toynbee, Metternich, Castlereagh, Alfred Eisenstaedt, Mike Wallace, Wallace, Kennedy, Johnson, Republican Nelson Rockefeller, George Romney, Hubert Humphrey, Democratic Sen, George McGovern, McGovern, Nguyen Van Thieu, Reg Lancaster, Tho, Thieu, Mao, Gen, Agha Muhammad Yahya Khan, Nicolae Ceausescu, Zhou Enlai, Leonid Brezhnev, Andrei Gromyko, Dirck, Sen, Henry Jackson, Charles Vanik, Brezhnev, Spiro Agnew, Archibald Cox, Cox, Robert Bork, White, Alexander Haig, Anwar Sadat, David Hume Kennerly, Marxist Salvador Allende Gossens, Fidel Castro's, Martin Bernetti, Allende, Augusto Pinochet Ugarte, Pinochet, Ann Fleischer, Elizabeth, David, Nancy Maginnes, Rockefeller, Jill St, John, Candice Bergen, Shirley MacLaine, Liv Ullman, Diane Sawyer, , Napoleon, Nancy, David Rubinger, Maginnes, Moshe Dayan, Robert Dallek, Nixon's, Bob Woodward, Carl Bernstein, Paula Kissinger, Brooks Kraft Organizations: Gould, Kissinger Associates, National Security, Waldorf, Astoria, Richard Corkery | New York Daily, Forte, Soviets, State, Chief, New York, Theranos Inc, Economic, Nuremberg, George Washington High School, City College of New, Army, 84th Infantry Division, U.S ., Hesse . Harvard, Harvard, Confluence, Foreign, Eisenhower, Republican, Republican National Convention, Rockefeller and Michigan Gov, Democratic, District of Columbia, US National Security, Getty, Paris Peace, North, Nationalist, China, Bettmann, East Pakistan, of, U.S, Soviet Union ., Ballistic, Soviet, Washington, Egyptian Third Army, Department, West, Marxist, Museum, AFP, CIA, Israeli, Southern California Quaker, White, Partners, Power Locations: New York City, U.S, Connecticut, Richard Corkery | New, United States, Vietnam, Saigon, Viet, Soviet Union, Communist China, Israel, Egypt, Syria, Chile, Pakistan, Theranos, Ukraine, Russia, Davos, Switzerland, Fuerth, Germany, Bavarian, American, Nazi Germany, London, New York, City College of New York, Ahlem, Hanover, German, Krefeld, Hesse, Cambodia, Massachusetts, Haiphong, Paris, North, China, Washington, Taiwan, People's Republic of China, Beijing, Moscow, India, East, Bangladesh, Shanghai, USSR, Soviet, Kremlin, Dirck Halstead, Ohio, Saudi, Japan, Sinai, Alexandria, Cairo, Suez, Americas, Santiago, Cuba, Chilean, America, Europe, Virginia, Southern California

☆ Meet the founder of the Failure Museum, an exclusive collection of swag from companies that went bust
▼ + stars: | 2023-11-25 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +5 min

Norwest partner Sean Jacobsohn started collecting objects from failed businesses a year ago. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . To make it into the museum, the failure has to be a physical item — no NFTs allowed, Jacobsohn said. Some even offer to donate failed business swag as a way of getting in his rolodex. He's currently scheduled to lead a guest lecture on the subject for the class "Avoiding Startup Failure,' he mentioned.

Persons: Sean Jacobsohn, he's, it's, —, Jordan Poole, Jacobsohn, Sean Jacobsohn's, freebie, Jacobsohn's, Mattel, Allan, Ken's, Michael Cera's, Harley Davidson's, Elizabeth Holmes, He's, you've Organizations: Service, Bay Area, Norwest Venture Partners, Golden State Warriors, Business, Mattel, eBay, mater, Harvard Business School Locations: Bay, cologne

☆ Disgraced Nikola founder's argument for why he should avoid jail: He's no Elizabeth Holmes
▼ + stars: | 2023-11-17 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Trevor Milton's lawyers say he should avoid prison because his fraud conviction is not like that of Elizabeth Holmes. Holmes was convicted on charges that she defrauded investors in blood-testing company Theranos. Milton was convicted on charges that he duped investors with exaggerated claims about zero-emission Nikola trucks. Court officials have calculated federal sentencing guidelines to recommend between 17 1/2 years and 22 years in prison, although Milton's lawyers object to the calculations, saying they substantially overstate the seriousness of the crimes. "Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk," the lawyers said.

Persons: Trevor, Elizabeth Holmes, Holmes, Milton, —, truckmaker Nikola, Trevor Milton, nastiness, Nikola, Milton's, Nikola — Organizations: Service, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, tatters, Utah, Arizona

NEW YORK (AP) — Lawyers for the founder of truckmaker Nikola Corp. say he should not face incarceration because his fraud conviction is nothing like the fraud that landed Theranos founder Elizabeth Holmes in prison. Milton, 41, was convicted last year of fraud for duping investors with exaggerated claims about his company’s production of zero-emission trucks. Holmes, 39, is serving an 11-year sentence for defrauding investors in the blood-testing company Theranos. “Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk,” the lawyers said. Lawyers for Holmes did not immediately comment.

Persons: truckmaker Nikola, Elizabeth Holmes, Trevor Milton, nastiness, ”, Milton, Holmes, Trevor, CNBC’s, Nikola, “ Trevor, Milton’s, Nikola —, — Organizations: —, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, ”, tatters, Utah, Arizona

☆ Reading List: Scams and Scammers
▼ + stars: | 2023-11-08 | by ( Amanda Taub | ) www.nytimes.com time to read: +2 min

In financial frauds, the core promise is always essentially the same: profit without risk. But the details of how that promise gets packaged are telling. Madoff and Holmes profited by promising wealth and validation to elites who feared that not having enough of one meant they couldn’t really have the other. Bankman-Fried, by contrast, seems to have invented himself as the fulfillment of a very different desire: success outside the bounds of powerful institutions. In retrospect it was a perfect pitch for cryptocurrency speculators who wanted to believe that they, too, could make a fortune without any traditional financial background or connections.

Persons: Bernie Madoff’s, Elizabeth Holmes, John Carreyrou, meritocracy, Madoff, Holmes, Zeke Faux Organizations: Apple Locations: Silicon, America, cryptocurrency

☆ After a year in FTX’s shadow, the crypto industry is deligting in Bankman-Fried’s conviction
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. When Bankman-Fried’s crypto empire collapsed last November, it sent the fledgling industry back years. For the crypto faithful who are still standing and striving, the trial couldn’t be over soon enough. “A lot of folks in the crypto industry are delighted,” said Yesha Yadav, a law professor and associate dean at Vanderbilt University. “There’s definitely an element of ‘ding-dong the witch is dead,’” said Eric Soufer, a political adviser to major crypto companies, referring to Bankman-Fried’s conviction.

Persons: Sam Bankman, Fried, ”, Bobby Zagotta, “ SBF, Yesha Yadav, “, FTX, they’ll, Bernie Madoff, Elizabeth Holmes, Gary Gensler, “ There’s, ’ ”, Eric Soufer Organizations: New, New York CNN, Vanderbilt University, BlackRock, Fidelity, Justice Department, Securities and Exchange Commission, SEC Locations: New York, European

☆ Sam Bankman-Fried found guilty on all seven criminal fraud counts
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. Both pleaded guilty in December to multiple charges and cooperated as witnesses for the prosecution. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong. Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense.

Persons: Sam Bankman, Caroline Ellison, Bankman, FTX, Gary Wang, Fried, Nicolas Roos, Roos, Elizabeth Holmes, Holmes, —, Dawn Giel Organizations: Stanford, Massachusetts Institute of Technology, Alameda Research, Alameda ., U.S Locations: Alameda, FTX, Theranos, Bryan , Texas

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