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☆ Here is the letter from Caroline Ellison’s parents to Judge Kaplan.
▼ + stars: | 2024-10-30 | by ( ) www.nytimes.com time to read: +4 min

I can offer some firsthand observations on Caroline's state of mind in the immediate aftermath of the FTX collapse. But in that conversation, she just could not stop crying, saying multiple times that she "knew". At that point, she set up a makeshift home office and started having multiple calls with the new FTX management. At times, this strength of hers has been critical to our family, especially my wife, as Caroline has helped reassure us. Although Caroline would have liked to have had more success in her post-collapse job search, she has enjoyed the volunteer activities she's

Persons: Sam, they'd, Caroline, she'd Locations: FTX, Bahamas, Alameda, Hong Kong

☆ Caroline Ellison, whose testimony helped convict Sam Bankman-Fried, faces her own sentencing
▼ + stars: | 2024-09-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A year ago, Caroline Ellison was preparing to testify against her former boss and ex-boyfriend in one of the biggest fraud trials in US history. Ellison, who ran Alameda, pleaded guilty to seven federal counts of fraud and conspiracy shortly after FTX’s collapse. A jury last year convicted former crypto billionaire Sam Bankman-Fried on multiple counts of federal fraud and conspiracy. Over three days on the stand, Ellison, who is 29, repeatedly reinforced that throughout her years at Alameda, the buck stopped with Bankman-Fried. While sentencing is entirely up to Judge Kaplan’s discretion, legal experts say it’s highly unlikely Ellison will end up in prison.

Persons: CNN Business ’, Caroline Ellison, she’ll, FTX, Ellison, Sam Bankman, Lewis Kaplan, Ellison’s candor, Angela Weiss, “ Sam, ”, Dennis Kelleher, “, Kaplan’s, Jordan Estes, Kramer Levin, Josh Naftalis, Kaplan, Pallas, Ryan Salame, Nishad Singh, Gary Wang Organizations: CNN Business, New York CNN, Alameda Research, Getty, Better, of, New, Bankman Locations: New York, Alameda, Bankman, of New York

☆ Caroline Ellison seeks to duck prison sentence for role in FTX collapse
▼ + stars: | 2024-09-11 | by ( Mackenzie Sigalos | Mackenzie Sigalos Is A Technology Reporter For Cnbc With A Focus On Cryptocurrency | ) www.nbcnews.com time to read: +4 min

Lawyers for Caroline Ellison, the star witness in the prosecution of FTX founder Sam Bankman-Fried, are recommending no prison time for their client’s role in the implosion of the crypto empire that was run by her former boss and ex-boyfriend. Judge Lewis Kaplan, who presided over Bankman-Fried’s case, cited Ellison’s testimony when he decided in March to sentence the FTX founder to 25 years behind bars. Ellison, who ran Alameda Research, agreed to a plea deal in December 2022, a month after FTX spiraled into bankruptcy. Bankman-Fried forced Ellison into a sort-of isolation, culminating in her moral compass being “warped,” the lawyers say. Her former roommates and ex-FTX executives, Nishad Singh and Gary Wang, will be sentenced in October and November, respectively.

Persons: Caroline Ellison, Sam Bankman, Ellison, Judge Lewis Kaplan, FTX spiraled, “ Caroline, John Ray, “, Fried, disentangling, ”, ” She’s, that’s, ” Ellison, Nishad Singh, Gary Wang, — CNBC’s Dan Mangan Organizations: U.S, Alameda Research, court’s, Department, ”, Bankman Locations: FTX’s Bahamas, Alameda, Boston, Hong Kong, Bahamas, Bankman

☆ Paramount to lay off 15% of staff amid brutal period in media
▼ + stars: | 2024-08-08 | by ( Liam Reilly | Jon Passantino | ) edition.cnn.com time to read: +3 min

New York CNN —Paramount Global, the storied media conglomerate, announced Thursday it will lay off 15% of its US staff and write down $6 billion in value of its cable television networks as it prepares to merge with Skydance Media. Discovery, the parent company of CNN, TNT, HGTV and other cable networks, posted a $9.1 billion write down on its television business. “And this impairment acknowledges this.”The recent turbulence in the media business extends well beyond the traditional television industry, affecting digital news outlets and print publications. As profits in the television business have eroded away, Paramount has been hit particularly hard. Paramount said its streaming service Paramount+ posted a $26 million profit after losing $424 million during the same period last year and said it expects subscriber growth in the second half of the year.

Persons: David Ellison’s SkyDance, Chris McCarthy, “, ”, David Zaslav, Axios, Jim VandeHei Organizations: New, New York CNN, Paramount Global, Skydance Media, Paramount, Warner Bros, CNN, TNT, HGTV, Broadcasting, Cable, Nickelodeon, Comedy Central, MTV, Discovery, HBO, Max Locations: New York

☆ Warner Bros. Discovery signals rapid deterioration of television business, sending stock plummeting
▼ + stars: | 2024-08-08 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

It’s a reflection of how quickly the traditional television business is deteriorating and imperiling companies such as WBD, which rely on linear channels for the bulk of their revenue. The one bright spot in the legacy television business has been live sports programming, which continues to draw high viewership even as cable cancelations mount. To be fair, WBD is not the only once-high flying legacy media behemoth struggling to find its footing in a shifting landscape upended by the Netflixrevolution. Speaking candidly to investors on the company’s earnings call Wednesday, Zaslav acknowledged the dire reality of the television business. “It’s fair to say that even two years ago, market valuations and prevailing conditions for legacy media companies were quite different than they are today,” Zaslav said.

Persons: New York CNN — David Zaslav, WBD, ” WBD, Shari Redstone, David Ellison’s Skydance, Zaslav, “, ” Zaslav, Gunnar Wiedenfels, ” Wiedenfels, we’ve, shouldn’t Organizations: New, New York CNN, Warner Bros, Discovery, CNN, HGTV, TNT, TBS, NBA, . Paramount Global Locations: New York, U.S

☆ Paramount media empire agrees to merge with Skydance, ending Redstone control
▼ + stars: | 2024-07-08 | by ( Jon Passantino | Liam Reilly | ) edition.cnn.com time to read: +5 min

CNN —Paramount Global—the sprawling media empire behind CBS, MTV, and one of Hollywood’s most storied movie studios—has agreed to merge with technology scion David Ellison’s Skydance Media, ending years of speculation over the company’s fate. The complicated transaction will see Skydance first buy National Amusements, then merge with Paramount, valuing Skydance at $4.75 billion. The combined company will be helmed by Ellison as chief executive and former NBCUniversal chief Jeff Shell as president. The deal caps a tumultuous and protracted saga that began in December, with the two companies entering into exclusive negotiations in April, resulting in the ouster of longtime Paramount chief executive Bob Bakish. In the meantime, the company has been run by a triumvirate of leaders: Brian Robbins, chief executive of Paramount Pictures; Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, chief executive of CBS.

Persons: —, David Ellison’s Skydance, Ellison, Shari Redstone’s, Sumner Redstone, Jeff Shell, Bob Bakish, Brian Robbins, Chris McCarthy, George Cheeks, Robbins, “, ” Robbins, David Ellison, Larry Ellison, ” Redstone, Paramount’s Organizations: CNN, Paramount, CBS, MTV, David Ellison’s Skydance Media, Amusements, National, Paramount Pictures, Showtime, MTV Entertainment Studios, Comedy Central, Netflix, BET, Sony Pictures, Apollo Global Management, Sony, Apollo, Redstone, Skydance Media

☆ Meet David Ellison, Paramount’s Future Boss and Hollywood’s Newest Mogul
▼ + stars: | 2024-07-07 | by ( Benjamin Mullin | ) www.nytimes.com time to read: +1 min

David Ellison’s Hollywood career has been defined by high-octane blockbusters filled with suspense, stunts and improbable plot twists. If the deal closes, he will be in charge of a sprawling media empire that includes CBS, MTV and the Paramount movie studio. Though Mr. Ellison, 41, joined the cast of Hollywood’s power players more than a decade ago, he hasn’t taken center stage until now. Who is David Ellison, and what is his company, Skydance? It wasn’t until he became a producer that his star in Hollywood began to rise.

Persons: David Ellison’s, Shari Redstone, Ellison, David Ellison, ” Organizations: David Ellison’s Hollywood, Paramount, CBS, MTV, Hollywood

☆ Why Shari Redstone called off talks with David Ellison’s Skydance on Paramount deal
▼ + stars: | 2024-06-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

After weeks of endless speculation about the future of Paramount Global, and more than half a year of grueling negotiations, the heiress called off talks with David Ellison’s Skydance Media, astonishing the industry and raising questions about the future of her family-controlled media empire. Why Redstone ultimately vetoed the deal is now up for discussion. Chief among them was whether the deal should have been subject to approval from a majority of the minority shareholders. And tried they did over the last several months, with the negotiations claiming several high-profile casualties along the way. Over the course of the last few months, Bob Bakish was ousted as chief executive of Paramount Global and four directors resigned from the company’s board.

Persons: Shari Redstone, David Ellison’s Skydance, Sumner, Skydance, Ellison, Charles Phillips, “ Shari, Bob Bakish, ”, Brian Robbins, George Cheeks, Chris McCarthy, NAI Organizations: New York CNN, Paramount Global, Amusements Inc, CNN, Redstone, Redbird Capital, Paramount’s Office, Company’s, Directors, Paramount, “ Locations: New York

☆ Warner Bros. Discovery’s stock plummets to new low amid concerns the media giant could lose its NBA rights
▼ + stars: | 2024-05-01 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

Discovery doesn’t “have to have the NBA.” It appears Wall Street disagrees. TNT has built a programming slate around the NBA games, most notably the highly rated ”Inside the NBA” show. Losing the rights to NBA games could throw aspects of that business partnership into question. Since WBD first began trading on Wall Street in April 2022, the stock has lost roughly 70% of its value. And for Zaslav, whose company is struggling on Wall Street, the battle could not come at a more inopportune time.

Persons: New York CNN — David Zaslav, “, WBD, —, Joe Flint, Amol Sharma, Isabella Simonetti —, Charles Barkley, Andrew Marchand, Warner, That’s, NBCU’s, I’m, Zaslav, Gunnar Wiedenfels, Wiedenfels ’, Bob Iger, David Ellison’s, ” Organizations: New York CNN, Warner Bros, NBA, CNN, Industry, WBD, TNT, The Athletic, New York Post, NCAA, MLB, NHL, NASCAR, Disney, Fox Corporation, Netflix, Paramount Global, Wall Locations: New York

Paramount’s cloudy futureThe boardroom intrigue at Paramount Global — the drama that has gripped the corporate world — just got messier. Bob Bakish is out as C.E.O., replaced by three subordinates who will form an “office of the C.E.O.” His departure caps a year of rising tension between him and Shari Redstone, Paramount’s controlling shareholder, who is pushing for a deal with David Ellison’s Skydance. Bakish’s exit removed an executive who didn’t support that transaction, but it doesn’t resolve all of the big questions hanging over the company’s future. Why Bakish was pushed out: Redstone picked the low-profile company veteran to lead Paramount after years of internal strife, but they still ended up clashing.

Persons: Bob Bakish, ”, Shari Redstone, David Ellison’s Skydance, Bakish Organizations: Paramount Global, Redstone, Paramount

☆ Paramount Global to lay off 800 employees after record Super Bowl ad revenue and ratings
▼ + stars: | 2024-02-13 | by ( Liam Reilly | ) edition.cnn.com time to read: +2 min

CNN —Paramount Global, the owner of broadcast and cable TV networks, announced Tuesday it will lay off hundreds of staffers as the media giant looks to reduce costs and grow revenue. The news comes just days after its CBS network saw record-breaking advertising sales and the highest-rated telecast for the Super Bowl. The company’s chief executive, Bob Bakish, announced the layoffs in a memo to employees Tuesday obtained by CNN. While Bakish did not specify the number of layoffs, sources familiar with the matter told CNN around 800 employees, or roughly 3% cut of the company’s workforce, will be affected. Paramount is the latest media conglomerate to lay off staffers in 2024.

Persons: Bob Bakish, Bakish, —, ” Bakish, Shari Redstone, David Zaslav, David Ellison’s Skydance, Condé Nast Organizations: CNN, Paramount Global, CBS, Super, National, Warner Bros, Discovery, RedBird, Paramount, Bloomberg, Los Angeles Times, TIME, Business, Condé, Forbes, The New York Daily News

☆ The wealth of the world’s five richest men more than doubled since 2020
▼ + stars: | 2024-01-14 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

His wealth soared to $245.5 billion at the end of November, up 737% from March 2020, after accounting for inflation. Amazon founder Jeff Bezos had a fortune of $167.4 billion, up 24%; while Oracle founder Larry Ellison’s wealth totaled $145.5 billion, up 107%. US billionaires, many of whom derive their wealth from the equity in the companies they lead, are $1.6 trillion richer. Seven out of 10 of the world’s largest public companies have either a billionaire CEO or a billionaire as its principal shareholder. What’s more, the top 1% holds 43% of the world’s financial assets, according to Oxfam, drawing on data from Wealth X.

Persons: Nabil Ahmed, ” Ahmed, Elon Musk, Bernard Arnault, Jeff Bezos, Larry, Warren Buffett, Amitabh Behar Organizations: CNN, Forbes, Oxfam, Workers, Tesla, SpaceX, Amazon, Oracle, Berkshire Hathaway, Wealth, Oxfam International’s Locations: Davos, Switzerland, United States, Asia, Europe, “

☆ SBF Trial Live: Caroline Ellison’s Testimony Continues in FTX Case
▼ + stars: | 2023-10-12 | by ( ) www.wsj.com time to read: +1 min

Caroline Ellison is set to continue testimony for a third day in Sam Bankman-Fried's trial. To recap : Bankman-Fried is on trial facing several fraud charges for his role in the collapse of his crypto exchange. Ellison has pleaded guilty to several charges and is cooperating with the prosecution. Follow along as the Journal's reporters bring you live updates on Ellison's testimony from the witness stand. Stay informed on Sam Bankman-Fried and the collapse of FTX:Read more on Ellison's testimonyMeet the main players in the FTX trialCatch up on what's happened so far in the trialListen to our special FTX trial podcast: The Crypto Golden BoyRead how we got here and the charges facing Sam Bankman-Fried

Persons: Caroline Ellison, Sam Bankman, Ellison, Fried Locations: Alameda

☆ Sam Bankman-Fried Trial: Caroline Ellison’s Testimony Continues
▼ + stars: | 2023-10-12 | by ( ) www.wsj.com time to read: +1 min

Persons: Caroline Ellison, Sam Bankman, Ellison, Fried Locations: Alameda

☆ Sam Bankman-Fried’s lawyers prepare to question star witness
▼ + stars: | 2023-10-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —After two days of at-times emotional testimony from Caroline Ellison, a former top adviser to fallen crypto mogul Sam Bankman-Fried, defense lawyers were set to begin questioning her on the stand Thursday. Ellison, 28, told jurors this week that she and Bankman-Fried, whom she dated on and off, committed financial crimes for years. Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for Sam Bankman-Fried's trial at Federal Court in New York City, October 11, 2023. Sam acted in good faith in trying to build and run FTX and Alameda.”But “things were happening quickly, very quickly,” Cohen said. “Sam and others made hundreds of decisions a day … as a result, some things got overlooked.”This story is developing and will be updated.

Persons: Caroline Ellison, Sam Bankman, Ellison, Fried, Brendan McDermid, Mark Cohen, Sam didn’t, Sam, ” Cohen, “ Sam Organizations: New, New York CNN, Alameda Research, Alameda, Federal Court, Reuters Locations: New York, New York City, Alameda

☆ Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial
▼ + stars: | 2023-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

On her first day of testimony, Ellison said Tuesday that she and Bankman-Fried, along with other associates, committed fraud and money laundering, and that he “set up the systems that allowed Alameda” to siphon money from FTX customer accounts. Prosecutors accuse Bankman-Fried, 31, of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform. If she were given a maximum sentence on the seven counts, she could face more than 100 years in prison. Her testimony is considered crucial to prosecutors’ case that SBF used both FTX and Alameda as his own personal piggy bank. If found guilty of all seven criminal counts and given the maximum sentence, Bankman-Fried faces the prospect of 110 years in prison.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, Bankman, ” Ellison, “ Organizations: New, New York CNN, Alameda Research, Stanford Locations: New York, Alameda, FTX

Political Cartoons View All 1206 ImagesHe even thought there was a 5% chance he'd become president someday, Ellison said. Assistant U.S. Attorney Danielle Sassoon asked her what he thought he'd be president of. Shortly after Ellison’s highly anticipated turn on the witness stand began, she was asked to identify Bankman-Fried in the courtroom. Ellison testified under a cooperation deal that could win her leniency when she is sentenced. As Ellison testified, several of her friends or online fans were in attendance at the courthouse.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, ”, he'd, Danielle Sassoon, ” Ellison, Ellison’s, FTX, Judge Lewis A, Kaplan, Palo, Sassoon, Jane, Bankman, “, Joe Biden, Gary Wang Organizations: Stanford, U.S, Alameda Research, Alameda, Republican Locations: Manhattan, Bankman, United States, Bahamas, Washington, Palo Alto , California, Alameda

kevin rooseAnd you’re listening to “Hard Fork.”casey newtonThis week on the show, Sam Bankman-Fried goes to jail. If you give me, like, 1 percent of the internet, that’s going to give me an aneurysm. And those three are actually going to get to live that out. So I actually think the classroom of the future looks remarkably like the classroom today, but you reverse what you’re doing in it. And I think that’s another piece, is we have to not be delusional about what has actually happened in education.

Persons: casey newton, Joe Rogan, kevin roose You’re, casey newton They’ve, kevin roose They’ve, who’s, kevin roose, Kevin Roose, ” casey newton, Casey Newton, Sam Bankman, Fried, what’s, Wharton, Ethan Malek, kevin roose Casey, I’ve, casey newton Guy’s, David Jaffe Bellini, David, ” david jaffe bellini, casey newton Hi, ’, he’s, david jaffe bellini, david jaffe bellini That’s, they’re, Sam’s, there’s, that’s, Casey, — casey newton, david jaffe bellini I’m, he’d, Caroline Ellison, Caroline Ellison’s, Caroline, She’s, we’ve, they’ve, Sam, He’s, I’m, haven’t, It’s, You’ve, There’s, you’re, Ryan Salem, hasn’t, Gary, Nishad, They’ve, SBF, casey newton Look, Harlem Globetrotters ’, it’s, Kevin, casey newton Oh, kevin roose David Jaffe Bellini, we’re, kevin roose It’s, “, casey newton Sure, Ethan Mollick Ethan, kevin roose Ethan Mollick, ” ethan mollick, ethan mollick, That’s, casey newton Tell, ChatGPT, ethan mollick —, you’ve, Steve Jobs, don’t, You’ll, ethan mollick Oh, casey newton Well, We’ve, kevin roose I’m, Ethan, casey newton It’s, they’d, you’ll, They’re, Ethan Mollick, casey newton —, should’ve, let’s, Cruise, casey newton That’s, — david jaffe bellini, kevin roose —, ”, Alex, casey newton Hey, casey newton Yes, Kyle Vogt, Franciscans, I’ll, kevin roose Totally, casey newton Yep, Uber, casey newton Right, Dirk, Kevin kevin roose, shouldn’t, — casey newton Yes, casey newton Don’t, Rachel Cohn, Davis, We’re, Jen Poyant, Caitlin Love, Sophia Lanman, Dan Powell, Marion Lozano, Rowan Niemisto, Paula Shoeman, Tam, David McCraw, Nell Gallogly, Kate LoPresti, Jeffrey Miranda Organizations: Spotify, The New York Times, FTX, Conference, NFL, Google, “ New York Times, MDC, Republican, Alameda, Twitter, Harlem Globetrotters, Washington Generals, Wharton School, University of Pennsylvania, Fork University, Caud Academy, they’re, TA, . University, University, Hard Fork, Wharton, DMs, San, San Francisco, Cruise, Department of Motor Vehicles, University of Michigan Transportation Research Institute, Virginia Tech Transportation, YouTube Locations: New York, California, Bahamas, Alameda, FTX, autodelete, Caroline, Wharton, GPT, Kenya, America, San Francisco, Charlotte , North Carolina, Texas, North Beach, Cruise, Franciscans, robotaxis, AVs, Rhode Island, Zurich, Paris, Madrid, Swiss, Switzerland

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

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

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

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

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

☆ An Insider’s View of the George Floyd Murder Trial
▼ + stars: | 2023-05-17 | by ( Julie Bosman | ) www.nytimes.com time to read: +1 min

The country was riveted for three weeks in 2021 during the trial of the former police officer Derek Chauvin, as a jury in Minneapolis considered whether the death of George Floyd was murder. Through it all, Keith Ellison, the attorney general of Minnesota who was directing the prosecution, was a constant yet silent presence in the courtroom. “I wasn’t trying to be a stenographer,” Mr. Ellison, 59, said in an interview this month. “I was thinking, ‘What do I need to remember?’”Those notes informed the prosecution's nightly meetings during the trial. It is a trial diary of sorts, a clear, methodical account of his experience directing the prosecution of Mr. Chauvin, in the rare murder conviction of a police officer for an on-duty death.

☆ Opinion: Harry Belafonte lived in – and transformed – two worlds
▼ + stars: | 2023-04-26 | by ( Opinion Gene Seymour | ) edition.cnn.com time to read: +5 min

Gene Seymour Jeremy Freeman/CNNBut history, as it often does, had other ideas for Belafonte, who died April 25 at 96, having lived a long, full life as both entertainer and activist. The times he lived in paved a smoother way for him than the one faced by his mentor and hero Paul Robeson. On the other hand, there was, relatively speaking, only so much Belafonte could do on the entertainment side. Here, as elsewhere in Belafonte’s life, the activism and the entertainment sides of his public life worked in tandem to buttress, offset and enhance the other. Join us on Twitter and FacebookAnd in a gratifying sense, the push-pull of history’s demands worked in Belafonte’s favor as a screen actor.

☆ Sam Bankman-Fried and FTX execs received billions in hidden loans, ex-Alameda CEO says
▼ + stars: | 2022-12-23 | by ( ) www.nbcnews.com time to read: +3 min

Sam Bankman-Fried and other FTX executives received billions of dollars in secret loans from the crypto mogul’s Alameda Research, the hedge fund’s former chief told a judge when she pleaded guilty to her role in the exchange’s collapse. Ellison and FTX co-founder Gary Wang both pleaded guilty and are cooperating with prosecutors as part of their plea agreements. Bankman-Fried has acknowledged risk-management failures at FTX but said he does not believe he has criminal liability. A flurry of customer withdrawals in early November amid concerns about commingling of FTX funds with Alameda prompted FTX to declare bankruptcy on Nov. 11. Bankman-Fried was arrested in capital Nassau on Dec. 12 and arrived in the United States on Wednesday after consenting to extradition.

The co-founder of cryptocurrency exchange FTX and the former CEO of Sam Bankman-Fried's hedge fund, Alameda Research, have pleaded guilty to fraud, a federal prosecutor in New York said Wednesday. The SEC complaint alleges that Wang "created FTX’s software code that allowed Alameda to divert FTX customer funds," and that Ellison used those funds for Alameda's trading. The SEC complaint alleges a complex scheme to trick both investors and customers into believing that FTX had strict and advance risk mitigation. "From the inception of FTX, Defendants and Bankman-Fried diverted FTX customer funds to Alameda, and continued to do so until FTX’s collapse in November 2022," the SEC complaint reads. “If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it,” he said.

CNN —Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night. Wang cofounded FTX with Bankman-Fried in 2019 and also worked with him at his hedge fund Alameda Research. Ellison is pleading guilty to seven counts, including wire fraud, conspiracy to commit money laundering, conspiracy to commit securities fraud, conspiracy to commit commodities fraud and conspiracy to commit wire fraud. Wang has agreed to plead guilty to four counts: wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.

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