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He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange. As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. On the witness stand, Bankman-Fried suggested his crypto hedge fund was not dissimilar to Jane Street Capital, the traditional trading firm where he worked before founding Alameda. As CEO, Ellison failed to make the trades and investments he suggested to hedge in case of a crypto market downturn, Bankman-Fried testified. Bankman-Fried tried to stress that the market conditions in November 2022, when FTX and Alameda collapsed, were an anomaly.
Persons: Sam Bankman, Fried, that's, , FTX, Jane Street, Danielle Sassoon, Judge Lewis Kaplan, Elizabeth Williams, Crypto, Sassoon, Chelsea Jia Feng Bankman, Gary Wang, Nishad Singh, Caroline Ellison, Ellison, Wang, Singh, Fried's, Bankman Organizations: Alameda Research, Prosecutors, Service, Alameda, Jane Street Capital, U.S, AP, wasn't Locations: FTX, Alameda, Manhattan, New York, Bankman
Sam Bankman-Fried took the witness stand on Thursday after days of testimony from his inner circle. The FTX cofounder is facing seven charges of fraud over the collapse of the cryptocurrency exchange. AdvertisementAdvertisementSam Bankman-Fried took the witness stand Thursday to testify in his own defense in the criminal trial involving FTX's collapse. After briefly describing the "constant" threat of attempts to hack FTX, Bankman-Fried got into the company's document retention policy, which he said he abided by "to my knowledge." The FTX cofounder is facing seven criminal charges and has pleaded not guilty on all counts.
Persons: Sam Bankman, Fried, , Judge Lewis Kaplan, Kaplan, Mark Cohen, Gary Wang, Caroline Ellison, Wang, FTX, Ellison, she'd Organizations: Service, FTX, Alameda Research, Alameda Locations: Alameda
Sam Bankman-Fried needs to decide soon whether he'll take the witness stand in his criminal trial. AdvertisementAdvertisementCaroline Ellison testified in the trial of her ex-boyfriend, Sam Bankman-Fried JANE ROSENBERGFor that reason, the case against Bankman-Fried rests on the credibility of his alleged co-conspirators. In their own questioning of the cooperating witnesses, prosecutors have encouraged them to be open about taking responsibility for their crimes. Court sketch of Sam Bankman-Fried on the first day of his trial JANE ROSENBERG/ReutersIf Bankman-Fried takes the stand, he'll be cross-examined by prosecutors. If Bankman-Fried takes the stand, prosecutors will almost certainly point to more material and catch him in any contradictions.
Persons: Sam Bankman, he'll, he's, , They're, Fried, Mark Cohen, Lewis Kaplan, who's, Cohen, He's, Caroline Ellison, Gary Wang, Nashad Singh, Sarah Krissoff, Cozen O'Connor, FTX, Mary Altaffer, Kaplan, Paul Tuchmann, Wiggin, Dana, Tuchmann, Adam Yedidia, Fried JANE ROSENBERG, Ellison, Wang, Singh, Bankman, Wang forthrightly, Ellison teared, slovenliness, Prosecutors —, Krissoff, JANE ROSENBERG, hedged, didn't, Judge Kaplan's, SBF Organizations: Service, Defense, US, Alameda Research, Former Alameda Research, AP, Prosecutors, Toyota Corolla, Reuters, ABC News, Alameda . Locations: Manhattan, Alameda, New York, FTX
Caroline Ellison told jurors that Sam Bankman-Fried curated his image, especially his messy hair. Ellison said he believed his hair was "essential to his image" and was the reason for past bonuses. AdvertisementAdvertisementSam Bankman-Fried had a carefully curated image — unruly hair and all — according to his ex-girlfriend Caroline Ellison. Additionally, Bankman-Fried encouraged Ellison to have a Twitter in order to generate positive press for the company, she said. Bankman-Fried told Yahoo Finance Live in April 2022 before FTX collapsed.
Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, , FTX, didn't, — Ellison, he'd, Jane Street, Bankman, Sam Bankman Fried, Michael Lewis, It's, Lewis Organizations: Toyota Corolla, Service, Alameda Research, Honda, Bloomberg, Yahoo Finance, FTX Locations: Manhattan, Alameda, Bankman, Bahamas, FTX
Caroline Ellison got into the wrong car as she departed from the courthouse on Tuesday. A picture from the scene shows her shocked and panicked expression as she realized her mistake. The blunder illustrates the media circus around Sam Bankman-Fried's criminal trial. AdvertisementAdvertisementCaroline Ellison has had a chaotic few days since she began testifying in the criminal trial of her ex-boyfriend Sam Bankman-Fried. A picture from the scene shows Ellison's seemingly panicked expression as she realized she'd gotten into the wrong vehicle.
Persons: Caroline Ellison, Sam Bankman, , Ellison, she'd, Ellison's, Eduardo Munoz Alvarez, Fried Organizations: Service, InnerCity Press, Alameda Research, Prosecutors Locations: Manhattan
Insider Today: Israel's next steps
  + stars: | 2023-10-11 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +8 min
AdvertisementAdvertisementIn today's big story, we're looking at the latest developments in Israel's war with Hamas, including Israel's devastating airstrikes and a potentially complicated ground invasion of Gaza. What's on deck:Markets: Market experts detail how to cash in on an ailing bond market. Market experts detail how to cash in on an ailing bond market. AdvertisementAdvertisementThe Israel war is also impacting another conflict: Russia's invasion of Ukraine. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.
Persons: Jimmy Buffett's, margarita, Caroline Ellison, Sam Bankman, Faiz, NurPhoto, Insider's Kelsey Vlamis, Insider's Chris Panella, Amir Levy, Jake Epstein, Insider's Elias Chavez, David Donabedian, Insider's Bryan Metzger, Brendan McDermid, Jim Rogers, George Soros, Raphael Bostic, Lorie Logan, BRYAN R, SMITH Caroline Ellison, Ellison, Linda Yaccarino, X, Arantza Pena Popo, eBay's, they're, They'll, Steve Scalise, Jim Jordan, Rachael Brennan, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, Getty, CNN, Hamas, CIBC Private Wealth, Ukraine, Washington Post, Republican, Elite, Quantum Fund, Soros Fund Management, Atlanta Fed, Dallas, Fed, Alameda Research, Street, Gaza, Boomers, Republicans, Ohio, The Chicago, Tata Consultancy Services, Sam's Club Locations: Florida, Gaza, Israel, Ukraine, Russia, homebuying, Louisiana, New York City, San Diego, London, New York
Caroline Ellison is set to testify later today in the criminal case against Sam Bankman-Fried. The former Alameda Research CEO is expected to be a key witness in the case against Bankman-Fried. AdvertisementAdvertisementAll eyes will be on star witness Caroline Ellison when she takes the stand later today in the trial against her ex-boyfriend and former boss Sam Bankman-Fried. They say Bankman-Fried siphoned money from customer accounts to fund crypto bets with Alameda Research, a hedge fund he controlled. Since the exchange collapsed, the former FTX CEO has attempted to put the blame for the platform's collapse on other executives, including Ellison.
Persons: Caroline Ellison, Sam Bankman, Ellison, , FTX, Eric Chaffee, Prosecutors, Fried, Mark Cohen, Ellison —, Cohen, BRYAN R, SMITH, Jane Street, Gary Wang —, Wang, Adam Yedidia, Chelsea Jia Feng, Yedidia, Caroline, Lewis Kaplan, who's, Michael Lewis Organizations: Alameda Research, Service, Case Western Reserve University, Manhattan Federal, Bankman, Alameda, Research, New York Times, US Department of Justice, US Locations: Bankman, FTX, Alameda, Bahamas, Manhattan
Caroline Ellison gave details on her past relationship with Sam Bankman-Fried in court on Tuesday. The ex-Alameda Research CEO said she "wanted more" in the relationship. Caroline Ellison, the former CEO of Alameda Research, broke down her relationship with her on-and-off boyfriend Sam Bankman-Fried during his criminal trial in a downtown Manhattan federal courtroom on Tuesday. "In our personal relationship, there was a feeling that I wanted more in our relationship," Ellison testified. Prosecutors allege the former FTX CEO commingled funds between FTX and Alameda Research.
Persons: Caroline Ellison, Sam Bankman, Ellison, , Jane Street, Fried, Michael Lewis, Caroline, Lewis, Sam Organizations: Alameda Research, Service, Jane, New York Times, Bankman, Prosecutors Locations: Manhattan, FTX, Alameda
A jury was selected in Sam Bankman-Fried's criminal trial on Wednesday. The FTX cofounder is facing seven charges of fraud over the collapse of his cryptocurrency exchange. AdvertisementAdvertisementOpening statements are set to begin Wednesday after a jury was chosen to hear the fraud trial of FTX cofounder Sam Bankman-Fried in New York City. The jury was expected to sit through the duration of a trial projected to last up to six weeks. Some of Bankman-Fried's close associates are expected to testify in the trial, including FTX cofounder Gary Wang and former Alameda Research CEO and Bankman-Fried's on-and-off again girlfriend, Caroline Ellison.
Persons: Sam Bankman, , Judge Lewis A, Kaplan, Gary Wang, Caroline Ellison, Bankman, Fried, FTX, he'd, Grace Kay Organizations: Service, Alameda Research Locations: New York City, Bahamas, California, Alameda, United States
Sam Bankman-Fried sent Caroline Ellison a pros and cons list on their romantic relationship. The list had more cons than pros, one of which was his lack of empathy, according to a new book. "In a lot of ways I don't really have a soul," Bankman-Fried wrote in the memo, according to Lewis. In the message, she listed some of her hang-ups with Bankman-Fried, including "confusing signals, e.g. AdvertisementAdvertisementDespite the risks noted in Bankman-Fried's pros and cons list, Ellison continued to pursue a relationship, Lewis said.
Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, , Michael Lewis, Lewis, — Ellison, Caroline, Sam, Bankman Organizations: Service, Alameda Research, Bankman, Prosecutors, The New York Times Locations: Bankman, FTX
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. FTX ex-engineering head Nishad Singh pleaded guilty to criminal charges in New York on Tuesday, becoming the latest member of Sam Bankman-Fried's former leadership team to agree to a deal. The six charges against Singh include conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws. In December, Bankman-Fried was charged with eight criminal accounts, including securities fraud and money laundering. Two of the charges against Singh are related to wire fraud and another is conspiracy to commit commodities fraud.
Sam Bankman-Fried deleted tweets and Signal messages after being told to preserve all records, prosecutors said. He even deleted a Slack post by FTX's general counsel which said FTX would close, prosecutors said. Bankman-Fried disregarded the general counsel's directive at the time, prosecutors alleged, saying he also deleted some of his tweets in November. In January, prosecutors said in a filing that Bankman-Fried had messaged FTX's general counsel, as well as "current and former FTX employees." The financial wrongdoing at FTX was exposed, prosecutors say, by a run on accounts in November of last year.
[1/4] Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, departs from his court hearing at a federal court in New York City's Manhattan, U.S. January 3, 2023. REUTERS/David Dee Delgado/Feb 8 (Reuters) - Failed crypto firm FTX received court approval on Wednesday to issue subpoenas to its founder Sam Bankman-Fried and members of his family as part of the company's investigation into "misappropriated and stolen" funds. FTX said in court papers filed Wednesday that most of the subpoena targets had begun cooperating with its investigation. FTX said that it is still in discussions with Ellison and that Sam Bankman-Fried "remains non-responsive." Mind the Gap has previously said that Sam Bankman-Fried did not make any direct contributions to the organization but did donate to some of its recommended programs.
Sam Bankman-Fried is likely to plead not guilty, per The Wall Street Journal and Reuters. He faces multiple criminal charges including wire fraud and conspiracy to commit money laundering. He's facing multiple criminal charges including wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign financing laws. It is not unusual for criminal defendants to initially plead not guilty and defendants can later change their plea, Reuters reported. Former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang both pleaded guilty to criminal charges similar to those Bankman-Fried faces.
Ronnie Abrams, the US district judge in the FTX fraud case, stepped down and has been replaced. She said that her husband is a partner at Davis Polk & Wardwell LLP, which last year advised FTX. Judge Lewis A. Kaplan has taken over the FTX case. Ronnie Abrams, a judge at the US District Court for the Southern District of New York, said in a filing on Friday that she was stepping down. On Tuesday, the case was reassigned to Lewis A. Kaplan, a senior judge at the court, legal filings show.
Like yesterday, we're continuing with some of the year's best stories from our VC and startups team. Why it's difficult to "speak truth to power." The top VC and startups stories of 2022:Union Square Ventures; 645 Ventures; Race Capital; Mindset Ventures; Marianne Ayala/Insider6. Former Amazon leaders have infiltrated the tech industry. After dominating the VC industry last year, crossover funds spent 2022 pulling back.
Perhaps you saw the news earlier this week that Caroline Ellison, the former Alameda Research CEO and ex-lover of Sam Bankman-Fried, pleaded guilty to charges that carry up to 110 years in prison. If you did, you probably saw the same photo of Ellison that everyone has seen dozens of times. I'm talking about the one where she's looking at the camera through big glasses with a big smile, looking more like a Hufflepuff than a notorious white-collar criminal. So we paid the robots at Lensa to come up with a new one – or a new 20 or so. Happy holidays from Insider and a robot's vision of your fallen crypto queen, Caroline Ellison.
FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both pleaded guilty to federal charges in the Southern District of New York, U.S. Attorney Damian Williams said in a message Wednesday. Wang pleaded guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud. Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. The SEC alleges that both Ellison and Wang, in their respective roles at Alameda and FTX, abetted Bankman-Fried in allegedly defrauding FTX customers. Ellison, 28, and Wang, 29, become the second and third individuals to be charged in connection with FTX's multibillion-dollar collapse.
Former Alameda Research CEO Caroline Ellison pinned FTX's downfall on disgraced cofounder Sam Bankman-Fried, SEC documents show. "Ellison, at Bankman-Fried's direction, caused Alameda to manipulate the price of FTT," the SEC complaint reads. Prosecutors are accusing Bankman-Fried of using his Alameda trading firm as "his personal piggy bank." 'At Bankman-Fried's direction'The phrase "at Bankman-Fried's direction" is listed 10 times in the 38-page document, most often linked to Ellison. Despite being co-CEO of Alameda, Ellison usually consulted Bankman-Fried prior to making any big decisions regarding the firm as well.
In a 2020 FTX podcast, former Alameda Research CEO said she "took a blind leap into the unknown" when she joined Sam Bankman-Fried. WSJ first reported on the remarks, after Ellison has drawn increased scrutiny for her role in the demise of FTX. According to WSJ, critics of the practice say effective altruism encourages excessive risk-taking. "The general idea of effective altruism is trying to do the most good you can and using expected value to measure that good," Ellison explained on the FTX podcast. Ellison was asked about her plans of saving money for future retirement after explaining effective altruism in the 2020 podcast episode.
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