DIRS.INFO The most relevant business & tech news

☆ Sam Bankman-Fried Transferred From Brooklyn Jail
▼ + stars: | 2024-05-22 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange who was convicted of fraud and conspiracy, was transferred out of a Brooklyn detention center on Wednesday morning, his spokesman said. Before the transfer, Mr. Bankman-Fried, 32, told people close to him that he expected to be moved to a federal correctional facility in Mendota, Calif., a person with knowledge of the matter said. A representative for the Bureau of Prisons declined to comment on Mr. Bankman-Fried, citing “privacy, safety and security reasons.” A spokesman for the prosecutors who oversaw Mr. Bankman-Fried’s case did not immediately respond to a request for comment. In a court filing on Wednesday afternoon, Lewis A. Kaplan, the judge overseeing his case, said the court “recommends” that the Bureau of Prisons keep Mr. Bankman-Fried at the Metropolitan Detention Center in Brooklyn. Mr. Bankman-Fried had asked to remain there while he worked on an appeal challenging his conviction.

Persons: Sam Bankman, Bankman, Mark Botnick, ”, Lewis A, Kaplan, “, Fried Organizations: Bureau, Prisons, Metropolitan Detention Locations: Brooklyn, Mendota , Calif

☆ 'Pharma Bro' Martin Shkreli brags that Sam Bankman-Fried asked him for advice on how to serve prison time
▼ + stars: | 2023-11-07 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

Martin Shkreli bragged that Sam Bankman-Fried asked him for advice on serving prison time. Shkreli did an interview with Tucker Carlson and said he told Bankman-Fried to "learn slang" and "invent a backstory." AdvertisementAdvertisementInfamous "Pharma Bro" Martin Shkreli, who was released from federal prison last year, bragged to Tucker Carlson that Sam Bankman-Fried asked him for advice on serving time in the slammer as the disgraced FTX founder faces the prospect of more than 100 years behind bars. That may be why Sam Bankman-Fried just asked his advice on doing time. AdvertisementAdvertisementAdditionally, Shkreli told Carlson that he believed Bankman-Fried would "most likely" go to prison for a "long time" and that he would be "screwed" behind bars.

Persons: Martin Shkreli, Sam Bankman, Fried, Shkreli, Tucker Carlson, Bankman, —, Bro, Mark Botnick, He's, Hillary Clinton, vMGiqDk4tR — Tucker Carlson, there's, Carlson Organizations: Pharma, Service, Twitter, Fox News Locations: California, Oakland, Brooklyn

☆ Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says
▼ + stars: | 2023-08-14 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Bankman-Fried has previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. Kaplan jailed him last Friday ahead of his Oct. 2 trial, after finding probable cause that Bankman-Fried tampered with witnesses. The November 2022 collapse of FTX after a flurry of customer withdrawals destroyed his wealth and stained his reputation. Bankman-Fried's indictment does not name the two people prosecutors say he used for "straw donors" to donate money at his direction. He donated $9.7 million to Democratic candidates and causes, and said in court he knew the money came from FTX customers.

Persons: Sam Bankman, Eduardo Munoz, Fried, FTX, District Judge Lewis Kaplan, Mark Botnick, Kaplan, Palo, Nishad Singh, Ryan Salame, Singh, Luc Cohen, Chris Reese, David Gregorio, Jonathan Oatis Organizations: REUTERS, Republicans, U.S, District, Alameda Research, Democratic, Federal, Commission, Republican, Bloomberg, Thomson Locations: New York, U.S, Manhattan, Bahamas, Palo Alto , California, San Jose , California

Aug 14 (Reuters) - Sam Bankman-Fried used stolen customer funds to make more than $100 million in campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the founder of the FTX cryptocurrency exchange. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. He has previously pleaded not guilty. Mark Botnick, a spokesman for Bankman-Fried, declined to comment. Reporting by Luc Cohen in San Jose, California Editing by Chris Reese and Daivid GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Mark Botnick, Luc Cohen, Chris Reese, Daivid Gregorio Organizations: Thomson Locations: San Jose , California

REUTERS/Eduardo Munoz/File PhotoAug 14 (Reuters) - Sam Bankman-Fried used stolen customer funds to make more than $100 million in campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the founder of the FTX cryptocurrency exchange. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. Bankman-Fried rode a boom in cryptocurrency values to compile a net worth estimated at $26 billion, and became an influential donor to mostly Democratic candidates and causes. FTX was based in the Bahamas and he was arrested there in December 2022. Reporting by Luc Cohen in San Jose, California Editing by Chris Reese and Daivid GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Mark Botnick, Bankman, FTX, District Judge Lewis Kaplan, Luc Cohen, Chris Reese, Daivid Gregorio Organizations: REUTERS, Democratic, U.S, District, Thomson Locations: New York, U.S, Manhattan, Bahamas, United States, San Jose , California

☆ Bankman-Fried used customer funds for $100 million in U.S. political donations, prosecutors charge
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Sam Bankman-Fried used stolen customer funds to make more than $100 million in political campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the FTX cryptocurrency exchange's founder. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. He has previously pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. But the November 2022 collapse of FTX - after a flurry of customer withdrawals due to concerns about commingling of FTX and Alameda funds - decimated both his wealth and his reputation. He had previously been largely confined to his parents' Palo Alto, California, home on $250 million bond since his extradition.

Persons: Sam Bankman, Fried, Mark Botnick, Prosecutors, Bankman, FTX, District Judge Lewis Kaplan, Kaplan, Palo Organizations: FTX, Alameda Research, Democratic, Attorney's, U.S, District Locations: Manhattan, New York City, U.S, FTX, Alameda, Bahamas, United States, Palo Alto , California

☆ Who are Larry Kramer and Andreas Paepcke — the two people who paid part of Sam Bankman-Fried's bail?
▼ + stars: | 2023-02-19 | by ( Sarah Jackson | Lakshmi Varanasi | ) www.businessinsider.com time to read: +8 min

They are Larry Kramer and Andreas Paepcke, both of whom have ties to Stanford, where SBF's parents work. On Wednesday, unsealed court records identified the FTX founder's bail guarantors as Larry Kramer, a former dean of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford. A screenshot of Larry Kramer's bio on a Stanford Law School web page shows that he's emeritus dean of the institution. from the University of Chicago Law School in 1984, according to his Stanford Law bio page. On his personal page, Paepcke listed hobbies including "piano studies and simple composition, worrying, and poetry."

☆ Sam Bankman-Fried, currently held in a Bahamian prison, now plans to face the music and will not fight extradition to the US, reports say
▼ + stars: | 2022-12-18 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried plans to stop resisting his extradition to the US, Reuters reported. He is expected to appear in court on Monday in the Bahamas as he faces fraud charges in the US. His lawyers previously said at his first court appearance that he would fight being sent back. Earlier this month, the FTX founder told New York Times columnist Andrew Ross Sorkin that he'd considered heading to the US and possibly speaking to members of Congress. Mark Botnick, a spokesperson for Bankman-Fried, did not immediately respond to Insider's request for comment made outside of typical working hours.

☆ Read the full text of Sam Bankman-Fried's planned testimony, which a congressional panelist called 'absolutely insulting'
▼ + stars: | 2022-12-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

FTX founder Sam Bankman-Fried was arrested before he could testify about his exchange's collapse. He did prepare a testimony, which a member of the House Financial Services Committee called "absolutely insulting." It wasn't read out in full at the hearing, but congressional leaders had a copy of the draft on hand. Bankman-Fried's spokesperson, Mark Botnick, told Insider he had no comment on the planned testimony. Copies of the planned testimony were first obtained by Forbes and Bloomberg.

☆ SBF thinks one of his biggest mistakes at FTX was slashing his workday from 18 hours to 13 hours a day, his planned testimony shows
▼ + stars: | 2022-12-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Disgraced FTX CEO Sam Bankman-Fried said he used to work 18 hours a day, per his planned testimony. In his 7,000-word draft, Bankman-Fried wrote that he was "less grounded in operational details" in the months leading up to his exchange's downfall. "I also prided myself on having a strong work ethic; I began FTX routinely working 18 hour days. In the planned testimony, he blamed himself for making a "number of significant mistakes" but said he didn't know about risky investments executed by FTX. Bankman-Fried's spokesperson, Mark Botnick, told Insider he had no further comment on Bankman-Fried's testimony draft.

☆ FTX's Bankman-Fried hires white collar defense attorney Mark Cohen
▼ + stars: | 2022-12-06 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

Bankman-Fried has retained Cohen, of Cohen & Gresser, Bankman-Fried's spokesperson Mark Botnick said in an emailed statement. In recent weeks, U.S. authorities have sought information from investors and potential investors in FTX, according to two sources with knowledge of the requests. Federal prosecutors in New York are asking for details on any communications such firms have had with the crypto firm and its executives, including Bankman-Fried, the sources said. The Securities and Exchange Commission has been asking for similar information from investors as well, one of the sources said. "I didn't ever try to commit fraud," Bankman-Fried said, adding that he doesn't personally think he has any criminal liability.

[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. Ellison, who ran trading firm Alameda Research, has hired Washington-based law firm Wilmer Cutler Pickering Hale and Dorr to represent her, a source familiar with the matter told Reuters. Semafor previously reported Mills' advisory work for Bankman-Fried. FTX secretly transferred customer funds to its affiliate Alameda Research to fill a shortfall at the crypto trading firm, Reuters has previously reported. The Wall Street Journal has previously reported that Ellison and senior FTX officials knew the crypto exchange had dipped into its customer funds to help Alameda meet liabilities.

☆ Sam Bankman-Fried Chucks the Crisis Communications Playbook
▼ + stars: | 2022-12-02 | by ( Nat Ives | ) www.wsj.com time to read: +5 min

The interviews could be a case study in what not to do in a crisis, some communications executives said. “He’s basically breaking every rule that somebody in the crisis communications field would advise,” said Andrew Gilman, president and chief executive at CommCore Consulting Group, a public relations and communications firm. Asked at the DealBook conference whether his lawyers thought it was wise for him to be speaking, Mr. Bankman-Fried said no. If Mr. Bankman-Fried is determined to say something now, Mr. Gilman said he would have advised putting a statement online and declining to take questions yet. But Mr. Sitrick said he couldn’t fully gauge the results of the mini-media tour because he didn’t know Mr. Bankman-Fried’s goals.

Search resuls for: "Mark Botnick"

13 mentions found