DIRS.INFO The most relevant business & tech news

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

Before it all collapsed last fall, the cryptocurrency mogul Sam Bankman-Fried was at the center of a global business empire. The 31-year-old mogul started his first company in the San Francisco Bay Area, before moving to Hong Kong and then to the Bahamas, where his FTX cryptocurrency exchange was based until it filed for bankruptcy in November. Along the way, Mr. Bankman-Fried left his mark on luxury homes in Washington and on the Bahamian island of New Providence, and splashed FTX’s logo on a basketball arena in Miami. Mr. Bankman-Fried is now on trial in federal court in Manhattan, where he faces seven counts of wire fraud, securities fraud and money laundering.

Persons: Sam Bankman, Fried Organizations: San Francisco Bay Area Locations: San Francisco Bay, Hong Kong, Bahamas, Washington, New Providence, Miami, Manhattan

"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, New York

☆ A pair of Bahamian private jets said to be funded by a 'handshake deal' with Sam Bankman-Fried are set to be confiscated by the US government
▼ + stars: | 2023-10-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Prosecutors said Wednesday that two private jets linked to Sam Bankman-Fried are subject to forfeiture. FTX loaned a Bahamian jet charter company $28.4 million to buy the planes, Insider reported. AdvertisementAdvertisementTwo private jets linked to Sam Bankman-Fried are set to be confiscated by the US government, according to a forfeiture bill filed Wednesday. The court filing says he tried to sell the Global to help repay the loan, before the US Marshals Service seized it in February. Bankman-Fried, nor any other FTX executives, ever flew on the Global or Embraer, a person familiar with the situation previously told Insider.

Persons: Sam Bankman, FTX, —, Damian Williams, Paul Aranha, Fried, Aranha, SBF's Organizations: Service, Bombardier Global, Embraer, EMB, Capital, IAC, Air Capital, Trans Island Airways, Global, US Marshals Service, Cessna Locations: Bahamian, Delaware, FTX, Florida, Bahamas

Eventually, the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them any longer, Wang said in his second day of testimony. “FTX was not fine,” Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022. Alameda was given these privileges initially because the hedge fund was the primary market maker for FTX's customers in the exchange's early days. The relationship was effectively a two-way street, where the exchange could help out the hedge fund and vice versa as FTX quickly grew between 2019 and 2022. Caroline Ellison, the former girlfriend of Bankman-Fried and CEO of Alameda, is expected to start testifying Tuesday after Wang.

Persons: Sam Bankman, Fried, FTX's, Gary Wang, Wang, “ FTX, ” Wang, FTX, Caroline Ellison Organizations: New, Alameda Research, Prosecutors, Bankman Locations: New York, Bahamas, Alameda

☆ Sex, Signal messages and sabotage: SBF's top execs and Bahamas roommates tell all in court
▼ + stars: | 2023-10-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

"Sam Bankman-Fried," he said. Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no.

Persons: Adam Yedidia, Sam Bankman, Jane Rosenberg, —, Gary Wang, Nicolas Roos, Wang, FTX, Nishad Singh, Caroline Ellison, Mr, Roos, Ellison, Fried, Reuters Wang, District Judge Lewis Kaplan, Singh, Yedidia, Bankman, Sam, Christian Everdell, he's, I'm, Matt Huang, Yuki Iwamura, Huang, Dawn Giel Organizations: Federal Court, Reuters, MIT, U.S, Alameda Research, District, Prosecutors, Bahamas Securities Commission, Massachusetts Institute of Technology, Google, Alameda, United, Paradigm, FTX, Bloomberg, Getty Locations: FTX, New York City, Bahamas, Manhattan, U.S, Alameda, Bahamian, New York, China, Minnesota, FTX's Hong Kong, Nassau, Bankman

☆ FTX co-founder Gary Wang agreed to cooperate in Sam Bankman-Fried case in his first meeting with prosecutors: 'I thought I was likely to be charged'
▼ + stars: | 2023-10-06 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Gary Wang agreed to cooperate with prosecutors in his first meeting with them. "I thought I was likely to be charged and I wanted to get a shorter prison sentence," he testified Friday. AdvertisementAdvertisementOne of his co-conspirators, he said on the witness stand Friday, was his FTX co-founder Bankman-Fried. On Friday, Wang said he wanted to cooperate with prosecutors because he knew what he did at FTX was wrong. "Customers did not agree for us to use their funds," Wang said.

Persons: Gary Wang, Sam Bankman, —, Fried, Wang, FTX, Bankman, Chelsea Jia Feng, he'd Organizations: Service, MIT, Alameda Research, Prosecutors, US, FBI, Alameda Locations: Manhattan, Bankman, FTX, Alameda, Bahamas

Prosecutors in the criminal trial against Sam Bankman-Fried shared photos of a condo he once lived in. The condo includes a rooftop pool, a floor-to-ceiling view of the ocean, two spas, and at least six bathrooms. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementProsecutors pointed to Sam Bankman-Fried's lavish lifestyle during the criminal trial against the FTX cofounder, sharing photos of the penthouse condo in the Bahamas Sam Bankman-Fried once lived in, which they claim was worth about $35 million. Take a look inside the condo where Bankman-Fried and his coworkers spent much of their time.

Persons: Sam Bankman, Fried, —, Bahamas Sam Bankman, Lewis Kaplan Organizations: Service, Alameda Research Locations: Bahamas

☆ Michael Lewis says being around Sam Bankman-Fried was a downgrade from his more materialistic life: 'The food was worse. The company was worse.'
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Michael Lewis, the author of "Going Infinite," said being around SBF was a lifestyle "downgrade." Lewis met Sam Bankman-Fried more than 100 times and interviewed his FTX colleagues for the book. So I always felt it was a downgrade moving into his world," Lewis told Emily Donaldson in a Wednesday report in The Globe and Mail, a Canadian newspaper. I would have had as much trouble with this crowd when I was 25," Lewis told Donaldson. Lewis told CBS's "60 Minutes" the crypto exchange would still be making "tons of money" if there hadn't been a run on customer deposits.

Persons: Michael Lewis, Lewis, Sam Bankman, —, Emily Donaldson, Fried, Donaldson, CBS's Organizations: Service, Canadian, Toyota Corolla, Bankman Locations: SBF, The Globe, Bahamas, Hong Kong

☆ Sam Bankman-Fried decided at the last minute he didn't want to speak at the World Economic Forum in Davos, leaving organizers scrambling
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was supposed to speak at the WEF's flagship event in Davos. However, he decided not to show up the night before the event, per Michael Lewis' biography on the disgraced FTX founder. Lewis wrote SBF would cancel on people "because he'd done some math in his head that proved that you weren't worth the time." "CEOs had flown to the Bahamas under the mistaken impression that Sam had agreed to buy their companies," Lewis wrote in his book. The World Economic Forum Annual Meeting is the organization's flagship event held at the end of each January in Davos, Switzerland.

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, SBF, —, Sam, It's, Mark Cohen Organizations: Service, Economic, Political, Bankman Locations: Davos, Davos —, Bahamas, Switzerland, Dubai

NEW YORK (AP) — Prosecutors went to the heart of their case against FTX founder Sam Bankman-Fried on Thursday as the company's co-founder began his testimony, telling a New York jury that he and Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year. Bankman-Fried, 31, who has been jailed since August, was brought to the United States from the Bahamas last December after he was charged in Manhattan federal court. Defense lawyers say Bankman-Fried had no criminal intent as he took actions to try to save his businesses after the cryptocurrency market collapsed. The others are Carolyn Ellison, Alameda Research's former chief executive and a former girlfriend of Bankman-Fried, and Nishad Singh, the former engineering director at FTX. He said he lived with Bankman-Fried and other top executives in June or July of 2022 when he told Bankman-Fried one day that he was concerned that Alameda owed FTX a large debt.

Persons: — Prosecutors, Sam Bankman, Fried, Gary Wang, Fried's, Wang, FTX “, ” Wang, Lewis A, Kaplan, Carolyn Ellison, Nishad Singh, Adam Yedidia, Bankman, “ Sam, ” Organizations: —, New, Alameda Research, FTX, Bankman Locations: New York, Alameda, United States, Bahamas, Manhattan, Bankman, Fried, China, Minnesota, FTX

☆ Former FTX developer says he confronted an 'anxious' Sam Bankman-Fried on Bahamas paddleball court while trying to fix bug that led to $8 billion hole
▼ + stars: | 2023-10-05 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

"The numbers seemed large to me," Yedidia testified Thursday in a federal court in downtown Manhattan. In a hut between paddleball courts, Yedidia expressed his concern to Sam Bankman-Fried, the CEO of FTX, who also controlled Alameda Research. AdvertisementAdvertisementA Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX in a courtroom last year. AdvertisementAdvertisementFormer FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court in New York City. In the Bahamas, top employees and their significant others in both companies shared a $35 million penthouse apartment that Alameda Research paid for.

Persons: Fried, Adam Yedidia, —, Yedidia, FTX, Sam Bankman, Yadidia, Bankman, Jane Rosenberg, Reuters Yedidia, Caroline Ellison, Michael M, Ellison, Gary Wang, Nishad Singh, Singh, Sam, Caroline, I'm Organizations: Alameda Research, Alameda, Service, MIT, rockstar, Reuters, Bankman, Manhattan Federal, FTX, United Arab Locations: Bahamas, Alameda, Manhattan, FTX, Alameda FTX, Bankman, New York City, Saudi Arabia, United Arab Emirates

☆ Premarket stocks: Bond investors are getting stung again this year. Here's why
▼ + stars: | 2023-10-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The surprisingly strong economy has led investors to worry that the Fed will keep rates higher for longer, which, in turn, drove US Treasury yields higher. As stocks have declined and bond yields have soared, bond prices have tanked, causing pain for investors who bet that the Fed would curtail its rate-hiking campaign earlier this year. Treasury yields rose to their highest level in over a decade earlier this week, before edging lower on a cooldown in employment data on Wednesday. Bond prices cratered in 2022 after the Fed began drastically raising near-zero rates to tame runaway inflation. US Treasury bond prices jumped earlier this year after the collapse of several regional lenders led traders to bet that the Fed would soon ease its aggressive pace of interest rate hikes.

Persons: ”, Noah Wise, Matt Miskin, FactSet, Miskin, Wise, doesn’t, you’re, ” Wise, Sam Bankman, Nathan Rehn, Allison Morrow, “, ” Rehn, Read, Samantha Murphy Kelly Organizations: CNN Business, Bell, CNN, Treasury, Dow Jones, Nasdaq, Allspring Global Investments, John Hancock Investment Management, Fed, US Treasury, Google Locations: Manhattan, Bahamas, New York City

NEW YORK, Oct 5 (Reuters) - Sam Bankman-Fried's college roommate and ex-colleague, Gary Wang, testified on Thursday at the FTX cryptocurrency exchange founder's fraud trial that Bankman-Fried told him to give a hedge fund they co-owned special trading privileges on FTX. The special privileges granted to the hedge fund, Alameda Research, included a $65 billion line of credit, several orders of magnitude bigger than the amount other users were able to borrow, he said. He added that Bankman-Fried had directed him to implement the changes giving Alameda special privileges. Wang, 30, is the first of three former close associates of Bankman-Fried to testify at the trial, which began on Tuesday. Wang said Bankman-Fried decided to name the firm Alameda Research because it "makes it easier to do business if the name doesn't mention trading or cryptocurrency."

Persons: Sam Bankman, Gary Wang, Fried, Wang, FTX, FTX's, Mark Cohen, Matt Huang, Huang, Bankman, Nishad Singh, Caroline Ellison, Alameda's, Adam Yedidia, Yedidia, Sam, Joseph Bankman, Barbara Fried, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Alameda Research, Alameda, Massachusetts Institute of Technology, Prosecutors, MIT, Stanford Law, Thomson Locations: Alameda, tatters, Manhattan, FTX, China, United States, Bahamas, Yedidia, New York

NAIROBI, Kenya (AP) — Kenyan lawmakers said Wednesday that parliamentary approval is required before the deployment of police to the Kenya-led peacekeeping mission in Haiti to combat gang violence that was approved by the U.N. Security Council this week. Opposition lawmaker Anthony Oluoch told a session of Parliament's lower house that the conditions for foreign deployment hadn't been met under the National Police Act. The Kenya-led mission would be the first time in almost 20 years that a force would be deployed to Haiti. The upcoming mission would be led by Kenya, with Jamaica, the Bahamas and Antigua and Barbuda also pledging personnel. The non-U.N. mission would be reviewed after nine months and be funded by voluntary contributions, with the U.S. pledging up to $200 million.

Persons: Anthony Oluoch, hadn't, ”, Junet Mohamed, William Ruto, “, Joe Biden, Ruto, Nelson Koech, ” Koech, Kimani Ichung’wah, Alfred Mutua, Mutua Organizations: —, . Security, National Police, Kenyan, Security, Multinational Security, Kenyan Constitution, Associated Press, U.S, Kenyan Foreign Locations: NAIROBI, Kenya, Haiti, East Africa, Shabab, Jamaica, Bahamas, Antigua, Barbuda

NEW YORK (AP) — The final stages of jury selection resumed Wednesday at the fraud trial of FTX founder Sam Bankman-Fried in New York City. Opening statements were expected to begin by the early afternoon in Manhattan federal court, where Bankman-Fried has entered not guilty pleas to seven charges. Prosecutors say the California man defrauded thousands of investors and customers in his businesses by siphoning off their money for his own uses. Defense lawyers insist that their client had no criminal intent as he became famous in the crypto world while growing FTX and a related business, Alameda Research, into multibillion dollar heavyweights in the cryptocurrency industry. Originally under house arrest for nearly eight months, his $250 million bond was revoked and he was jailed in August after a judge concluded he’d tried to influence trial witnesses.

Persons: Sam Bankman, Fried, Judge Lewis A, Kaplan, FTX, ”, he’d Organizations: Prosecutors, Alameda Research Locations: New York City, Manhattan, California, Alameda, United States, Bahamas

☆ Notoriously scruffy Sam Bankman-Fried gets a makeover for his criminal trial with a new haircut and suit
▼ + stars: | 2023-10-04 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried reportedly got a haircut from a fellow inmate for the first day of his criminal trial. The disgraced crypto entrepreneur is famous for his messy hair and casual dress sense. AdvertisementAdvertisementSam Bankman-Fried is famous for his unkempt curls and casual dress sense – but for the first day of his criminal trial in court, he brushed up his image. Bankman-Fried reportedly entered the courtroom with a new close-cut haircut and a freshly-pressed suit, according to CNBC. Sam Bankman-Fried is famous for his casual dress sense.

Persons: Sam Bankman, Fried, SBF, —, Caroline Ellison, Gary Wong, FTX's, Lam Yik, Bill Clinton, Tony Blair, Anthony Scaramucci Organizations: Service, CNBC, Alameda Research, Bloomberg, Getty, British Locations: Brooklyn, Alameda, Bahamas

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

☆ Sam Bankman-Fried’s crypto empire was ‘built on lies,’ US prosecutor says
▼ + stars: | 2023-10-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In their opening statements to a newly sworn-in jury in Manhattan federal court, lawyers laid out previews of their cases, offering two divergent narratives for the collapse of Sam Bankman-Fried’s crypto empire. The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year. But as his own lawyer, Mark Cohen, stepped up to speak, Bankman-Fried’s demeanor softened and his focus shifted to the jury box. “Sam didn’t defraud anyone,” he told jurors, arguing that his client acted in good faith throughout the rise and fall of his startups. Legal experts say Bankman-Fried’s lawyers have their work cut out for them.

Persons: Sam Bankman, Thane Rehn, ” Rehn, Fried, “, ”, Elizabeth Williams, Rehn, Mark Cohen, Cohen, Sam didn’t, Sam, ” Cohen, FTX’s, FTX, “ It’s Organizations: New, New York CNN, Prosecutors Locations: New York, Manhattan, Bahamas

☆ As police arrived at Sam Bankman-Fried's house, his mom was texting him insisting that he wear long pants to get arrested, instead of his usual cargo shorts
▼ + stars: | 2023-10-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was arguing with his mom over texts from a bathroom when police arrived to arrest him, per Michael Lewis. While SBF's mom wanted him to wear long pants to jail, and he insisted on staying in his cargo shorts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With law enforcement in the living room, Lewis writes that Bankman-Fried was in the bathroom tapping away at his phone and arguing with his mom, Barbara Fried. Fried wanted her son to wear long pants as he was taken in, but he was intent on staying in his characteristic cargo shorts.

Persons: Sam Bankman, Fried, Michael Lewis, FTX's, —, Lewis, George Lerner, Sam, Gary Wang, Caroline Ellison, Barbara Fried Organizations: Service Locations: Bahamas

☆ Sam Bankman-Fried trial: A jury has been selected and opening statements will soon begin
▼ + stars: | 2023-10-04 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

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's old penthouse roommate insisted on immunity before testifying because he feared he unwittingly facilitated a crime
▼ + stars: | 2023-10-04 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +5 min

Yedidia insisted on immunity to testify because he was worried he may have facilitated a crime. AdvertisementAdvertisementBefore Adam Yedidia could testify against Sam Bankman-Fried at the FTX cofounder's criminal trial, he needed reassurances. AdvertisementAdvertisementThis courtroom sketch shows Adam Yedidia, former FTX and Alameda Research employee and former friend of Sam Bankman-Fried, testifying, Wednesday, Oct. 4, 2023. In 2017, he worked at Alameda Research for two months as a trader before leaving to pursue a PhD. Yedidia said he lived in a $35 million penthouse apartment in the Bahamas, which he said Alameda Research purchased at Bankman-Fried's direction.

Persons: Sam Bankman, Adam Yedidia, Yedidia, —, Fried, Elizabeth Williams, Lewis Kaplan, who's, Caroline Ellison, Gary Wang, Prosecutors, Wang, Yedida Organizations: Service, Prosecutors, Alameda Research, AP, MIT Locations: Alameda, Manhattan, FTX, Bankman, Bahamas

☆ SBF's attorney tried to blame the FTX collapse on the turbulence of cryptocurrency in general
▼ + stars: | 2023-10-04 | by ( Lloyd Lee | Katie Balevic | ) www.businessinsider.com time to read: +4 min

Prosecutors now say that Sam Bankman-Fried committed fraud and conspiracy when he oversaw FTX. AdvertisementAdvertisementThe collapse of FTX in 2022 wasn't the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried's attorney argued on Wednesday. His attorney, Mark Cohen, argued during opening statements on Wednesday that Bankman-Fried never intended to defraud anyone or mislead customers to get them to invest in FTX. For the first time since 2021, the crypto market overall was worth less than $1 trillion by June 2022. That kind of turbulence is precisely what can overwhelm burgeoning companies like FTX, Cohen tried to argue.

Persons: Sam Bankman, Fried, SBF, —, Bankman, Mark Cohen, Cohen, Sam, FTX, Sheila Warren, Qiao Wang Organizations: Prosecutors, Service, Alameda Research, Crypto, Innovation, New York Times, Alliance Locations: FTX, Manhattan, Bahamas

☆ Sam Bankman-Fried said he had to teach himself human facial expressions, like smiling
▼ + stars: | 2023-10-04 | by ( Kylie Kirschner | Grace Kay | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried had to teach himself how to make facial expressions, Michael Lewis writes in his new book. The FTX cofounder questioned the whole point of making facial expressions in the first place, Lewis said. "One is facial expressions. Lewis writes that Bankman-Fried questioned the entire premise behind making facial expressions entirely: "What's the whole point of making facial expressions in the first place? AdvertisementAdvertisementBankman-Fried apparently found comfort at math camp, where "people didn't seem to care about his lack of facial expressions," and with childhood friend Matt Nass, who "didn't need Sam to generate facial expressions or ask him questions about himself."

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, FTX, —, Matt Nass, Sam, Caroline Ellison, Ellison, JANE ROSENBERG Organizations: Service, Alameda Research, Bankman, Reuters Locations: New York, FTX, Bahamas

☆ Sam Bankman-Fried case: The FTX criminal fraud trial begins today. Here's everything you need to know.
▼ + stars: | 2023-10-03 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +13 min

Sam Bankman-Fried's criminal fraud trial begins in federal court today. According to prosecutors, Bankman-Fried commingled funds between FTX, where he was CEO, and Alameda Research, a hedge fund he also controlled. In the months since, prosecutors have brought several superseding indictments, slapping on more criminal charges. AP Photo/Mary AltafferIn addition to the criminal case against Bankman-Fried, the fallout of FTX's collapse has created a fountain of complicated lawsuits and legal maneuvers. The Securities and Exchange Commission has a civil case against Bankman-Fried alleging he "orchestrated a massive, years-long fraud."

Persons: Sam Bankman, SBF, —, FTX, Fried, Tom Brady, Gisele Bündchen, Stephen Curry, Naomi Osaka, Larry David, Kevin O'Leary, Caroline Ellison, He's, Michael Lewis, guarantors, Lewis Kaplan, Jane Rosenberg, Kaplan, Bankman, Ellison, messaged, Eduardo Munoz, Mark S, Cohen, Christian Everdell, Ghislaine Maxwell, Maxwell, They're, Danielle Sassoon, Nicholas Roos, who's, Joe Lewis, Jean Carroll, Donald Trump, Trump, Bill Clinton, Gambino, Prince Andrew, Mary Altaffer, SBF's, Joseph Bankman, Barbara Fried, Gary Wang —, Nishad Singh, Ryan Salame, Cohen wearily, there's Organizations: Prosecutors, Service, Alameda Research, Miami Heat's, The New York Times, Metropolitan Detention, US, Office, Southern, Bankman, Manhattan Federal Court, REUTERS, Washington , D.C, Supreme, AP, Securities, Exchange Commission, Stanford University Locations: FTX, Manhattan, America, Palo Alto , California, New York, Bahamas, Washington ,, Joaquín, Bankman, Guantanamo, Alameda

Search resuls for: "Bahamas"

25 mentions found