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☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Top US bankruptcy judge resigns following revelation of undisclosed romantic relationship
▼ + stars: | 2023-10-15 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +4 min

Insider recently revealed that prominent bankruptcy judge David Jones was in a romantic relationship with a bankruptcy attorney. Both Jones and the attorney had involvement with the bankruptcy case of the prison healthcare company Corizon. Jones oversaw the settlement talks in Tehum's bankruptcy; Freeman represented YesCare — and signed off on Jones' appointment as mediator in May. "Judge Jones did not disclose his relationship with Ms. Freeman to the parties, to their counsel or to the bankruptcy judge who appointed Judge Jones," the misconduct complaint says. Already, the disclosure of Jones' relationship has encouraged the US Trustee to intervene.

Persons: David Jones, Jones, —, –, Elizabeth Freeman, Jackson Walker, Freeman, Corizon, Tehum, YesCare —, Michael Van Deelen, Priscilla Richman, Richman, Judge Jones, Christopher Lopez, " Jones Organizations: Fifth, Service, Southern, Southern District of Texas, Corizon Health, Tehum Care Services, Wall Street Journal, Appeals, Circuit, Fifth Circuit, Bloomberg Locations: Southern District, Texas, Corizon, Tehum's

U.S. Bankruptcy Judge David Jones, who oversees more major Chapter 11 cases than any other U.S. judge, is seen in a screenshot from video shot during a virtual interview with Reuters done from Houston, Texas, U.S. December 11, 2020. Jones had already stepped back from overseeing large bankruptcy cases and began reassigning them to two other judges on the court. Until December 2022, Freeman had been a partner at Jackson Walker, a local law firm that filed many cases in Jones' Houston courthouse. Ethics experts have said the undisclosed relationship casts doubt on the integrity of Jones' court. "From the time we first learned of this allegation Ms. Freeman was instructed not to work or bill on any cases before Judge Jones.

Persons: David Jones, Randy Crane, Jones, Elizabeth Freeman, Freeman, Jackson Walker, Judge Jones, Shubhendu Deshmukh, Bill Berkrot, Alexia Garamfalvi Organizations: Reuters, REUTERS, Staff, U.S . Chief U.S, District, Southern, Southern District of Texas, Circuit, McDermott International, Tehum Care Services, U.S . Trustee, Department of, Thomson Locations: Houston , Texas, U.S, Houston, Southern District, New Orleans, Jones ' Houston, Debtwire, Bengaluru

☆ Prominent bankruptcy judge David Jones recused from cases, under investigation after exposure of undisclosed romantic relationship
▼ + stars: | 2023-10-13 | by ( Nicole Einbinder | Dakin Campbell | Esther Kaplan | ) www.businessinsider.com time to read: +7 min

Last week, Insider revealed that prominent bankruptcy judge David Jones was in a romantic relationship with a bankruptcy attorney. The Office of the US Trustee, the bankruptcy regulator, has filed an objection in the Corizon bankruptcy case, citing Jones' "admissions." The Office of the US Trustee intervenesToday the Office of the US Trustee, the federal regulator that oversees bankruptcy cases, took the unusual step of intervening in the bankruptcy case. AdvertisementAdvertisementThe office filed multiple objections to the proposed settlement plan overseen by Judge Jones, including concerns about Jones' role as mediator. The bankruptcy plan breaks creditors down into several classes.

Persons: David Jones, Jones, —, Elizabeth Freeman, Freeman, Corizon, Tehum, Michael Van Deelen, didn't, he'd, Harris, Marvin Isgur, Christopher Lopez, Lopez, Judge Jones, Hector Garcia Jr, Hector Garcia, they're, Lila Hassan Organizations: Fifth Circuit, Service, Southern, Southern District of, Court, Fifth, Tehum Care, Wall Street Journal, Houston, Corizon Locations: Southern District, Southern District of Texas, Texas, YesCare, New Mexico

WASHINGTON, Oct 12 (Reuters) - U.S. prosecutors say an Israeli private investigator used hackers to steal emails from climate activists who were campaigning against American energy giant Exxon Mobil Corp (XOM.N). Prosecutors stopped short of stating a connection between the Israeli private eye – former policeman Aviram Azari – and Exxon, and the memo did not identify any of his clients. Victims say that leaves a key question unanswered. Exxon pushed back, filing lawsuits that cited press articles, which suggested the activists were using underhanded tactics. “Azari facilitated the hacking scheme by directing groups of hackers, including a particular group of individuals based in India, to target specific victims,’” prosecutors wrote.

Persons: Damian Williams, parry, Prosecutors, Aviram Azari, Kert Davies, Paul Weiss, Bradley Campbell, Williams, Azari, Barry, “ Azari, ’, Raphael Satter, Christopher Bing, Leslie Adler, Richard Chang Organizations: U.S, Exxon Mobil Corp, Southern, of, Exxon, Climate Integrity, Natural Resources, Conservation Law Foundation, Exxon Mobil, Reuters, Thomson Locations: of New York, New York, Massachusetts, India, United States

☆ AMC CEO says he was the victim of an extortion plot
▼ + stars: | 2023-10-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Adam Aron, the CEO of AMC Entertainment, admitted Thursday that he was a “victim of an elaborate criminal extortion” plot. On X, Aron continued that following a “vigorous federal criminal investigation,” the perpetrator was convicted this past summer. He also said that the incident was “entirely a personal matter” and that he informed the AMC’s board of directors, as well as reviewed the events with an independent outside counsel. Aron said that the “matter is closed,” and he remains the CEO of AMC. AMC’s board of directors said in a statement to CNN that it had “determined it was a personal matter, and considers the issue resolved.”

Persons: New York CNN — Adam Aron, “, Aron, Semafor, of New York, Sakoya Blackwood, wasn’t, Thursday’s, Blackwood, ” Organizations: New, New York CNN, AMC Entertainment, US, Office, Southern, of, CNN, AMC Locations: New York, of New

☆ Movie theater giant AMC's boss Adam Aron revealed as the mystery CEO who fell victim to a catfish blackmail scheme he called an 'elaborate criminal extortion'
▼ + stars: | 2023-10-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

A woman was last year indicted after catfishing an anonymous CEO and threatening to release sexually explicit photos. Semafor reported Thursday that the CEO was Adam Aron, boss of movie theater giant AMC. Aron confirmed the report in a post on X, saying he was "the victim of an elaborate criminal extortion." Soon after Semafor reported that Aron was the victim in the case, he confirmed the news in a post on X. The following day, Blackwood then asked him to send sexually explicit photos, and he complied — including sending one of him with another woman — prosecutors said.

Persons: Semafor, Adam Aron, Aron, —, Blackwood, Mia Organizations: AMC, Service, Prosecutors, of New York Locations: Southern

☆ 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

☆ Lawsuit alleges undisclosed relationship involving federal judge that could cloud Corizon bankruptcy deal
▼ + stars: | 2023-10-06 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +7 min

A civil complaint alleges that federal bankruptcy judge David Jones, who mediated the Tehum bankruptcy, is in a romantic relationship with Elizabeth Freeman, who represented YesCare in the bankruptcy. Van Deelen's case was ultimately "removed" to Jones' bankruptcy court, according to Van Deelen's complaint. The document alleges that, while working the McDermott case, Freeman was Jones' "live-in girlfriend" in a home worth more than a million dollars. According to the complaint, the letter detailed the "corruption involving Judge David R. Jones" and his romantic relationship with Freeman. Judge Marvin Isgur, another bankruptcy judge in the court, later denied it.

Persons: Tehum, —, Corizon, David Jones, Elizabeth Freeman, Isaac Lefkowitz, Freeman, Jones, Michael Van Deelen, Christopher Lopez, Van Deelen's, Michael Van Deelen Frank Ozment, Tracy Grissom, Ozment, YesCare, Deelen's, McDermott, Van Deelen, Jackson Walker, Liz Freeman, Defendant Jones, Matt Cavenaugh, didn't, David R, Marvin Isgur Organizations: Service, Southern, Southern District of, YesCare Corp, US, McDermott International Locations: Texas, YesCare, Tehum, Southern District, Southern District of Texas, Alabama, Houston, Coldspring

☆ Donald Trump is dropping his $500 million lawsuit against his ex-lawyer-turned-enemy Michael Cohen
▼ + stars: | 2023-10-06 | by ( Matthew Loh | Sonam Sheth | ) www.businessinsider.com time to read: +3 min

Donald Trump is dropping his $500 million lawsuit against his former fixer Michael Cohen. Trump's legal team on Thursday filed a notice that he would be "voluntarily dismissing" the suit. AdvertisementAdvertisementFormer President Donald Trump on Thursday filed to dismiss his $500 million lawsuit against his former attorney, Michael Cohen. Trump sued Cohen in federal court in April, with his lawyers accusing the latter of "spreading falsehoods" about the former president. October 6, 2023: This story was updated to include a statement from a spokesperson for Trump's campaign.

Persons: Donald Trump, Michael Cohen, Cohen, —, Trump, Stormy Daniels, Daniels Organizations: Service, Trump, Court, Southern, Southern District of, of Locations: Southern District, Southern District of Florida, of New York

Michael Cohen, former attorney for former U.S. President Donald Trump, arrives to the New York Courthouse in New York City, U.S., March 15, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsWASHINGTON/ NEW YORK, Oct 5 (Reuters) - Former U.S. President Donald Trump filed a notice to voluntarily dismiss his $500 million lawsuit against his ex-lawyer Michael Cohen, a court filing showed on Thursday. Trump had sued Cohen in April seeking at least $500 million in damages from his onetime loyal "fixer" after Cohen testified before a Manhattan grand jury that indicted Trump. Cohen's legal team welcomed Trump's filing to dismiss the lawsuit. Trump's lawsuit accused Cohen of violating rules governing lawyers' conduct by revealing his "confidences" and "spreading falsehoods" in books, podcasts and media appearances.

Persons: Michael Cohen, Donald Trump, Eduardo Munoz, Trump, Cohen, Plaintiff, Donald J, Stormy Daniels, Joe Biden's, Kanishka Singh, Sandra Maler, Michael Perry Organizations: New, REUTERS, WASHINGTON, Former U.S, Southern, Southern District of, Democratic, White, Trump, Republican, New York Times, Thomson Locations: New York City, U.S, Former, Manhattan, Southern District, Southern District of Florida, Washington

☆ It’s Their Job to Put Sam Bankman-Fried in Prison
▼ + stars: | 2023-10-05 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

A handful of assistant U.S. attorneys in the Southern District of New York have come to work for much of the past year to do something that many people around the world can only dream about: They get to make the case against Sam Bankman-Fried .

Persons: Sam Bankman Organizations: of Locations: Southern, of New York

NEW YORK (AP) — Donald Trump has dropped his $500 million lawsuit against Michael Cohen, his former lawyer and fixer who is now a key witness in a criminal case against him, Cohen and a Trump spokesperson said Thursday night. Trump has also accused Cohen of breaking a confidentiality agreement that he signed as a condition of his employment. That testimony was originally set for Oct. 3, but Trump rescheduled so he could attend the first three days of a separate New York civil fraud trial. A Trump spokesperson said Trump had decided “to temporarily pause" the suit against Cohen as he mounts another campaign for the White House and fights criminal charges in four separate jurisdictions, but said he would refile at a later date. “My legal team and I now look forward to turning our full attention to holding Mr. Trump accountable for his latest abuse of the legal system.

Persons: — Donald Trump, Michael Cohen, Cohen, Trump, “, ” Cohen Organizations: Trump, GOP, White, Columbus, Washington D.C, Southern, of Locations: New York, Florida, York, Great State of New Hampshire, Washington, Georgia, of New York, Miami

☆ Woman pleads guilty in $1.6 million counterfeit Series I savings bond scheme
▼ + stars: | 2023-10-05 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — A woman pled guilty to helping process more than $1.6 million in counterfeit Treasury Department Series I savings bonds through financial institutions around the country, the U.S. Department of Justice announced Thursday. Summer Marie Creech, 45, of Fontana, California, entered a guilty plea Wednesday for conspiracy to make, pass and transfer counterfeit U.S. securities and passing counterfeit U.S. securities. Creech forged counterfeit bonds using authentic bond numbers and sent them to co-conspirators who used stolen identification to negotiate the forgeries at financial institutions in the Southern District of Texas and other locations, according to the DOJ. Lewis pled guilty May 1 to passing counterfeit bonds through banks in the Houston and Brownsville areas of Texas, U.S. Immigration and Customs Enforcement announced. Series I bonds rose in popularity as the country experienced a period of high inflation during the Covid-19 pandemic.

Persons: WASHINGTON —, Summer Marie Creech, Creech, Creech's, Daniel Alan Lewis, Lewis Organizations: U.S . Department of Justice, Southern District of, DOJ, Immigration, Customs Enforcement Locations: Fontana , California, Southern District, Southern District of Texas, Houston, Brownsville, Texas, U.S

☆ US SEC cannot appeal Ripple Labs decision, judge rules
▼ + stars: | 2023-10-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FILE PHOTO: A representation of cryptocurrency Ripple is seen in this illustration taken August 6, 2021. Torres said Rakoff had been considering Terraform’s motion to dismiss the SEC case, and was required to accept all reasonable inferences in the regulator’s favor. A trial in the Ripple case is scheduled for April 23, 2024. In its December 2020 lawsuit, the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The case is SEC v Ripple Labs Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Dado Ruvic, Analisa Torres, Torres, Jed Rakoff, Rakoff, Brad Garlinghouse, Chris Larsen, Ripple Organizations: YORK, U.S . Securities, Exchange Commission, Ripple Labs, REUTERS, District, SEC, U.S, Terra, Binance, Court, Southern District of Locations: Manhattan, U.S, Southern District, Southern District of New York

Florida said the White House is conditioning transportation funding on the state's agreement not to enforce provisions that the Secretary of Labor believes undermine collective bargaining. Acting Labor Secretary Julie Su, Transportation Secretary Pete Buttigieg and their respective agencies are among the defendants. The Labor Department did not immediately respond to a request for comment. "Florida passed laws to protect workers from being strong-armed by unions," Republican state Attorney General Ashley Moody said in a statement. "We're pushing back against this overreach to protect our state's autonomy and Florida workers."

Persons: Andrew Kelly, Biden, Ron DeSantis, Bill, Julie Su, Pete Buttigieg, General Ashley Moody, Donald Trump, Jonathan Stempel, David Gregorio Our Organizations: Department of Labor, Washington , D.C, REUTERS, Republican, Labor, U.S . Department, Department of Transportation, Labor Department, Florida Education Association, Democrat, Court, Southern District of, Thomson Locations: Washington ,, Florida, paychecks, U.S, Southern District, Southern District of Florida, New York

☆ Rudy Giuliani is suing Joe Biden, saying the president tarnished his 'unimpeachable character' by calling him a 'Russian pawn' in 2020
▼ + stars: | 2023-10-04 | by ( Grace Eliza Goodwin | John L. Dorman | ) www.businessinsider.com time to read: +4 min

Rudy Giuliani is suing Joe Biden, accusing the president of defaming him three years ago. The suit says Biden harmed Giuliani's reputation by calling him a "Russian pawn" in October 2020. The suit references the "sterling and unimpeachable character" that Giuliani says he earned from his public service. AdvertisementAdvertisementFormer New York City mayor Rudy Giuliani has filed a defamation lawsuit against President Joe Biden, alleging that the commander-in-chief tarnished his "unimpeachable character" by calling him a "Russian pawn" during an October 2020 presidential debate. Giuliani's attorneys then proceeded to list Giuliani's career accomplishments as proof of his positive reputation, referencing his "sterling and unimpeachable character."

Persons: Rudy Giuliani, Joe Biden, Biden, Giuliani, —, Donald Trump, Defendant Biden, Antony Blinken, Hunter, Trump, baselessly, Giuliani —, Inisder Organizations: Service, New York City, Southern, of, York City's Locations: Merrimack Superior Court, New Hampshire, of New York, York, Arizona, Georgia

☆ Bankman-Fried circus will be a singular clown show
▼ + stars: | 2023-10-04 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.

Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New

☆ Sen. Bob Menendez on potential resignation: 'We will announce it when it comes time'
▼ + stars: | 2023-10-04 | by ( Emma Kinery | ) www.cnbc.com time to read: +1 min

US Senator Bob Menendez, Democrat of New Jersey, and his wife Nadine Arslanian, arrive at the US District Court, Southern District of New York, in New York City on September 27, 2023. WASHINGTON — Sen. Bob Menendez of New Jersey on Wednesday seemed to open the door to resigning over his bribery indictment after having previously flatly ruled out leaving the Senate for that reason. Asked by NBC News if he was planning to resign, Menendez replied that he "will announce it when it comes time." Menendez until Wednesday had said he would not resign despite most Senate Democrats calling on him to do so. He, his wife, and the trio of businessmen are set to go on trial beginning May 6.

Persons: Bob Menendez, Nadine Arslanian, WASHINGTON — Sen, Menendez, Nadine Organizations: Democrat, Court, Southern District of, Bob Menendez of New, Senate, NBC News, Democratic, Wednesday Locations: New Jersey, Southern District, Southern District of New York, New York City, Bob Menendez of, Bob Menendez of New Jersey, Manhattan, Jersey

The shareholders also said they sold Twitter shares at artificially low prices because Musk hid what he was doing. Carter said he could not infer that Musk was "too busy" to comply with SEC rules if he could find time to buy Twitter shares, meet with company executives, and post online about Twitter. Musk bought Twitter for $44 billion last October. Twitter shares rose 27% on April 4, 2022, to $49.97 from $39.31, after Musk revealed his 9.2% stake. The case is Oklahoma Firefighters Pension and Retirement System v. Musk et al, U.S. District Court, Southern District of New York, No.

Persons: Elon Musk, Chuck Schumer, Leah Millis, Andrew Carter, Musk, Carter, Katie Sinderson, Jonathan Stempel, Will Duham Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Twitter, District, U.S . Securities, Exchange, SEC, Oklahoma Firefighters, Court, Southern District of, Thomson Locations: Washington , U.S, U.S, Manhattan, Oklahoma, Southern District, Southern District of New York, New York

☆ A fresh haircut and ready for court: Day one of Sam Bankman-Fried's criminal trial
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Journalists stood alongside dozens of New York residents clutching jury summonses as they queued in two different security lines. The day started slowly, as the jury selection process didn't get going until nearly 11 A.M. with a break for lunch before 12:30 P.M. Kaplan told Bankman-Fried to rise in court in order to indicate his desire to take the stand in his own defense. The first step in the six-week trial is assembling a 12-person jury, plus a few alternates. District Judge Kaplan instructed the court that he would be asking all of the questions, though the list had been drafted with feedback from lawyers on both sides.

Persons: Sam Bankman, Fried, he's, FTX, District Judge Lewis Kaplan, Lewis Kaplan —, Kaplan, —, Bankman, Caroline Ellison, Gary Wang, Ellison, Wang, Judge Kaplan, Joe Rogan, Dawn Giel Organizations: District, Federal Court, Southern, of, MIT, Alameda Research, U.S, Insight Partners Locations: New York, Brooklyn, FTX, New York City, U.S, York, Manhattan, Alameda, Maui

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ FTX cofounder Gary Wang is set to testify against his childhood friend Sam Bankman-Fried. Here's what we know.
▼ + stars: | 2023-10-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . AdvertisementAdvertisementWhen Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google. The tight group of executives reportedly included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO, and Nishad Singh, FTX's former director of engineering. But at FTX, Wang was a somewhat reclusive figure, per reports. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

Persons: Gary Wang, Wang, Sam Bankman, —, Bankman, MIT Wang, Wang's, Cherry Hill, Hector, Fried, Caroline Ellison, Nishad Singh, FTX's, Nishad, Gary, Singh, FTX, Ellison, Damian Williams, Ilan Graff, Sundar Organizations: Service, MIT, Bloomberg, Eastside, Epsilon Theta, Google, Forbes, Alameda Research, Court, District of, Sydney Morning Herald, Street Journal, Southern, of New York, Securities and Exchange Commission Locations: Oregon, Cherry Hill, New Jersey, China, Bahamas, Alameda, District of Delaware, FTX

NEW YORK (AP) — For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. The trial of Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, will begin Tuesday with jury selection. Political Cartoons View All 1190 ImagesThe 31-year-old Bankman-Fried founded FTX in 2019, and it grew rapidly. Bankman-Fried is expected come face-to-face with his former lieutenants at FTX for the first time since its collapse. She has previously said in a statement through her lawyers that she knew funneling FTX customers' money into Alameda was wrong.

Persons: Sam Bankman, Fried, Bernie Madoff, ”, Michael Zweiback, Zweiback, Zalduendo, FTX, SBF ”, J.P, Morgan, Tiger Woods, Justin Timberlake, Bankman, John Ray III, Caroline Ellison, Gary Wang, Ryan Salame, Salame, Ellison, funneling, Christine Adams, Adams, Andrew Ross Sorkin, Judge Lewis A, Kaplan, Changpeng Zhao, Larry Neumeister Organizations: Southern, of, Republicans, “ Prosecutors, Zalduendo LLP, Stanford University, Alameda Research, Alameda, Enron, FTX, Bankman, Prosecutors, The New York Times, NFTs, Securities and Exchange Commission, Binance, SEC Locations: Morgan, of New York, Washington, cryptocurrencies, Silicon Valley, FTX, The Bahamas, Albany, Alameda, Bahamas, New York, Palo Alto , California

☆ Joe Biden has a decision to make about Julian Assange
▼ + stars: | 2023-10-01 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +26 min

A small group of lawyers and media executives gathered in a well-appointed back room to listen to Gabriel Shipton, Assange's half-brother. In the case of Vault 7, WikiLeaks' source turned out to be a disgruntled former C.I.A employee. AdvertisementAdvertisementIn New York, Gabriel Shipton, Assange's half-brother, declined to rule out the possibility of a plea deal. Every time the Australian government raises this issue, the Chinese government puts out a statement about Julian Assange. Senator Peter Whish-Wilson, right, was part of a delegation of Australian officials in the US to press for the release of Julian Assange.

Persons: Julian Assange, Assange, Gabriel Shipton, Tucker Carlson, Tucker, Shipton, he'd, Anthony Albanese, Joe Biden, Monique Ryan, Albanese, Mike Pompeo, Caroline Kennedy, Der Spiegel, El Pais, David Hicks, Julian, John Shipton, Assange's, John, Gabriel, Brett Assange, Peter Whish, Wilson, We've, Robert Carr, Chelsea Manning's, Obama, We're, Cheng Lei, —, Chelsea Manning, Manning, What's, Julian Assange's, John MacDougall, …, they'd, he's, John Young, Laura Poitras's, Mueller, Robert Mueller's, John Podesta's, Bernie Sanders, John Koeltl, They've, Donald, Trump, we've, James Comey, Hillary Clinton, He's, I'm, Yevgeny Prigozhin's Wagner, I've, Putin, exfiltrate Assange, Julian wasn't, Dana Rohrabacher, Rohrabacher, Jennifer Robinson, Tracey Nearmy, we'd, Marjorie Taylor, Greene, Antony Blinken, Biden, Mattathias Schwartz Organizations: United Nations General Assembly, WikiLeaks, Washington Post, Washington, DOJ, The Washington, Australia's Labor Party, New, Biden, Senate Intelligence, Justice Department, New York Times, Guardian, Chelsea, Pentagon, Getty, Justice, The State Department, Laura Poitras's WikiLeaks, State Department, DNC, Democratic, Committee, Democratic National Convention, of, Russian Federation, Novaya Gazeta, Trump, CIA, The Justice Locations: New York, London, Assange's, Pacific, Ecuadorian, Washington, Russia, Australia, Shipton, Brig, Chelsea, Iraq, Australian, China, American, Moscow, Getty Shipton, … Shipton, Cryptome, There's, Southern, of New York, Russian, Ukrainian, Ukraine, Panama, schwartz79@protonmail.com

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