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SPRINGFIELD, Ill. (AP) — Former Illinois lawmaker and gubernatorial candidate William “Sam” McCann abruptly pleaded guilty on Thursday to nine felony counts of wire fraud, money laundering and tax evasion, halting his federal corruption trial over misusing up to $550,000 in campaign contributions. The seven counts of wire fraud and single count of money laundering each carry a sentence of up to 20 years in federal prison. But a complex set of advisory guidelines before Lawless, who set sentencing for June 20, will likely yield a far shorter term. “Are you pleading guilty because you are in fact guilty?” Lawless asked. McCann's trial was repeatedly delayed.

Persons: William “ Sam ” McCann, McCann, Colleen Lawless, Jason Vincent, Lawless, ” Lawless, he’s, “, Timothy Bass, McCann's, “ God's, McCann didn't, Vincent, Instagram, Michael Madigan, ’ ” McCann, I’m, ’ Organizations: Ill, Former Illinois, U.S, Conservative Party of Illinois, International Union of Operating Engineers, FBI, IRS Locations: SPRINGFIELD, Springfield, ”, St, Louis

EMPIRE, Mich. (AP) — A man accused of diverting a national park river to ease boat access to Lake Michigan has been convicted of two misdemeanors. Andrew Howard of Frankfort was found guilty of tampering and vandalism Wednesday during a brief trial in front of U.S. Magistrate Judge Ray Kent. In August 2022, a National Park Service ranger witnessed Howard digging with a shovel so the Platte River in the Sleeping Bear Dunes National Lakeshore would be diverted into one of the Great Lakes, prosecutors said in a court filing. U.S. Attorney Mark Totten said Howard had a policy dispute with the National Park Service and “took matters into his own hands.”The Park Service no longer dredges the Platte River. As a result, sediment and sand build up, reducing the ability to get boats to Lake Michigan.

Persons: Andrew Howard of Frankfort, Judge Ray Kent, Howard, Lauren Biksacky, Attorney Mark Totten, “ Organizations: U.S, National Park Service, Associated Press, Attorney, Service Locations: Mich, Lake Michigan, Platte

But the judge angrily told prosecutors that their questions to the witness had crossed the line. Jam Master Jay, born Jason Mizell, was shot dead in his recording studio on Oct. 30, 2002. After lengthy discussion, DeArcy Hall decided the trial could continue, with a caveat: She told jurors to disregard the two questions and their answers. Misorek was cleared to ask whether Washington “said anything else about Jam Master Jay's murder.”“Um, he just said that he killed him,” McDonald said, and that answer was allowed to stand. Prosecutors and an eyewitness say Jordan shot the rap star while Washington stood at the door and brandished a gun.

Persons: Jay, LaShann DeArcy, Jason Mizell, Ronald Washington, Karl Jordan Jr, Daynia McDonald, Mizell, Washington, “, ’ ”, Mark Misorek, ”, McDonald, Susan Kellman, Artie McConnell, DeArcy Hall, Misorek, Washington “, Jay's, ” McDonald, Jordan, gunning Organizations: — Defense, District, Washington, U.S, Prosecutors Locations: U.S, Jordan, Washington

☆ Bill Ackman and Mark Zuckerberg Fail to Land Candidates on Harvard’s Board of Overseers
▼ + stars: | 2024-02-02 | by ( Anemona Hartocollis | ) www.nytimes.com time to read: 1 min

It’s hard to get into Harvard, even if you’ve done it before. Mark Zuckerberg, head of Meta, and Bill Ackman, head of the Pershing Square hedge fund, discovered as much, in their failed push to get dissident candidates onto the Harvard Board of Overseers, one of the university’s two governing bodies. The candidates — a slate of four backed by Mr. Ackman and one candidate backed by Mr. Zuckerberg — said on Friday that they had not collected enough petition signatures to get on the April ballot for election to the board. “We are disappointed but greatly appreciate all the support,” Zoe Bedell, an assistant U.S. attorney, who ran on the Ackman slate, said in a statement on Friday. “We look forward to trying again next year.”Their failure raised the question of how much support existed for Mr. Ackman’s persistent campaign against Harvard’s leadership over the past few months.

Persons: Mark Zuckerberg, Bill Ackman, Ackman, Zuckerberg —, ” Zoe Bedell, ”, Ackman’s Organizations: Harvard, Meta, Mr Locations: Pershing, U.S

(AP) — A military veteran charged with attacking police officers with a baton during a mob's Jan. 6, 2021, attack on the U.S. Capitol was ordered released from custody on Tuesday, a day after his arrest. Assistant U.S. Attorney Lyman Thornton III said authorities found an AR-15 rifle and ammunition when they searched Richmond's Louisiana home this week. Political Cartoons View All 253 ImagesHowever, U.S. Magistrate Judge Erin Wilder-Doomes ordered Richmond's release from custody after a detention hearing attended by relatives, including his 16-year-old son. Richmond was arrested Monday in Baton Rouge on charges including civil disorder and assaulting, resisting or impeding police with a dangerous weapon. Richmond initially was charged with unpremeditated murder, which carries a maximum sentence of life in prison.

Persons: Edward Richmond Jr, Attorney Lyman Thornton III, Richmond, Thornton, ” Thornton, Erin Wilder, Doomes, Wilder, “, ”, John McLindon, Richmond hasn't, ” McLindon, Muhamad Husain Kadir, herder, Kadir, Michael Kunzelman Organizations: U.S . Capitol, U.S . Army, U.S, Attorney, Capitol, Army, Associated Press Locations: BATON ROUGE, La, Iraq, Louisiana, Richmond, Baton Rouge, Geismar , Louisiana, Taal Al Jai, Silver Spring , Maryland

“The defendant used fear, violence and intimidation to get what he wanted," Assistant U.S. Attorney William Akina said in his opening statement. “What he wanted was money, control and revenge.”Miske's attorney, Michael Kennedy, painted a completely different picture of his client. Miske even fumigated a Honolulu concert hall for free after the city couldn't afford the $200,000 estimate, Kennedy said. His attorneys argued that a new jury should be selected because Miske's half-brother John Stancil pleaded guilty after a jury had been assembled and sworn and Miske’s daughter-in-law Delia Fabro Miske pleaded guilty after four days of jury selection. Defense attorney Lynn Panagakos noted that Stancil pleaded guilty early Monday before the courthouse was even open to the public.

Persons: Michael Miske Jr, William Akina, ”, Michael Kennedy, Kennedy, Akina, Miske, Johnathan Fraser, Miske's, Caleb, Fraser, “, John Stancil, Delia Fabro Miske, Lynn Panagakos, Stancil, Derrick Watson Organizations: —, Miske, Shell, ʻIolani, Polynesian Cultural, U.S, District Locations: HONOLULU, U.S, Honolulu, Pest, Hawaii

A Florida man described by prosecutors as one of the most violent rioters who attacked the U.S. Capitol was sentenced on Wednesday to five years in prison, court records show. Kenneth Bonawitz, a member of the far-right Proud Boys extremist group's Miami chapter, assaulted at least six police officers as he stormed the Capitol with a mob of Donald Trump supporters on Jan. 6, 2021. U.S. District Judge Jia Cobb sentenced Bonawitz to a five-year term of imprisonment followed by three years of supervised release, according to court records. He jumped off a stage built for President Joe Biden’s inauguration and tackled two Capitol police officers. After police confiscated his knife and released him, Bonawitz assaulted four more officers in the span of seven seconds.

Persons: Kenneth Bonawitz, Donald Trump, Bonawitz, “, Sean McCauley, District Judge Jia Cobb, Joe Biden’s, Federico Ruiz, Ruiz, Enrique Tarrio, Bonawitz isn't, didn't Organizations: U.S . Capitol, Capitol, . Police, ”, U.S, District, Justice Department, Washington , D.C, Trump, West Plaza, The Associated Press, Boys, Proud Boys, Biden Locations: Florida, Miami, Pompano Beach , Florida, Washington ,

Frank Rocco Giustino pleaded guilty in February to a misdemeanor charge related to the Jan. 6, 2021, riot at the Capitol. U.S. District Judge James Boasberg told Giustino that he seemed to have no remorse for his conduct on Jan. 6 or any respect for the court's authority. I think the U.S. marshal should come after you, not me,” Giustino told the judge, punctuating his rant with expletives directed at a prosecutor. Giustino pleaded guilty in February to parading, demonstrating or picketing in a Capitol building, a misdemeanor with a maximum sentence of six months of incarceration. Nearly 900 of them have pleaded guilty or been convicted by juries or judges after trials.

Persons: Trump, profanely, Frank Rocco Giustino, James Boasberg, Giustino, I've, ”, Prosecutors, “ We’re, ” Giustino, punctuating, expletives, Attorney Douglas Collyer, “, ” Collyer, Joe Biden's, ’ Organizations: WASHINGTON, U.S . Capitol, U.S, District, Capitol, Attorney, Facebook, Trump, Republican, Washington , D.C Locations: York, U.S, Florida, Washington ,

WASHINGTON (AP) — House Republicans issued a subpoena Tuesday to a senior federal prosecutor involved in the criminal investigation into Hunter Biden, demanding answers for what they allege is Justice Department interference in the yearslong case into the president's son. The subpoena to Wolf is the latest in a series of demands Jordan and fellow Republican chairmen have made as part of their sprawling impeachment inquiry into President Joe Biden. Political Cartoons View All 1262 ImagesThe inquiry is focused both on the Biden family's international business affairs and the Justice Department's investigation into Hunter Biden, which Republicans claim has been slow-walked and stonewalled since the case was opened in 2018. Republicans have claimed that it was clear that the prosecutors didn’t want to touch anything that would include Hunter Biden’s father. Nonetheless, Republicans are demanding Wolf appear before lawmakers as she has “first-hand knowledge of the Department’s criminal inquiry of Hunter Biden,” and refused a voluntary request to come in over the summer.

Persons: Hunter Biden, Jim Jordan, Lesley Wolf, ” Jordan, Wolf, Jordan, Joe Biden, Hunter, James, David Weiss, Hunter Biden’s, Gary Shapley, Weiss, ” Shapley, ”, Biden Organizations: WASHINGTON, —, Republicans, Department, Committee, The Associated Press, The Justice, Biden family's, Internal Revenue, Biden, Justice Department Locations: Delaware, U.S

Assistant U.S. Attorney Adam Deitch said in court that Waithe's scheme victimized at least 50 women. Waithe worked at Northeastern from October 2018 to February 2019, when the university fired him, and had previously coached at Penn State University, Illinois Institute of Technology, University of Tennessee and Concordia University Chicago. Prosecutors said Waithe sent the women nude or semi-nude photos he had stolen and requested they send additional ones so he could conduct "reverse image searches." But, with the help of a hacker, Waithe stole nude pictures of one of the Northeastern athletes stored on her Snapchat account and cyberstalked her, Deitch said. While some ignored his emails, at least 17 women responded, sending him 350 nude or semi-nude photos, according to the indictment.U.S.

Persons: Steve Waithe, Adam Deitch, Deitch, Waithe, Prosecutors, Patti Saris, Jane Peachy, Nate Raymond, Will Dunham, Alexia Garamfalvi Organizations: BOSTON, Northeastern University, U.S, Northeastern, Penn State University , Illinois Institute of Technology, University of Tennessee, Concordia University Chicago, Prosecutors, Thomson Locations: Boston, Waithe, Northeastern, U.S

SIOUX CITY, Iowa (AP) — The wife of a northwestern Iowa county supervisor was convicted Tuesday of a scheme to stuff the ballot box in her husband’s unsuccessful race for a Republican nomination to run for Congress in 2020. Woodbury County election officials became aware of possible voter fraud in September 2020, when two Iowa State University students from Sioux City requested absentee ballots, only to learn ballots had already been cast in their name. When processing absentee ballots on election night, election workers notified Gill that the handwriting on a number of them appeared to be similar. Most voter fraud cases involve one voter casting a single ballot in another person’s name, said Assistant U.S. Attorney Richard Evans, who helped prosecute Taylor’s case. “Despite what’s in the media, voter fraud is extremely rare,” Evans said.

Persons: Kim Taylor, Prosecutors, Taylor, Jeremy Taylor, Ron Timmons, Montgomery Brown, Brown didn’t, Pat Gill, Gill, Richard Evans, Taylor’s, ” Evans, “ Organizations: SIOUX, Republican, Sioux City Journal, Iowa House, Iowa’s, of Supervisors, U.S, Associated Press, Iowa State University, Sioux Locations: SIOUX CITY , Iowa, Iowa, Vietnam, Woodbury County, Sioux City

☆ Foreign players in China's market need to sleep restlessly, says Arnold & Porter's Claire Reade
▼ + stars: | 2023-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailForeign players in China's market need to sleep restlessly, says Arnold & Porter's Claire ReadeClaire Reade, senior counsel at Arnold & Porter and former assistant U.S. Trade Representative for China, joins 'Squawk on the Street' to discuss her overall take on the Biden-Xi meeting, what could make the relations between the two countries more constructive, and more.

Persons: Arnold, Claire Reade Claire Reade, Porter Organizations: Arnold, U.S, Trade Representative, Biden Locations: China

(AP) — A federal jury is expected to hear attorneys' closing arguments on Wednesday in the perjury trial of a former top prosecutor for the city of Baltimore. Marilyn Mosby, who served two terms as state's attorney for Baltimore, declined to testify before her attorneys rested their case on the third day of her trial. Mosby's attorneys said she legally obtained and spent the money. Mosby told the truth when she certified on paperwork that the pandemic devastated her business, said the defense attorney, Maggie Grace. U.S. District Judge Lydia Kay Griggsby agreed to move Mosby’s trial from Baltimore to Greenbelt, Maryland, a suburb of Washington, D.C.Mosby’s attorneys argued that she couldn’t get a fair trial in Baltimore after years of negative media coverage.

Persons: Marilyn Mosby, Prosecutors, Mosby, Freddie Gray, Mosby’s, Sean Delaney, Maggie Grace, “, Marilyn Mosby’s, ” Grace, Scott Bolden, Lydia Kay Griggsby, couldn’t, Lea Skene Organizations: —, Baltimore, Democratic, Prosecutors, Economic, Mahogany Elite Enterprises, U.S, Washington , D.C, Associated Press Locations: Md, Baltimore, Florida, Kissimmee , Florida, , Florida, Greenbelt , Maryland, Washington ,

☆ Three hours to guilty: How the government nailed Sam Bankman-Fried
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

David Dee Delgado | ReutersIn Sam Bankman-Fried's fraud trial, prosecutors won quickly by keeping it simple. "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time," Williams said. Sam Bankman-Fried's parents, seated to the left, react to the verdict. "Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes," Mariotti said. WATCH: Sam Bankman-Fried found guilty on all seven counts

Persons: Sam Bankman, David Dee Delgado, CNBC they'd, Yesha Yadav, Fried, Nicolas Roos, Danielle Sassoon, Crypto, Roos, Sassoon, Marc, Antoine Julliard, Renato Mariotti, who's, Bryan Cave Leighton Paisner, Damian Williams, Williams, Andrew Ross Sorkin, Sorkin, that's, It's, SBF, Mariotti, Paul Tuchmann, Wiggin, Dana, Tuchmann, Elizabeth Williams, Caroline Ellison, Bankman, Ellison, James Koutoulas, Koutoulas, Gary Wang, Nishad Singh, FTX coder Adam Yedidia, FTX's, Sun, Kevin J, O'Brien, Mark Cohen Organizations: FTX, Manhattan, Reuters, CNBC, Vanderbilt University ., U.S . Justice Department's Securities, Commodities, Southern, of, Prosecutors, Stanford, Alameda Research, New York Times DealBook, Washington , D.C, U.S, Justice Department, Trading Commission, Securities and Exchange Commission Locations: New York City, London, Chicago, U.S, of New York, Alameda, Washington ,, Bankman, New York

☆ Sam Bankman-Fried faces over 100 years in prison at sentencing. Experts weigh in on how much time he'll actually get
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

A jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. The question of how long he'll remain in prison, however, is one that Judge Lewis Kaplan will spend the next few months deliberating by himself. "So I should preface this by saying I'm not a lawyer," Bankman-Fried began one answer. After several dozen of these instances, the government often presented evidence that would either directly refute the defendant's testimony or offer an answer to the question Bankman-Fried had dodged. So now, the question of prison time goes to Judge Kaplan.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Judge Kaplan, I'm, Fried, FTX, Danielle Sassoon, wasn't Organizations: Southern, of, Massachusetts Institute of Technology, CNBC Locations: of New York, Manhattan, Alameda, FTX

☆ Will Trump’s Barbs Land Him Behind Bars?
▼ + stars: | 2023-11-03 | by ( Susan Milligan | ) www.usnews.com time to read: +9 min

It was a historic and jarring event when FBI agents searched former President Donald Trump's home last year to look for classified documents he was accused of hoarding. "Courts and prosecutors have to become normalized to the idea of detaining Trump – if he continues to violate gag orders and/or if he is convicted at trial," Signorelli says. Less-powerful defendants have been punished with time behind bars for being in contempt of court (including violating gag orders) or threatening authorities. Sam Bankman-Fried, the former billionaire crypto trader, was put behind bars in August weeks before his fraud trial after giving a media outlet private writings by a witness. While courts are sensitive to First Amendment protections – especially for someone running for president – Trump is pushing the legal envelope, Eisen says.

Persons: Donald Trump's, Trump, –, Richard Signorelli, Signorelli, Tanya Chutkan, Alvin Bragg, Neama Rahmani, Vitali GossJankowski, Sam Bankman, Mark Meadows, Meadows, Jack Smith, Smith, Chutkan, Bill Barr, Norm Eisen, Trump's, – Trump, Eisen, Arthur F, Engoron, Fani Willis, Bernarda Villalona, William, Widge, Devaney, Baker McKenzie, it's, they're, Rahmani, You've Organizations: FBI, Trump, Capitol, New York, ABC, United Democracy Center, Philadelphia Locations: New York City, California, Georgia, New York, An Alabama, Fulton County, Trump, A Texas, Houston, Kings County, Brooklyn, New Jersey

☆ Breakingviews: SBF’s guilty verdict will help crypto break free
▼ + stars: | 2023-11-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.

Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan

☆ Sam Bankman-Fried found guilty on all seven criminal fraud counts
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. Both pleaded guilty in December to multiple charges and cooperated as witnesses for the prosecution. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong. Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense.

Persons: Sam Bankman, Caroline Ellison, Bankman, FTX, Gary Wang, Fried, Nicolas Roos, Roos, Elizabeth Holmes, Holmes, —, Dawn Giel Organizations: Stanford, Massachusetts Institute of Technology, Alameda Research, Alameda ., U.S Locations: Alameda, FTX, Theranos, Bryan , Texas

☆ Charlie Javice's fraud trial prosecutors must press JP Morgan for more evidence, judge rules
▼ + stars: | 2023-11-02 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

The judge sided in part with the defense, ordering the government to force JP Morgan to release more evidence. AdvertisementAdvertisementA federal judge on Thursday ruled that prosecutors must compel JP Morgan to find more evidence that could help Charlie Javice, the founder of the financial aid startup Frank, in her defense in her criminal fraud trial. On Thursday, inside U.S. Federal Court in Manhattan, lawyers for Javice and a co-defendant argued for more documents from JP Morgan Chase. AdvertisementAdvertisementMeanwhile, a Delaware judge ruled that JP Morgan Chase is violating a commitment that it made upon acquiring Frank to pay a significant portion of Javice's legal bills. Her lawyers say that JP Morgan Chase owes them $835,000 of the around $3.8 million they have so far charged.

Persons: Charlie Javice, Frank founder's, JP Morgan, —, JP Morgan Chase, Frank, Javice, Alex Spiro, Spiro, Dina McLeod, Alvin K, Hellerstein, Morgan Chase, Judge Hellerstein, Olivier Amar, Sean Buckley Organizations: Service, U.S, Federal, Javice Locations: Manhattan, Delaware

NEW YORK (AP) — A New York jury began deliberating on Thursday whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers’ accounts on the cryptocurrency exchange he created four years ago. The Manhattan federal court jury began its work after a judge explained the law that will steer them through seven charges lodged against the California man. Bankman-Fried, 31, testified during the monthlong trial that he did not defraud thousands of investors worldwide. Earlier Thursday, Assistant U.S. Attorney Danielle Sassoon delivered a rebuttal argument, the last of closing arguments that began a day earlier. “When Sam testified before you, he told you the truth, the messy truth, that in the real world miscommunications happen, mistakes happen, delays happen,” Cohen said.

Persons: Sam Bankman, Fried, He’s, Judge Lewis A, Kaplan, he'd, Palo, Danielle Sassoon, ” Sassoon, FTX, “, Mark Cohen, ” Cohen, Sam, ” Organizations: U.S, Alameda Research Locations: York, Manhattan, California, New York, Bahamas, Palo Alto , California, Alameda

☆ Prosecutors, Defense Paint Conflicting Pictures of Sam Bankman-Fried
▼ + stars: | 2023-11-01 | by ( Corinne Ramey | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie ZhaoProsecutors and defense attorneys clashed Wednesday over whether FTX founder Sam Bankman-Fried was a liar who stole billions of dollars—or an unconventional executive who made mistakes. During his closing argument, Assistant U.S. Attorney Nicolas Roos told jurors that almost a year ago, when thousands of people were trying to withdraw their money from the collapsing crypto exchange, their dread turned to despair.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao Prosecutors, Fried, Nicolas Roos Organizations: U.S

☆ Sam Bankman-Fried’s Lawyers Seek to Regain Ground in FTX Trial
▼ + stars: | 2023-11-01 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried said repeatedly from the witness stand that he couldn’t recall many of his past statements. Photo: jane rosenberg/ReutersSam Bankman-Fried ’s lawyers rested their case Tuesday after seeking to rehabilitate the FTX founder’s credibility from the prosecutors’ two-day grilling. Bankman-Fried, dressed in a gray suit, floundered through the end of Assistant U.S. Attorney Danielle Sassoon’s cross-examination.

Persons: Sam Bankman, Fried, jane rosenberg, Reuters Sam Bankman, Danielle Sassoon’s Organizations: Reuters, U.S

NEW YORK (AP) — In a closing argument, a prosecutor told a New York jury Wednesday to follow overwhelming evidence and the “pyramid of deceit” that FTX founder Sam Bankman-Fried constructed to conclude he’s guilty of defrauding his customers and investors of at least $10 billion. “He told a story and he lied to you,” Roos told jurors just a day after Bankman-Fried concluded his testimony at the monthlong trial. FTX was bankrupt.”“Who was responsible?” Roos asked, only to quickly point to Bankman-Fried, sitting between his lawyers. He spent his customers' money and he lied to them about it.”The prosecutor said Bankman-Fried spent the money on real estate, donations, promotions, investments and political contributions. Roos told jurors that if they believe even one of the four former executives who testified against him, they must convict Bankman-Fried.

Persons: Sam Bankman, he’s, Nicolas Roos, Fried, “, ” Roos, Judge Lewis A, Kaplan, Bankman, Roos, FTX, ”, Samual Organizations: New, U.S, Alameda Research Locations: New York, Manhattan, FTX, Bahamas, Palo Alto , California

☆ Sam Bankman-Fried built crypto empire on 'pyramid of deceit,' prosecutors say in closing
▼ + stars: | 2023-11-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. The main thing the jury has to decide, Roos said, is whether Bankman-Fried knew that taking the money was wrong. "It was uncomfortable to hear," Roos said, adding that Bankman-Fried said "I can't recall" over 140 times during questioning by the government. Roos said Bankman-Fried is the one who gave special privileges to Alameda, which he started before founding FTX, allowing it to siphon customer money. In referencing the Super Bowl picture with Katy Perry and others, Roos called Bankman-Fried a "celebrity chaser."

Persons: Sam Bankman, Michael M, they've, FTX, Nicolas Roos, Roos, there's, Fried, Caroline Ellison, Bankman, Gary Wang, Danielle Sassoon, Jane Rosenberg, Mark Cohen, he'd, Judge Lewis Kaplan, Ellison, didn't, Singh, Katy Perry, —, Dawn Giel Organizations: Santiago, Getty, Prosecutors, Stanford, Massachusetts Institute of Technology, Alameda Research, Reuters, Miami Heat, MIT, FTX, Skybridge Locations: Manhattan, New York City, Alameda, U.S, California, Hong Kong, Roos's, Bahamas, Bankman

In a courtroom sketch, Judge Lewis Kaplan watches as FTX founder Sam Bankman-Fried testifies earlier in his fraud trial. Photo: jane rosenberg/ReutersSam Bankman-Fried faced his biggest test in the legal hot seat Monday, grilled by a federal prosecutor who was intent on poking holes through the FTX founder’s claims that unfortunate management mistakes, not criminal activity, were to blame for the crypto exchange’s collapse. The fallen crypto star, testifying in his own defense in New York against fraud and other charges, began by confidently answering questions from his own lawyer, saying he had been honest with customers and investors and believed his business empire was in good financial shape. The trial proceedings shifted quickly after Assistant U.S. Attorney Danielle Sassoon began her cross-examination and sought to confront Bankman-Fried with a litany of his past public statements whose truthfulness she questioned.

Persons: Lewis Kaplan, Sam Bankman, Fried, jane rosenberg, Reuters Sam Bankman, Danielle Sassoon, Bankman Organizations: Reuters, U.S Locations: New York

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