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☆ Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'
▼ + stars: | 2023-10-17 | 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

REUTERS/Eduardo Munoz//File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by a former executive who called its spending on marketing and celebrity endorsements excessive. This is the third week of Bankman-Fried's trial in Manhattan federal court on charges related to the looting billions of dollars in customer funds to make investments, donate to U.S. political campaigns and prop up his hedge fund, Alameda Research. Bankman-Fried, who has pleaded not guilty, has argued that while he made mistakes running FTX, he never intended to steal funds. Jurors have already heard from Gary Wang, FTX's former chief technology officer, and Caroline Ellison, Alameda's onetime chief executive officer and Bankman-Fried's former girlfriend. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Nishad Singh, Tom Brady, Mark Cohen, Singh, Fried, K5, Cohen, Kendall Jenner's, Gary Wang, FTX's, Caroline Ellison, Alameda's, Luc Cohen, Will Dunham Organizations: REUTERS, Miami Heat, NFL, Defense, Tuesday, K5, Alameda Research, Thomson Locations: New York, U.S, Bankman, Manhattan

☆ 'I'd been suicidal for days': Sam Bankman-Fried lieutenant testifies about immense pressure to keep FTX crypto scam going — before it all crashed
▼ + stars: | 2023-10-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +13 min

He testified at the Sam Bankman-Fried trial that he was 'suicidal' over the crypto scam. AdvertisementAdvertisement"I've always been intimidated by Sam," Singh testified Monday. Before the September 2022 realization that Alameda was taking FTX customer money, Singh had participated in fraudulent activity in other ways. When he returned, the FTX CEO told Singh that he believed he could get $5 billion more in investments, Singh testified. As the chaos continued to roil FTX, Bankman-Fried, Ellison, and other executives pointed fingers at each other while employees and customers demanded answers, Singh said.

Persons: Nishad Singh, Sam Bankman, —, Singh, Gary Wang, Caroline Ellison, Wang, Fried, unsurprised, Ellison —, Ellison, FTX wouldn't, he'd, Gabe Bankman, Adam Yedidia, Singh —, Ryan Salame —, Singh's, Sam, FTX, Mary Altaffer, Anthony Scaramucci, Seth Wenig, Salame —, funneling, Coindesk, FTX —, Binance, Jane Rosenberg Bankman, Bankman, I'd, roil Organizations: Service, Alameda Research, Bankman, Alameda, AP, Democratic, Prosecutors, REUTERS Locations: Alameda, FTX, Bahamas, Manhattan, New York, Bankman

☆ Sam Bankman-Fried directed political donations despite $13 bln 'hole', ex-colleague testified
▼ + stars: | 2023-10-16 | 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: +5 min

Singh said another FTX executive had told him the deals were meant to help spur user growth. 'I WAS A STRAW DONOR'Bankman-Fried's trial, which started on Oct. 3, has so far focused largely on how prosecutors say Bankman-Fried allowed Alameda to plunder FTX customer funds. Singh gave jurors a window into Bankman-Fried's political operation. He said another FTX executive, Ryan Salame, had access to his bank account to make donations via wire transfers. "I knew that the money for those donations was coming from customer funds."

Persons: Sam Bankman, Andrew Kelly, Fried, Nishad Singh, Bankman, Singh, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, Katy Perry, Orlando Bloom, Michael Kives, Hillary Clinton, FTX, Gary Wang, Caroline Ellison, Alameda's, Gabriel, Gabriel Bankman, Ryan Salame, District Judge Lewis Kaplan, Luc Cohen, Matthew Lewis, Stephen Coates Organizations: FTX, Manhattan, REUTERS, Alameda Research, U.S, Democratic, Prosecutors, Alameda, Miami Heat's, District, Monday, Thomson Locations: New York City, U.S, Alameda, Fried, . U.S, New York

☆ Sam Bankman-Fried jury sees photo of FTX founder with Katy Perry, Orlando Bloom
▼ + stars: | 2023-10-16 | 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: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW York, Oct 16 - The jury at Sam Bankman-Fried's fraud trial on Monday saw a photograph of the FTX cryptocurrency exchange founder with singer Katy Perry and actor Orlando Bloom at the 2022 NFL Super Bowl. Singh is the third former member of Bankman-Fried's inner circle to testify at the trial, which started on Oct. 3. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy tied to FTX's November 2022 collapse. Singh said another FTX executive had told him the deals were meant to help spur user growth. Since his trial, Bankman-Fried has been seen during testimony typing on a laptop and whispering to his lawyers.

Persons: Sam Bankman, Andrew Kelly, Katy Perry, Orlando Bloom, Prosecutors, Nishad Singh, FTX's, Singh, Gary Wang, Caroline Ellison, Alameda's, Fried, Perry, Michael Kives, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Nick Zieminski Organizations: FTX, Manhattan, REUTERS, Bowl, Alameda, Miami Heat's, District, Bankman, Prosecutors, New York Times, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York City, U.S, Los Angeles, Brooklyn's, New York

☆ FTX’s Political Donations Came From Stolen Customer Funds, Testifies Company Insider Nishad Singh
▼ + stars: | 2023-10-16 | by ( Corinne Ramey | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Sam Bankman-Fried's lieutenant Nishad Singh said he was embarrassed by 'flashy' FTX spending
▼ + stars: | 2023-10-16 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

Singh testified at Bankman-Fried's trial that his concerns were almost always rebuffed. In Manhattan federal court Monday, Singh testified about how he frequently questioned and pushed back against Bankman-Fried's spending sprees and investment decisions — and was almost always rebuffed. "I would hear that my opinions were already factored in, and I didn't need to continue sharing them," Singh testified. Singh testified that he came to know Bankman-Fried through a friendship with the FTX founder's younger brother, Gabe Bankman-Fried. Infighting over expensesThe pair often disagreed on money, Singh testified.

Persons: Nishad Singh, Sam Bankman, Singh, —, Fried, Bill Clinton, Tony Blair, spender, Caroline Ellison, Gary Wang, Gabe Bankman, FTX, SBF, I've, Sam, Tom Brady, Gisele Bündchen, Steph Curry, Kevin O'Leary, Larry David, Jon Kopaloff, Fatih Aktas, Getty Images Singh, Michael Kives, Hillary Clinton, Katy Perry, Orlando Bloom, Ted Sarandos, Jeff Bezos, Kate Hudson, Leonardo DiCaprio, Corey Gamble, Kendall Jenner, Singh wasn't, Kris Organizations: Service, Bankman, Alameda, US Securities and Exchange Commission, University of California, Facebook, Engineering, Sequoia Capital, Yuga, Miami, Major League Baseball, of Legends, Getty Images, Anadolu Agency, K5 Global Locations: Bankman, FTX, Manhattan, Berkeley, Alameda, Bahamas, Kazakhstan, Albany

Bankman-Fried was arrested in the Bahamas a month later. Singh pleaded guilty to fraud charges and agreed to testify against the man he'd known since high school. Singh said he had little influence over Bankman-Fried. “I can’t have lawyers coming in and giving drugs to people on trial because somebody says they need it. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: —, Sam Bankman, “ blindsided, ” Nishad Singh, Fried, Singh, “, ”, he'd, ” Singh, Jeff Bezos, Leonardo DiCaprio, Tom Brady, Larry David, Judge Lewis A, Kaplan, ” Kaplan Organizations: Bankman, Alameda Research, FTX, Amazon, Miami Heat, Major League Baseball Locations: FTX, Bankman, Bahamas, Manhattan, Palo Alto , California, San Francisco, California, Miami

☆ Sam Bankman-Fried may need a Hail Mary if he wants to win over jurors
▼ + stars: | 2023-10-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Nishad Singh, former director of engineering at FTX, arrives at federal court in New York on Monday. Whether or not to testify is case-dependent, and clients take a big risk in opening themselves up to cross-examination by prosecutors. The Adderall issueSam Bankman-Fried, center, has pleaded not guilty to seven federal counts of fraud and conspiracy. So he’s only getting one in the morning before he’s transferred to the courthouse and one in the evening. While they have not yet presented their case, Bankman-Fried’s lawyers have repeatedly failed to stick the landing when it comes to cross-examining the government’s witnesses.

Persons: CNN Business ’, Sam Bankman, Mary, Nishad Singh, Yuki Iwamura, wouldn’t, ”, Jordan Estes, Kramer Levin, Estes, aren’t, Hail Mary, Elizabeth Williams, Mark Cohen, he’s, Cohen, hasn’t, Fried, Bankman, ” Cohen, Caroline Ellison, you’ll Organizations: CNN Business, New York CNN, Alameda Research, Bloomberg, US Attorney’s, Hail, AP, Metropolitan Detention, of Prisons Locations: New York, Manhattan, Bankman, Alameda, FTX

☆ Former FTX engineer tells jury about panicky rooftop meeting where he learned how bad things were
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

During that exchange, Singh said he learned from Wang that Alameda was borrowing $13 billion from FTX. Singh asked about the size of the shortfall, and Bankman-Fried said that was the wrong question to be asking. After Singh asked if he would finally agree to curb spending, Bankman-Fried said, "Yes, definitely." There, Singh told the jury, he thought he might quit but instead asked Bankman-Fried for a real sense of how things went on the overseas trip. Singh told the jury that he faces a max of 75 years in prison but is "hoping for no jail time."

Persons: Singh, Caroline, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Sam Bankman, Nicolas Roos, I'm, wasn't, Ramnik Arora, Anthony Scaramucci, he'd, Bankman, Dawn Giel Organizations: Alameda, Alameda Research, U.S, Federal Court Locations: Bahamas, Alameda, Wang, Manhattan, FTX, New York City, New York, Bankman

☆ FTX top engineer testifies Bankman-Fried spent $1.13 billion on celebrities and sponsorships
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

She was preceded by Bankman-Fried's former close friend and college roommate Gary Wang, who was an FTX co-founder. In response to questions from Assistant U.S. Attorney Nicolas Roos, Singh said he frequently went to Bankman-Fried to voice his concerns over the company's spending. He told the court that he would tell Bankman-Fried he was "embarrassed" and "ashamed," and that the level of spending "reeked of excessiveness" and "flashiness." Bankman-Fried faces seven criminal counts related to the collapse of FTX and Alameda, including wire fraud, securities fraud and money laundering that could put him in prison for life. At the time, Singh pleaded guilty to six charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws.

Persons: Nishad Singh, FTX's, Sam Bankman, Singh, Caroline Ellison, Gary Wang, Nicolas Roos, Fried, He's, Ellison, Gabe Organizations: Alameda Research, U.S, University of California, Facebook, Alameda Locations: Manhattan, FTX, Alameda, Bay, Bankman, Berkeley

REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 12 (Reuters) - Sam Bankman-Fried's confidant Caroline Ellison will take the stand again at the FTX founder's trial on Thursday, where she could face questions about why she cooperated with prosecutors against her former boss and romantic partner. Bankman-Fried's attorney Mark Cohen is expected to continue cross-examining Ellison, whom he questioned for a few minutes on Wednesday before jurors went home for the day. FTX collapsed and declared bankruptcy in November 2022, shocking financial markets and destroying Bankman-Fried's reputation. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks. Reporting by Jody Godoy in New York Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Ellison, Sam Bankman, Brendan McDermid, Ellison, Fried, Mark Cohen, FTX, Gary Wang, Nishad Singh, Jody Godoy, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Bankman, Alameda Research, Prosecutors, Stanford University, Manhattan U.S, Thomson Locations: New York City, U.S, Alameda, New York

Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.

Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan

Former crypto hedge fund Alameda Research CEO Caroline Ellison finds and points out Sam Bankman-Fried during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 10, 2023, in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 11 (Reuters) - Caroline Ellison, the former co-head of Sam Bankman-Fried's hedge fund and a pivotal witness in his trial on fraud charges tied to the collapse of his FTX cryptocurrency exchange, is scheduled to retake the stand on Wednesday morning. Ellison, the former co-chief executive of Alameda Research, testified on Tuesday that she was part of a multibillion-dollar conspiracy led by Bankman-Fried to defraud FTX customers, investors and lenders. Ellison said the hedge fund took about $10 billion in FTX customer funds to repay its debts and make investments. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks.

Persons: Caroline Ellison, Sam Bankman, Jane Rosenberg, Ellison, FTX, Bankman, shrugged, Fried, Mark Cohen, Gary Wang, Nishad Singh, Jody Godoy, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Alameda Research, Bankman, Manhattan U.S, Stanford University, Prosecutors, Thomson Locations: FTX, New York City, U.S, Alameda, New York

Ellison said the hedge fund, Alameda Research, took about $10 billion in FTX customer funds to repay its debts and make investments. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was "fine" in November as the exchange faced surging demand for withdrawals. Bankman-Fried left in 2017 to found Alameda, and Ellison followed when he offered her a job as a trader. "He was very ambitious," Ellison told the court. In testimony that could undermine that argument, Ellison said she always consulted Bankman-Fried on big decisions and always deferred to him.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, FTX, Fried, Mark Cohen, Gary Wang, Nishad Singh, Bankman, Jane, Joe Biden's, Cohen, District Judge Lewis Kaplan, Luc Cohen, Jody Godoy, Noeleen Walder, Nick Zieminski, Matthew Lewis Organizations: REUTERS, Alameda Research, Manhattan U.S, Prosecutors, Alameda, Bankman, Wall, Ellison, New York Times, Times, District, Thomson Locations: New York, U.S, Alameda, FTX

In the memo, Bankman-Fried called Alameda's failure to hedge its bets a "mistake." When Everdell asked if the decision not to hedge was Ellison's, Wang replied that she was Alameda's CEO at the time. Prosecutors said last week they planned to call Ellison to take the stand once Wang finishes his testimony. She was seen entering the courthouse on Tuesday morning wearing a blue baseball cap and sunglasses, and carrying a blue thermos. A third former member of Bankman-Fried's inner circle, ex-FTX engineering chief Nishad Singh, is also expected to testify at trial.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Christian Everdell's, Gary Wang, Everdell, Wang, Ellison, Prosecutors, Fried, District Judge Lewis Kaplan, Nishad Singh, FTX, Christian Everdell, Mark Cohen, Luc Cohen, Jody Godoy, Noeleen Walder, Matthew Lewis, Nick Zieminski Organizations: REUTERS, Alameda Research, New York Times, U.S, District, Brooklyn's Metropolitan Detention Center, Bankman, Alameda, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Washington ,

☆ Sam Bankman-Fried's ex-girlfriend set to take stand as fraud trial's star witness
▼ + stars: | 2023-10-10 | 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: +4 min

REUTERS/Eduardo Munoz//File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 10 (Reuters) - Sam Bankman-Fried's fraud trial is set to resume on Tuesday with testimony from his former colleagues at the now-bankrupt FTX cryptocurrency exchange, including his onetime girlfriend Caroline Ellison. Prosecutors said last week they planned to call Ellison, the former co-chief executive officer of Bankman-Fried's Alameda Research hedge fund, to take the stand once Wang finishes his testimony. U.S. District Judge Lewis Kaplan said that likely amounted to witness-tampering, and on Aug. 11 revoked Bankman-Fried's bail. A third former member of Bankman-Fried's inner circle, ex-FTX engineering chief Nishad Singh, is also expected to testify at trial. Reporting by Luc Cohen and Jody Godoy in New York; Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Gary Wang, Prosecutors, Ellison, Wang, Ellison's, Fried, District Judge Lewis Kaplan, Nishad Singh, FTX, Christian Everdell, Mark Cohen, Luc Cohen, Jody Godoy, Noeleen Walder, Matthew Lewis Organizations: REUTERS, Alameda Research, New York Times, U.S, District, Brooklyn's Metropolitan Detention Center, Bankman, Alameda, Thomson Locations: New York, U.S, Alameda, Brooklyn's, Manhattan, Washington ,

"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

☆ Sam Bankman-Fried wanted to invest up to $1 billion in Elon Musk's Twitter despite other execs' advice, and didn't know if he still owned shares after the takeover
▼ + stars: | 2023-10-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk asked SBF if he wanted to help his $44 billion Twitter takeover, per Michael Lewis' biography. Bankman-Fried owned around $100 million of Twitter stock before Musk took the company private. AdvertisementAdvertisementSam Bankman-Fried didn't know whether he still owned shares in Twitter as Elon Musk took over the platform last year, according to Michael Lewis' biography of the FTX founder. According to Lewis, Bankman-Fried suggested investing between $250 million and $1 billion in Twitter. Singh and Arora said that FTX shouldn't invest in Musk's Twitter, or only go with a small stake.

Persons: Elon Musk, Michael Lewis, Musk, —, Sam Bankman, Fried, Nishad Singh, Ramnik Arora, Lewis, Singh, who's, Arora, Morgan Stanley —, Semafor, SBF, FTX Organizations: Twitter, Service, Elon, Fried's

☆ 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

☆ The same day SBF promised his hedge fund wasn't getting special treatment, FTX gave it an unlimited line of credit — which other customers didn't get
▼ + stars: | 2023-10-06 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

The same day, the FTX rolled out a feature allowing Alameda to get an unlimited line of credit. Those other accounts signed a line of credit agreement, but Alameda was never required to sign such an agreement, Wang testified. He increased Alameda's line of credit incrementally to a few million, a few hundred million, a billion, and eventually tens of billions. At some point in late 2019 or early 2020, Wang checked Alameda's balance and noticed it was negative. Even doing so, Wang said Alameda's balance was still negative, meaning the money was coming from FTX customers.

Persons: Sam Bankman, Fried, —, FTX, Gary Wang, SBF, Wang, Nishad Singh, Bankman, Caroline Ellison, Sam, FTX's, Adam Yedidia, Yedidia Organizations: Alameda Research, Service, Twitter, Alameda Locations: Alameda, FTX, Manhattan, Bankman, FTT

☆ 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

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

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

[1/2] Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 4 (Reuters) - The jury for Sam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX cryptocurrency exchange was selected on Wednesday, paving the way for opening statements to start soon. Prosecutors and the defense are expected to lay out their cases shortly in opening statements. They are expected to call three former members of Bankman-Fried's inner circle - former Alameda chief executive Caroline Ellison and former FTX executives Nishad Singh and Gary Wang - to testify against him. Reporting by Luc Cohen in New York Editing by Amy Stevens, Matthew Lewis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Amr Alfiky, FTX, District Judge Lewis Kaplan, Joseph Bankman, Barbara Fried, Gabriel Bankman, Donald Trump, Anthony Scaramucci, Caroline Ellison, Nishad Singh, Gary Wang, Kaplan, Ellison, Luc Cohen, Amy Stevens, Matthew Lewis, Nick Zieminski Organizations: FTX, United, REUTERS, District, Wednesday, Stanford Business School, North Railroad, Prosecutors, Stanford Law, U.S, Alameda Research, Alameda, Metropolitan Detention, Thomson Locations: New York City, U.S, York, Manhattan, Brooklyn, New York

☆ Sam Bankman-Fried's trial to resume with jury selection, opening statements
▼ + stars: | 2023-10-04 | 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: +2 min

Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo Acquire Licensing RightsNEW YORK, Oct 4 (Reuters) - Sam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX cryptocurrency exchange is set to resume on Wednesday, with the judge aiming to finish selecting a jury and move on to opening statements. That would pave the way for prosecutors and the defense to proceed to opening statements, in which each side would lay out their case. Bankman-Fried has pleaded not guilty and is likely to argue that while he failed to adequately manage risk, he did not steal money. Reuters GraphicsReporting by Luc Cohen in New York Editing by Amy Stevens and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Amr Alfiky, FTX, District Judge Lewis Kaplan, Caroline Ellison, Nishad Singh, Gary Wang, Kaplan, Ellison, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: United, REUTERS, District, Prosecutors, U.S, Alameda Research, Alameda, Metropolitan Detention, Thomson Locations: New York City, U.S, Manhattan, Brooklyn, New York

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