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☆ Elizabeth Warren is concerned Elon Musk is treating Tesla like a 'plaything' amid his Twitter takeover
  + stars: | 2022-12-19 | by ( Grace Kay | ) www.businessinsider.com   time to read: +4 min
Sen. Elizabeth Warren wrote to Tesla's board, raising questions over Elon Musk's Twitter purchase. The senator told the board it must ensure Elon Musk does not treat Tesla as a "private plaything." Some Tesla investors have expressed concern that Twitter has become a distraction for Musk. Warren cited reports that Musk has brought in dozen of Tesla employees to assist in his Twitter takeover, saying it could violate the billionaire's "legal duty of loyalty to Tesla." Musk later took aim at Warren, calling her "Senator Karen" and saying she reminded him of a "friend's angry mom."
☆ FTX's massive $256 million real-estate empire is up for grabs as Bahamian and US lawyers squabble over who should control it
  + stars: | 2022-12-15 | by ( Robert Davis | ) www.businessinsider.com   time to read: +5 min
Lawyers representing the US and the Bahamas disagree on who should control FTX's massive real estate portfolio. A lawyer monitoring the case told Insider that the timing of the assets' disposal is more important than venue. According to a court filing from December 12, Bahamian lawyers asserted that Bankman-Fried spent more than $256 million to acquire 35 properties on the island. But, that total payout could change if regulators in one country or the other wait too long to liquidate the real estate assets, Pintarelli added. According to market data from brokerage BE Luxury Real Estate, the median sales price of Bahamian real estate grew from about $360,000 in 2020 to more than $630,000 through the first six months of 2021.
☆ Premarket stocks: Investors are hoping for the economic tide to turn. The wait may soon be over
  + stars: | 2022-12-14 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
What’s happening: Price increases in the United States cooled more than economists expected last month, recording the lowest level of growth since last December. This is the second consecutive month of moderating price pressures and could mean the underlying trend of inflation is finally decelerating. That’s a welcome and hopeful sign for consumers, policymakers and investors, said Jim Baird, chief investment officer at Plante Moran Financial Advisors. The bill specifically names TikTok and its parent, ByteDance, as social media companies for the purposes of the legislation. In the past two weeks, at least seven states have introduced such measures, including Maryland, South Dakota and Utah.
☆ Everything you need to know about the FTX saga that unfolded today
  + stars: | 2022-12-13 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
On Tuesday, Ray testified before the House Financial Services Committee, relaying what he could about the company he took over just four weeks ago. FTX, on the other hand, was “not sophisticated at all.”“This is really old-fashioned embezzlement,” Ray continued. They say he misappropriated FTX customers’ deposits by using those funds to pay expenses and debts of Alameda, his crypto hedge fund. (The SDNY are an aggressive people, but they are not sloppy, and they don’t indict without a solid case.) Several lawyers not involved in the case have told me that the speed of Bankman-Fried’s arrest signals that former FTX employees may be aiding prosecutors.
☆ Sam Bankman-Fried diverted FTX customer funds to donate to political campaigns, authorities charge
  + stars: | 2022-12-13 | by ( Brian Schwartz Dan Mangan | Brian Schwartz | Dan Mangan | ) www.cnbc.com   time to read: +6 min
Federal authorities on Tuesday charged FTX co-founder Sam Bankman-Fried with using what they said was tens of millions of dollars of misappropriated customer funds to make illegal political donations to both Democratic and Republican candidates. He then used those funds to make "large political donations," to make investments and buy "lavish real estate," the SEC complaint alleged. The campaign finance allegations come days after a private watchdog group asked the Federal Election Commission to investigate Bankman-Fried's political contributions. Most of Bankman-Fried's publicly disclosed campaign contributions, which totaled nearly $40 million in the 20222 election cycle, went toward Democrats, FEC records show. "The question is whether regulators, including the SEC, backed off from aggressive investigation of FTX because of this political influence," Painter said.
☆ FTX founder Sam Bankman-Fried says he’ll testify before Congress
  + stars: | 2022-12-09 | by ( Jordan Valinsky Allison Morrow | Jordan Valinsky | Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Sam Bankman-Fried, the founder of the failed crypto exchange FTX, has agreed to testify before the Senate Banking Committee next week as questions and confusion swirl about the collapse of his companies. One of the key questions prosecutors are likely to probe is whether FTX misappropriated customer funds when it made loans to Alameda. “I didn’t knowingly commingle funds,” he told The New York Times last week. The Times said the issue is part of a broadening inquiry into the collapse of FTX, and it’s not clear whether prosecutors have determined any wrongdoing by Bankman-Fried. In a statement to the paper, Bankman-Fried said he was “not aware of any market manipulation and certainly never intended to engage in market manipulation.”
☆ Sam Bankman-Fried: US lawmakers want answers from FTX founder
  + stars: | 2022-12-08 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. FTX was one of the biggest crypto exchanges in the world until last month, when it faced a sudden wave of customer withdrawals that it couldn’t cover. One of the key questions prosecutors are likely to probe is whether FTX misappropriated customer funds when it made loans to Alameda. The Times said the issue is part of a broadening inquiry into the collapse of FTX, and it’s not clear whether prosecutors have determined any wrongdoing by Bankman-Fried. In a statement to the paper, Bankman-Fried said he was “not aware of any market manipulation and certainly never intended to engage in market manipulation.”
☆ The US Justice Department wants the fraud allegations against FTX to be investigated
  + stars: | 2022-12-02 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
US Justice Department is pushing for an independent examiner to look into allegations of fraud against FTX. Authorities were already investigating FTX, and are now seeking a probe of alleged wrongdoing that led to its crash. But ex-CEO Sam Bankman-Fried has tried to deflect those accusations, stating he "didn't ever try to commit fraud on anyone." The Justice Department and US regulators were already probing Sam Bankman-Fried's crypto empire before FTX filed for bankruptcy November 11. But Bankman-Fried has tried to deflect allegations of fraud, saying he wasn't aware of what was going on at his companies.
☆ Sam Bankman-Fried says he ‘got a little cocky’ before FTX collapsed
  + stars: | 2022-12-01 | by ( Allison Morrow | ) edition.cnn.com   time to read: +3 min
New York CNN Business —Sam Bankman-Fried, the founder of now-bankrupt FTX, has fallen from the peak of crypto celebrity, but he’s not going quietly. “I think I got a little cocky — I mean, more than a little bit,” he told ABC’s George Stephanopoulos in an interview on Good Morning America. Bankman-Fried, echoing comments he also made to The New York Times on Wednesday, denied knowing of any improper transfers of customer funds between the exchange and Alameda. “I don’t think that’s who I am at all, but I understand why they’re saying that,” Bankman-Fried told Stephanopoulos. In that interview, Bankman-Fried said he “didn’t ever try to commit fraud on anyone,” while admitting he made mistakes as chief executive.
☆ Stolen checks, fraudulent activity: three major trade association PACs fell victim to theft in what's become a political epidemic
  + stars: | 2022-11-30 | by ( Madison Hall | ) www.businessinsider.com   time to read: +6 min
An Insider review of FEC filings shows that the National Association of Manufacturers' PAC reported eight instances of stolen and fraudulent checks and bank transfers, amounting to more than $10,000 in losses. Federal Election CommissionAnother trade association, the National Association of Home Builders, reported three instances of "fraudulent debit" during the 2021-2022 election cycle, amounting to more than $20,000 in lost funds. A filing with the FEC from the PAC of the National Association of Home Builders that details money lost from fraudulent disbursements. Federal Election CommissionThe National Association of Home Builders represents more than 140,000 members who construct close to 80% of all the new homes built in the US, per the association's website. The National Association of Home Builders did not respond to Insider's request for comment.
☆ A Republican super PAC run by former NRA executives lost more than $158,000 in an email hack, federal records show
  + stars: | 2022-11-29 | by ( Madison Hall | ) www.businessinsider.com   time to read: +5 min
A GOP super PAC lost more than $158,000 in an email hack, filings with the FEC indicate. The PAC, Secure Our Freedom Action Fund, is run by two former high-ranking NRA executives. Letter from Secure Our Freedom Action Fund to the Federal Election Commission. Sen.-elect Katie Britt, a Republican from Alabama, is one of the candidates that super PAC Secure Our Freedom Action Fund supported this year. The political action committees of three large trade associations reported stolen checks and fraudulent activity this election cycle as well.
☆ Binance CEO: It was clear FTX misappropriated user funds and lied to investors
  + stars: | 2022-11-17 | 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 EmailBinance CEO: It was clear FTX misappropriated user funds and lied to investorsBinance CEO Changpeng Zhao joins CNBC's 'Squawk Box' to discuss the collapse of crypto exchange FTX and what it means for the crypto industry.
☆ The bulldog lawyer who helped recoup billions from MF Global's bankruptcy says investors burned by FTX may not be so lucky
  + stars: | 2022-11-16 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com   time to read: +6 min
The bulldog attorney and hedge fund manager says he sees similarities between MF Global and FTX, but also thinks it could be tougher for FTX customers to get their money back. Koutoulas' behind-the-napkin analysis is that FTX customers stand to recoup just 10 cents on the dollar in bankruptcy. But MF Global was also in a much stronger position financially when it filed for Chapter 11 bankruptcy on Halloween 2011. Of course, that does little to help FTX customers who were wiped out. "MF Global went bankrupt.
☆ Alex Murdaugh vowed to help her. She says he defrauded her again and again.
  + stars: | 2022-11-04 | by ( Craig Melvin | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com   time to read: +10 min
BAMBERG, S.C. — Pamela Pinckney was in the hospital, bruised and in pain from several broken bones, when a lawyer named Alex Murdaugh offered his help. Pinckney estimates Murdaugh and his alleged co-conspirators pocketed $1 million owed to her family. Pamela Pinckney remained hospitalized as she endured several operations. Alex Murdaugh told me and my entire Pinckney family that he has our best interests, we don’t have anything to worry about and we’re like family to him,” Pinckney said. Alex Murdaugh is escorted out of the Collation County Courthouse in Walterboro, S.C., on July 20, 2022.
☆ Alex Murdaugh indicted on murder charges: A summary and timeline
  + stars: | 2022-11-03 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Erik Ortiz | ) www.nbcnews.com   time to read: +12 min
Hours later, his firm — Peters, Murdaugh, Parker, Eltzroth & Detrickhe — releases its own statement alleging Murdaugh had misappropriated company funds. Jan. 21, 2022A grand jury indicts Murdaugh on 23 new charges, including breach of trust with fraudulent intent and computer crimes. Jan. 24, 2022A legal claim is filed against the estates of Margaret and Paul Murdaugh by the mother of Mallory Beach, 19, who was killed in a boat crash in 2019. May 4, 2022Prosecutors announce that Murdaugh is facing four new charges related to financial crimes also involving Fleming and others. July 14, 2022A grand jury announces an indictment against Murdaugh on double murder charges in the deaths of Margaret and Paul.
☆ Lawsuit asks Netflix to release film about 'orgasmic meditation' without 'misappropriated' sexually explicit material
  + stars: | 2022-11-03 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com   time to read: +4 min
More than a dozen people formerly associated with a wellness company known for “orgasmic meditation” are asking a judge to weigh in on a forthcoming Netflix documentary, saying the film should be released without “misappropriated” sexually explicit material that could show them, their lawyer said Wednesday. The documentary, billed as an investigation into allegations about the company, OneTaste, is set to be released Saturday. It isn't clear if video showing the plaintiffs, who are identified in the suit as "Doe," is included in the movie. In a statement Wednesday, OneTaste CEO Anjuli Ayer described the people "standing up to Netflix" as "brave and powerful." "I join them to call on Netflix to not go forward with a project so fundamentally flawed," Ayer said.
☆ Brazil's rural boomtowns ensure Bolsonarismo's future
  + stars: | 2022-10-28 | by ( Gabriel Stargardter | ) www.reuters.com   time to read: +7 min
REUTERS/Gabriel StargardterCATANDUVA, Brazil, Oct 28 (Reuters) - The small city of Catanduva in the rural farm belt of Sao Paulo state has been ahead of the political curve in Brazil. The residents of Catanduva, who have benefited from robust Chinese demand for Brazilian commodities, are now fully behind Bolsonaro. Since Sahao stepped down in 2005, the PT has spent nearly two decades locked out of power at Catanduva's city hall. Across Sao Paulo, countless PSDB mayors and state lawmakers have, like Father Oliveira of Catanduva, thrown in their lot with Bolsonaro. Bassitt, the farmer, said the conservative values of rural, small-town Brazil were now the driving force in national politics.
☆ Prosecutors won't seek the death penalty against ex-politician in Las Vegas reporter's killing
  + stars: | 2022-10-27 | by ( The Associated Press | ) www.nbcnews.com   time to read: +4 min
LAS VEGAS — Prosecutors said they won’t seek the death penalty against a former Las Vegas-area politician who pleaded not guilty Wednesday to killing a veteran investigative journalist who wrote articles critical of him and his managerial conduct. Local property records show the couple also owns a Las Vegas home with a taxable value of more than $320,000. Robert Telles, right, with Jeff German in his Las Vegas office in 2022. Clark County District Attorney Steve Wolfson said he and a panel of prosecutors concluded that there were no qualifying aggravating factors to make Telles’ trial a capital case. The state Supreme Court has also suspended Telles’ law license pending results of a State Bar of Nevada investigation of allegations that he misappropriated funds of clients in his private law office.
☆ Prosecutors say Michael Avenatti should get 17 years in prison for fraud scheme
  + stars: | 2022-10-12 | by ( Andrew Blankstein | Tim Stelloh | Andrew Blankstein Is An Investigative Reporter For Nbc News. He Covers The Western U.S. | ) www.nbcnews.com   time to read: +2 min
LOS ANGELES — Convicted criminal and disgraced lawyer Michael Avenatti should serve 17½ years in prison after he pleaded guilty to bank fraud and tax offenses in California this year, federal prosecutors said Tuesday. The recommendation was included in a 303-page sentencing memo filed by the U.S. attorney's office for Central California. In the California case, Avenatti admitted pocketing millions of dollars that belonged to clients and lying to them about it, prosecutors said when he pleaded guilty in June. A sentencing memo filed by a lawyer for Avenatti asked for a maximum prison term of three years followed by three years of supervised release. In a separate case, Avenatti was convicted in February 2020 of extortion and other crimes after he threatened to ruin Nike’s reputation unless it agreed to pay him and his client millions of dollars.
☆ Analysis: China's mortgage boycott quietly regroups as construction idles
  + stars: | 2022-09-19 | by ( ) www.reuters.com   time to read: +6 min
Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. "What will we do if construction still doesn't resume after six months? The threat of more mortgage boycott comes as China prepares to hold the Communist Party Congress next month, with efforts to revive an economy plagued by the property crisis in focus. 'APPEASE HOMEOWNERS'The mortgage boycott has added to worries about a prolonged slump in China's property market, which has lurched from crisis to crisis since mid-2020 after regulators stepped in to reduce leverage. Out of Evergrande's 706 projects, 38 have not resumed construction, while 62 were only now restarting.
☆ Disney's CEO says the company is a 'lightning rod for clicks' amid its ongoing fight with Ron DeSantis over Florida's 'Don't Say Gay' bill
  + stars: | 2022-09-12 | by ( Beatrice Nolan | ) www.businessinsider.com   time to read: +2 min
Disney CEO, Bob Chapek, said Disney was a "lightning rod for clicks" amid its long-running dispute with Florida's Governor Ron DeSantis. Disney has been involved in a dispute with DeSantis over Florida's "Don't Say Gay" education bill. Chapek said he "stood firm" against political attacks on Disney, though didn't directly reference DeSantis. Disney has been involved in a public dispute with DeSantis over Florida's controversial "Don't Say Gay" bill, which bans teachers from encouraging "classroom discussion about sexual orientation or gender identity in primary grade levels." Representatives for Disney did not immediately respond to Insider's request for further comment, which was made outside normal working hours.
☆ Nawaz Sharif Fast Facts
  + stars: | 2013-05-27 | by ( Cnn Editorial Research | ) edition.cnn.com   time to read: +7 min
CNN —Here is a look at the life of Pakistan’s former Prime Minister Nawaz Sharif. May 26, 1993 - Pakistan’s Supreme Court orders the reinstatement of Sharif, calling his dismissal unconstitutional and the charges false. August 23, 2007 - Pakistan’s Supreme Court lifts the exile imposed on Sharif. May 26, 2009 - The Supreme Court of Pakistan rules that Sharif is eligible to run in elections and hold public office. July 17, 2009 - Pakistan’s Supreme Court clears Sharif of hijacking charges, paving the way for him to legally run for office.
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