DIRS.INFO The most relevant business & tech news

☆ The 5 most memorable moments from the Sam Bankman-Fried trial
▼ + stars: | 2023-11-03 | by ( Jordan Valinsky | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Sam Bankman-Fried was found guilty Thursday following a monthlong trial that was almost as wild as the rapid rise and fall of cryptocurrency exchange FTX itself. He was found guilty of stealing billions of dollars from accounts belonging to customers of FTX. During the trial, Bankman-Fried took the unusual – and risky – decision to testify in his own defense. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. “No offense to the Kansas City Royals, but we didn’t want to be known as the Kansas City Royals of crypto exchanges,” SBF testified.

Persons: Sam Bankman, Fried, Bernie Madoff’s, Caroline Ellison, SBF’s, Mark Cohen, ” Cohen, “, ”, Cohen, SBF, Ellison, ” SBF, Lewis Kaplan, Kaplan interjected, Bankman, Danielle Sassoon, …, Sassoon, ’ Organizations: New, New York CNN, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya, PR, Alameda Locations: New York, FTX, Bahamas, United States, Kansas City, Bankman, China, Alameda

☆ Live updates: Sam Bankman-Fried found guilty in fraud trial
▼ + stars: | 2023-11-02 | by ( Cnn'S Allison Morrow | ) edition.cnn.com time to read: +1 min

US District Court Judge Lewis Kaplan announced that convicted former FTX CEO Sam Bankman will be sentenced on March 28, 2024. Meanwhile, Bankman-Fried will return to the Metropolitan Detention Center in Brooklyn, where he’s been held since August. Located on the industrial waterfront of Brooklyn’s Sunset Park neighborhood, the MDC has earned a reputation as one of the worst jails in America. Bankman-Fried is also “friendly” with Genaro García Luna, the former head of Mexico’s FBI, who is awaiting sentencing for drug trafficking, this person said. He seemed to have lost weight and, most surprising, his trademark wild locks were gone, shorn into a tight crew haircut.

Persons: Lewis Kaplan, Sam Bankman, Fried, he’s, he’d, Genaro García Luna Organizations: Metropolitan Detention, MDC, CNN, FBI Locations: Brooklyn, Bahamas, Palo Alto, Sunset, America, Honduras

☆ Jury in Sam Bankman-Fried Trial Begins Deliberations
▼ + stars: | 2023-11-02 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

Earlier: 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 ZhaoJurors began deliberating Thursday afternoon on whether FTX founder Sam Bankman-Fried is guilty of fraud and other crimes that contributed to the collapse of the crypto exchange. “Now it’s your job to decide who you believe,” U.S. District Judge Lewis Kaplan told jurors before they started.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao, Fried, District Judge Lewis Kaplan Organizations: District Locations: U.S

After Kaplan left the courtroom, Cohen put his arm around Bankman-Fried as they spoke at the defense table. He testified that while he made mistakes running FTX, such as not formulating a risk-management team, he did not steal customer funds. "We thought that we might be able to build the best product on the market," Bankman-Fried testified. The defense argued the three, who have not yet been sentenced, falsely implicated Bankman-Fried in a bid to win leniency at sentencing. Bankman-Fried has been jailed since August after Kaplan revoked his bail, having concluded he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Bankman, FTX, Damian Williams, Williams, Bernie Madoff, Jordan Belfort, District Judge Lewis Kaplan, Mark Cohen, Kaplan, Cohen, nodded, Joseph Bankman, Barbara Fried, Fried's, Danielle Sassoon, Caroline Ellison, Gary Wang, Nishad Singh, Luc Cohen, Jody Godoy, Will Dunham, Daniel Wallis Organizations: U.S . Justice, U.S, District, Massachusetts Institute of Technology, Marshals, Stanford Law, Prosecutors, Alameda Research, Former Alameda, Thomson Locations: Manhattan, Bankman, New York City, U.S, FTX, Alameda, New York, Lincoln

☆ Jurors are deliberating on Sam Bankman-Fried's fate. Here's what they'd have to agree on to convict the FTX founder.
▼ + stars: | 2023-11-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Prosecutors charged him with money laundering and conspiring to defraud FTX and Alameda customers, investors, and lenders. Here's a breakdown of the seven charges jurors are considering. AdvertisementAdvertisementProsecutors allege he stole money from customers of FTX, the exchange, and used the funds for trades, investments, and property purchases through Alameda Research. AdvertisementAdvertisementIn addition to the criminal counts in this trial, Bankman-Fried faces another set of charges related to allegedly illegal campaign contributions. AdvertisementAdvertisementBeyond the criminal charges, Bankman-Fried has a slew of other legal problems, including negotiations over FTX's bankruptcy and civil lawsuits from regulators and investors who claim they were defrauded.

Persons: Sam Bankman, FTX, —, Fried, Lewis Kaplan, — Prosecutors, Caroline Ellison, it's, Kaplan, he's Organizations: Prosecutors, Service, Alameda Research, Bowl, — Locations: Alameda, Manhattan, Bahamas, FTX

☆ Jurors in Sam Bankman-Fried criminal trial begin deliberations
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Indicted FTX founder Sam Bankman-Fried arrives at the U.S. Twelve jurors in a lower Manhattan courtroom have begun to deliberate the fate of FTX founder Sam Bankman-Fried following a month of testimony from nearly 20 witnesses. The case was handed to the jury around 3:15 p.m. on Thursday, after U.S. District Judge Lewis Kaplan finished reading aloud 60 pages worth of instructions. A verdict could come as early as Thursday afternoon, and Judge Kaplan previously ordered the jury to stay until 8:15 p.m, offering free pizza and Uber rides home. Judge Kaplan has encouraged the expedited timeline, holding jurors until 6:30 p.m. on Wednesday in order to finish closing arguments.

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Judge Kaplan, he's, — Organizations: U.S, District, Alameda Research, Massachusetts Institute of Technology, Stanford Locations: New York City, Manhattan

☆ Sam Bankman Fried’s fate is now officially in the hands of 12 jurors
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Chief among those errors, according to his own testimony, was was not hiring a dedicated risk management team. “I made a number of small mistakes and a number of larger mistakes,” Bankman-Fried said on the stand last week. Although Bankman-Fried made mistakes, he never defrauded anyone, Cohen told jurors. “Poor risk management is not a crime.”Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, were both in the courtroom again Thursday.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Fried, ”, They’ve, “, Danielle Sassoon, Mark Cohen, Cohen, ” Cohen, Barbara Fried, Joseph Bankman, Bankman, — Sabrina Souza Organizations: New, New York CNN, Prosecutors, Alameda Research Locations: New York, Manhattan, FTX, Alameda

☆ Donald Trump Jr. asked courtroom artist to make him 'look sexy' like an illustration of Sam Bankman-Fried
▼ + stars: | 2023-11-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

"Make me look sexy," Donald Trump Jr. told a courtroom illustrator after he finished testifying Thursday. The ex-president's son pointed out an image of Sam Bankman-Fried as inspiration. "He said, 'Make me look sexy,'" illustrator Jane Rosenberg told Insider. Eric Trump and Donald Trump Jr., both executives at the company, are co-defendants and testified this week. On the witness stand, Trump Jr. said he had no involvement in preparing documents about the Trump Organization's finances, even though he signed off on them.

Persons: Donald Trump Jr, Sam Bankman, Jane Rosenberg, —, Donald Trump, Rosenberg —, who's, Tom Brady, Harvey Weinstein —, Trump, Rosenberg, Sam Bankman Fried, 8l7Nn0zCN2 — Tom Breen, @TJBreen, Kimberly Guilfoyle, Letitia James, Eric Trump, Fried, Lewis Kaplan, Kaplan Organizations: Service, Trump Organization, Trump Jr, Reuters, New York, Trump, Alameda Research Locations: New York, Manhattan, Alameda

The government is paying for pizza and Uber rides home for the 12 jurors in lower Manhattan who will decide the fate of Sam Bankman-Fried. In court on Thursday, U.S. District Judge Lewis Kaplan told jurors he would keep them until 8:15 p.m. as the criminal trial of the FTX founder enters its final stretch. Kaplan had previously hinted at the expedited timeline, while reassuring the jury that he wasn't rushing anyone. Now the trial moves to jury instructions and then deliberations. All three pleaded guilty to multiple charges and cooperated as witnesses for the prosecution.

Persons: Sam Bankman, District Judge Lewis Kaplan, Kaplan, Caroline Ellison, Bankman, FTX, Gary Wang, Nishad Singh Organizations: District, Stanford, Alameda Research Locations: Manhattan, Alameda

☆ 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

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Nov 1 (Reuters) - Sam Bankman-Fried's fraud trial is in the homestretch, with U.S. prosecutors and defense lawyers expected on Wednesday to present closing arguments to jurors over whether the FTX cryptocurrency exchange founder stole billions of dollars from customers. Prosecutors have accused him of stealing $8 billion in one of the biggest financial frauds in U.S. history. During his second day of testimony on Monday - when the prosecution began its cross-examination - Bankman-Fried said "I don't recall" at least 28 times. Closing arguments probably will take several hours, and jurors are not expected to get the case before Thursday. He has been jailed since August after Kaplan revoked his bail, having concluded that he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Danielle Sassoon, Jane Rosenberg, FTX, Mark Cohen, Sassoon, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, U.S, Alameda Research, Prosecutors, District, Thomson Locations: New York City, U.S, Manhattan, Alameda, FTX, New York

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

☆ For days Sam Bankman-Fried, the MIT grad who founded FTX, repeatedly told a jury he couldn't remember actions from his time as CEO
▼ + stars: | 2023-10-31 | by ( Katie Balevic | ) www.businessinsider.com time to read: +9 min

It was during those hours of questioning that Bankman-Fried repeatedly said he couldn't recall specific details from his time as CEO of FTX, his now-defunct cryptocurrency exchange. Asked whether his support for regulation in the crypto industry was contingent upon protecting customers, Bankman-Fried testified Monday: "I don't recall that specifically, no." He similarly struggled to recall whether he ever mentioned to the public that while trading on FTX, Alameda didn't play by the same rules as other customers. AdvertisementAdvertisementBankman-Fried's instructions as CEO were just 'suggestions'Chelsea Jia Feng/InsiderBankman-Fried insisted on the stand that he didn't recall making various instructions to his employees, especially those like Ellison, Gary Wang, and Nishad Singh. Asked if he instructed Ellison to purchase cryptocurrencies in her capacity as co-CEO of Alameda, Bankman-Fried was vague, saying, "I don't recall an instance.

Persons: Sam Bankman, Lewis Kaplan, —, Fried, Danielle Sassoon, FTX, SBF, FTX's, Judge Lewis Kaplan, Caroline Ellison, Eduardo Munoz Alvarez, Sam Trabucco, beholden, Sassoon, Chelsea Jia Feng, Ellison, Gary Wang, Nishad Singh, I'm, Jane Rosenberg, Gary, Nishad, Ryan Salame, it's, Mark Cohen, Judge Kaplan Organizations: Service, Alameda Research, Alameda, REUTERS Locations: Bankman, Manhattan, Alameda, FTX

Bankman-Fried testified that he wasn't aware of the amount Alameda was borrowing from FTX, or its theoretical max. Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In September, he checked in again with Ellison about the hedging activity, Bankman-Fried testified.

Persons: Sam Bankman, Fried, Fatih Aktas, that's, Caroline Ellison, Mark Cohen's, Cohen, FTX, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, —, Ellison, Sam, Nishad Singh, Gary Wang, Prosecutors, who'd, Michael M, Bankman, wasn't, Alameda, Singh, Shorter, Dawn Giel Organizations: Federal Court, Anadolu Agency, Getty, Alameda Research, U.S, District, Reuters, Stanford University, Alameda, Facebook, Google, Santiago Locations: New York, United States, Manhattan, Bankman, Alameda, Bahamas, New York City, U.S

☆ Sam Bankman-Fried grilled on 'cozy' relationship with Bahamas officials
▼ + stars: | 2023-10-31 | 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/Jane Rosenberg Acquire Licensing RightsNEW YORK, Oct 31 (Reuters) - FTX founder Sam Bankman-Fried was grilled on Tuesday about what a U.S. prosecutor called his "cozy" relationship with officials in the Bahamas, where the cryptocurrency exchange was based before its November 2022 collapse. Sassoon asked. Bankman-Fried testified on Tuesday he could not remember whether he offered to pay off the Bahamas' national debt. Sassoon at one point asked Bankman-Fried whether he had "cultivated a cozy relationship" with the Bahamian government - a question to which the defense objected. Bankman-Fried testified that he had spent time with Bahamian officials and became close with "some of them."

Persons: Sam Bankman, Fried, Danielle Sassoon, Jane Rosenberg, Sassoon, Gary Wang, Bankman, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Alameda Research, FTX's, Miami Heat National Basketball Association, Bahamian, District, Thomson Locations: New York City, U.S, Bahamas, Manhattan, Alameda, Washington, New York

☆ Takeaways from Sam Bankman-Fried’s second day in front of a jury
▼ + stars: | 2023-10-30 | by ( Lucy Bayly | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Prosecutors grilled former crypto king Sam Bankman-Fried on Monday as his criminal fraud trial entered its third week. The pace of withdrawals then increased further, with about $4 billion in net withdrawals the following day, or 100 times more than a typical day. A market downturn meant that assets associated with FTX’s sister company, the hedge fund Alameda Research, “declined massively in value,” he said. Ellison agreed Alameda should have been hedgedBankman-Fried on Monday recalled a conversation he had with Caroline Ellison, his ex-girlfriend and then-CEO of Alameda Research. “Do you recall saying FTX and Alameda acted separately?” Sassoon asked.

Persons: Sam Bankman, Bernie Madoff, ”, Fried, Judge Lewis Kaplan, Bankman, FTX, “, SBF, Ellison, Caroline Ellison, Danielle Sassoon, ” Sassoon, “ I’m, Sassoon, ” SBF, What’s Organizations: New, New York CNN, Prosecutors, Alameda Research, “, PR Locations: New York, Alameda, Alameda . Alameda

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have said he looted billions of dollars in FTX customer funds to prop up his hedge fund, Alameda Research, make speculative venture investments, and contribute to U.S. political campaigns. His decision to testify in his own defense is risky, as it opens him up to probing cross-examination by prosecutors. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Mark Cohen, FTX, Fried, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Prosecutors, Alameda Research, Reuters, U.S, District, Thomson Locations: New York, U.S

☆ Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy
▼ + stars: | 2023-10-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange. As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. On the witness stand, Bankman-Fried suggested his crypto hedge fund was not dissimilar to Jane Street Capital, the traditional trading firm where he worked before founding Alameda. As CEO, Ellison failed to make the trades and investments he suggested to hedge in case of a crypto market downturn, Bankman-Fried testified. Bankman-Fried tried to stress that the market conditions in November 2022, when FTX and Alameda collapsed, were an anomaly.

Persons: Sam Bankman, Fried, that's, —, FTX, Jane Street, Danielle Sassoon, Judge Lewis Kaplan, Elizabeth Williams, Crypto, Sassoon, Chelsea Jia Feng Bankman, Gary Wang, Nishad Singh, Caroline Ellison, Ellison, Wang, Singh, Fried's, Bankman Organizations: Alameda Research, Prosecutors, Service, Alameda, Jane Street Capital, U.S, AP, wasn't Locations: FTX, Alameda, Manhattan, New York, Bankman

☆ Sam Bankman-Fried Trial: FTX Founder Testifies For Third Day
▼ + stars: | 2023-10-30 | by ( ) www.wsj.com time to read: +1 min

It's another big day at Sam Bankman-Fried’s fraud trial. On Friday, U.S. District Judge Lewis Kaplan ruled that most of the FTX founder's proposed testimony on the involvement of FTX lawyers in his decisions and actions couldn’t be said in front of a jury. The ruling was a blow to Bankman-Fried, whose defense team had hoped to argue that the lawyers' involvement showed he was acting in good faith in circumstances that prosecutors have alleged were crimes. Bankman-Fried is on trial facing several fraud charges for his role in the collapse of his crypto exchange. Stay informed on Sam Bankman-Fried and the collapse of FTX:Video: Learn about Sam Bankman-Fried's testimonyMeet the main players in the FTX trialCatch up on what's happened so far in the trialListen to our special FTX trial podcast: The Trial of Crypto's Golden BoyRead how we got here and the charges facing Sam Bankman-Fried

Persons: Sam Bankman, District Judge Lewis Kaplan, founder's, couldn’t, Fried Organizations: District

New York CNN —Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. Bankman-Fried is being accused of using this “back door” to transfer billions of dollars in FTX customer funds to Alameda. He initially thought FTX would failWhen Bankman-Fried and Gary Wang started FTX in 2019, there were already dozens of crypto exchanges. I’m not sure that I would quite answer yes to the question as you most recently phrased it.

Persons: Sam Bankman, Fried, “, ”, we’ve, Caroline Ellison, Bankman, Mark Cohen, ” Cohen, Cohen, didn’t, FTX, Gary Wang, Binance, ” SBF, Lewis Kaplan, Kaplan interjected, Danielle Sassoon, I’m Organizations: New, New York CNN, Prosecutors, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya Locations: New York, Bahamas, Alameda, Kansas City, Bankman, FTX

☆ Sam Bankman-Fried testifies he regrets not hiring a risk management team at FTX before it collapsed and led to criminal charges against him
▼ + stars: | 2023-10-27 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was asked on the witness stand if he hired a risk management team for FTX. He lamented the lack of a risk management team at FTX, a common refrain of his as he works to deflect blame from himself in the company's catastrophic collapse. "Did you have a risk management team at FTX?" But no, we didn't," Bankman-Fried replied. Bankman-Fried testified he worked between 12 and 22 hours per day and took off one day per month to keep up with managing the growth.

Persons: Sam Bankman, Fried, —, Jane Street, Mark Cohen, FTX, Lewis Kaplan, who's, Kaplan Organizations: FTX, Prosecutors, Service, Alameda Research, US Locations: Alameda

☆ Goldman exec exits revealed
▼ + stars: | 2023-10-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're taking a deeper look at the number of partner departures at Goldman Sachs under CEO David Solomon. The big storyGoldman exits, by the numbersPaul Morigi/Getty Images; Jenny Chang-Rodriguez/InsiderAt least 210 Goldman Sachs partners have left on David Solomon's watch. It's also higher than Insider's analysis of yearly partner exits during the 14 years before Solomon took over as CEO, which came to 40.4. AdvertisementAdvertisementThe case for SolomonWhile partner departures under Solomon have increased, according to our analysis, it hasn't been a massive bump. Former Goldman partners become future Goldman clients, the bank likes to say.

Persons: —, Céline Dion, Goldman Sachs, David Solomon, What's, Goldman, Paul Morigi, Jenny Chang, Rodriguez, David Solomon's, Dakin Campbell, Emmalyse Brownstein, Walt Hickey, Kaja Whitehouse, It's, Solomon, Tony Fratto, Samantha Lee, hasn't, Lloyd Blankfein —, Solomon's, Solomon isn't beholden, it's, doesn't, Omer Ismail, CHANDAN KHANNA, Chelsea Jia Feng, Sam Bankman, Fried, SBF, Judge Lewis Kaplan, Israel, Duran Duran, Taylor Swift, Blake Shelton, Gwen Stefani, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Goldman, Walmart, Getty, View Press, Investors, Deal, Microsoft, MLB, The Arizona Diamondbacks, Texas Rangers, ExxonMobil, The Locations: Porirua , New Zealand, Chelsea, Israel, Arlington , Texas, Chevron, AutoNation, New York City, San Diego, London, New York

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

☆ Sam Bankman-Fried Says FTX Actions Were Guided by Lawyers
▼ + stars: | 2023-10-26 | by ( Corinne Ramey | James Fanelli | ) 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 ZhaoFTX founder Sam Bankman-Fried previewed a potential defense Thursday when he told a federal judge that he relied on the blessing of lawyers to make business decisions such as deleting communications and making loans to himself, actions that prosecutors said allowed him to commit the crimes that led to the implosion of his crypto exchange. Bankman-Fried, on trial for fraud, money laundering and other offenses, had been expected to testify in front of a Manhattan federal jury on Thursday afternoon. Instead, in what amounted to an unusual practice session after the jury was dismissed for the day, U.S. District Judge Lewis Kaplan required the FTX founder to walk through several subjects that were in dispute so the judge could rule on what Bankman-Fried could say to jurors.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao FTX, Fried, District Judge Lewis Kaplan Organizations: District Locations: U.S

☆ Judge blasts Sam Bankman-Fried for 'interesting' answers on the witness stand to questions about using FTX customer funds
▼ + stars: | 2023-10-26 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisement"Part of the problem is that the witness has what I'll simply call an interesting way of responding to questions," Kaplan said during the hearing. AdvertisementAdvertisementWhen Sassoon asked Bankman-Fried directly if he discussed spending FTX customer deposits with his lawyers, he took a long pause and looked down before he answered the question. Sassoon, questioning Bankman-Fried on the witness stand, asked Bankman-Fried to be more explicit about why he thought that explanation was acceptable. Asked directly by Sassoon if it was OK to steal customer funds, Bankman-Fried rejected that interpretation of events. Sassoon made that clear on Thursday as Kaplan asked for a broad timeline of the rest of the trial.

Persons: Sam Bankman, Fried, —, Lewis Kaplan, Kaplan, Mark Cohen, Danielle Sassoon, Sassoon, Bankman, Chelsea Jia Feng, I'm, Cohen, grumbled, Barbara Fried, " Cohen Organizations: Service, Alameda Research Locations: Manhattan, FTX, Alameda

Search resuls for: "Judge Lewis Kaplan"

25 mentions found