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☆ The criminal case against Sam Bankman-Fried and Caroline Ellison could put jilted FTX customers in the backseat
▼ + stars: | 2023-02-02 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +8 min

The parallel criminal case against SBF, Caroline Ellison, and Gary Wang may be to blame. But they told a Delaware bankruptcy court recently that they hit a roadblock, accusing Sam Bankman-Fried and those close to him of not playing ball with them. The criminal case takes priorityEllison and Wang separately reached plea deals with federal prosecutors in Manhattan, copping to charges including wire fraud and conspiracy. But, experts told Insider, the deals require them to focus on working with prosecutors in the criminal case — even if it could be at the expense of other parties. But when both criminal and civil proceedings are ongoing, it's the criminal case that goes first in line, Snyder said.

☆ Great Fraud Reckoning Will Expose Scam Companies, Cause Stock Market Chaos
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.

☆ Fraud Economy: How Current Economic Trends Lead to More Corporate Scams
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.

☆ 3 men arrested after attempting to kidnap an Iranian-American journalist and activist who is critical of the country's human rights abuses, feds say
▼ + stars: | 2023-01-28 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +3 min

Three men were indicted on charges of money laundering and murder-for-hire, the DOJ said. The target, Masih Alinejad, told The Associated Press the FBI read her the messages the men exchanged. The indictment did not say if the Iranian regime was directly involved in the murder order. Alinejad told The Associated Press that the FBI read her the messages the men exchanged,"I'm not scared," Alinejad told the AP. While the man behind the plot is in Iran, the DOJ indictment did not say whether the Iranian government was behind the plot.

☆ Feds seized a party boat, a Rolls Royce, and a motorcycle from a man accused of using COVID loans to buy his way into a Texas yacht club
▼ + stars: | 2023-01-27 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

A deceased Texas man had his party boat, Rolls Royce, and yacht club membership seized by the feds. He secured the goods through a COVID PPP loan fraud scheme, seeking $23 million, feds alleged. Between April 2020 and May 2020, he received almost $1 million in PPP loans and started spending. McQuarn agreed to hand over the items he bought with some of the $23 million in COVID PPP loans he tried to secure, which included a Rolls Royce and a sizable boat. By June 2020, federal investigators had caught up to McQuarn and his associates, seizing all of the money and luxury items that they had amassed in their scheme.

The Biden administration is proposing to allow people to check off Hispanic or Latino as their race. Currently people of such origin are included in the white category, something people in the MENA category have advocated to be changed for three decades, the proposal states. "The nation does periodically examine how it asks about race and ethnicity and the ways we report out those findings can be important," Mark Hugo Lopez, director of race and ethnicity research for Pew Research Center, said Thursday. The Census Bureau defines Hispanic or Latino as an ethnicity, not a race. For example, people could check white and then check boxes for Italian, German or other countries of origin and also check American Indian or Hispanic or Latino and then check Mexican or Mexican American or Puerto Rican and others.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin briefly crosses $23,000, and feds seize $700 million in SBF assets: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Brian Mosoff of Ether Capital discusses the outlook for Ethereum in 2023.

☆ Feds seized nearly $700 million from FTX founder Bankman-Fried
▼ + stars: | 2023-01-21 | by ( Dietrich Knauth | ) www.reuters.com time to read: +1 min

Jan 20 (Reuters) - Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a Friday court filing. Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges. The ownership of the seized Robinhood shares, valued at about $525 million, has been the subject of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi. The DOJ seized more than $7 million from other Silvergate accounts associated with Bankman-Fried and FTX. The DOJ previously seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state.

Federal prosecutors seized nearly $700 million in cash and assets connected to Sam Bankman-Fried, primarily in the form of Robinhood shares that were owned by the FTX founder, a court filing revealed Friday. Bankman-Fried was arrested on criminal fraud charges in December and is released on a $250 million bond as he awaits trial. Federal prosecutors have alleged that the Robinhood shares were purchased using allegedly stolen customer funds. Bankman-Fried has denied misappropriating customer assets. Those three Binance accounts were the only seized assets that did not have values attached to them.

☆ Tech stocks lead a Wall Street rally on week's final trading day — listen to 'The Homestretch'
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: +10 min

THAT'S WHEN, REMEMBER, THE FEDWAS SAYING THAT INFLATION WASTRANSITORY OVER A YEAR AGO, ITWAS THE MARKET THAT SNIFFED THATOUT FIRST. THEN MICROSOFT, I THINK IT ISREACTING VERY WELL TO THE FACTTHAT IT DID LAYOFF THOSE PEOPLEINITIALLY. THEY WILL BE HIGHER AND THATMAKES THE STOCK LOOK CHEAPERTHAN WHAT IT WAS, SAY, AT THESTART OF THE YEAR. I THINK THE STOCK IS GOING TO200, SPLITTING INTO TWODIFFERENT DIVISIONS. >> LOOK, MICROSOFT IS A COMPANYTHAT I THINK, AS I SAID INYESTERDAY'S MEETING, THE CLASSICTECH THAT GOES UP IF THE FEDSTARTS TIGHTENING AND ONE DAYTHE FED WILL, INDEED, STOPTIGHTENING.

"I just think we need to keep going, and we'll discuss at the meeting how much to do." The Fed's benchmark overnight lending rate currently sits in a target range of 4.25% to 4.50%. Investors expect the Fed to lift that rate by a quarter of a percentage point at the end of its Jan. 31 -Feb. 1 meeting. Several Fed officials have expressed support for slowing to quarter-percentage-point rate increases so as not to slow the labor market more than necessary. The answer may in part be found in the latest "Beige Book" report published by the Fed on Wednesday.

☆ Trump claims documents found at Mar-a-Lago were empty folders labeled 'classified' that he'd kept because they were 'cool'
▼ + stars: | 2023-01-18 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

Trump claimed that government records seized from Mar-a-Lago last year were empty folders marked "classified" or "confidential." He went on to say that he kept the "ordinary, inexpensive folders" because they were a "'cool' keepsake." He added: "Remember, these were just ordinary, inexpensive folders with various words printed on them, but they were a 'cool' keepsake." Documents seized by FBI at Mar-a-Lago. Following that discovery, Biden's legal team undertook an "exhaustive" search and uncovered a second batch of classified documents at another location, NBC News reported last week.

☆ Feds arrest Russian man accused of on his crypto exchange
▼ + stars: | 2023-01-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: 1 min

CNN —US authorities arrested a Russian cryptocurrency executive who allegedly exchanged hundreds of millions of dollars with drug traffickers and cybercriminals. Anatoly Legkodymov, 40 years old, was arrested in Miami on Tuesday night, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,” a move designed to cripple the exchange and cut off its financing. His arrest marks the latest effort by President Joe Biden’s administration to crack down on digital currencies that US officials say have for too long been a safe haven for fraudsters and drug dealers.

While there is still much that is not known about the Biden documents, there are key differences between the two cases — as well as some similarities. Court papers show officials found classified documents in 14 of the 15 boxes, including 25 that were marked top secret. Justice Department investigationIn both cases, the Archives reported the discovery of classified documents to the Department of Justice. The FBI then learned Trump had not fully complied with the subpoena and still had more classified documents. McQuade posted on Twitter that the Justice Department prosecutes the mishandling of classified documents when there is an aggravating factor present.

☆ Feds propose ‘student loan safety net’ alongside forgiveness
▼ + stars: | 2023-01-10 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

President Joe Biden announced the repayment plan in August, but it was overshadowed by his sweeping plan to slash or eliminate student debt for 40 million Americans. Education Department officials on Tuesday called the new plan a “student loan safety net” that will prevent borrowers from getting overloaded with debt. “Student debt has become a dream killer,” Education Secretary Miguel Cardona said. The Education Department formally proposed the new repayment plan on Tuesday by publishing it in the Federal Register, starting a public comment period that often takes months to navigate. Even some on the left have questioned the prudence of the idea, saying it’s so generous that it effectively turns student loans into grants that don’t need to be repaid.

There’s no parole in the federal prison system and good behavior credits are in short supply compared to most states. More likely, Shah would be told a date, at least a month out, to surrender herself at a federal facility. Her best hope would be to be deemed most appropriate for a minimum security camp. “A minimum-security camp, I mean even moving up to next level, which is still ‘low security’ that’s a huge difference. If you’re eligible for a camp, you’ll go to Alaska if you can go to a camp.” Share this -Link copied

☆ The feds say they're in for the long haul on Jan. 6 investigation
▼ + stars: | 2023-01-06 | by ( Ryan J. Reilly | Ryan J. Reilly Is A Justice Reporter For Nbc News. | ) www.nbcnews.com time to read: +16 min

But the federal investigation has been strained, spread thin and strapped for resources as a sometimes less-than-agile federal bureaucracy adapts to the overwhelming scope of the caseload. While the FBI arrested more than 700 defendants in the first year of the investigation, it arrested about 200 in the second. Online sleuths have done their best to bust those myths, too. “That was it.”The Sedition Hunters website features images of people online sleuths say took part in the Jan. 6 attack, including many (in blue) who have been identified. Some charging documents in Jan. 6 cases make the role that online sleuths played clear.

☆ Feds boost reward to $500K for information on Capitol pipe bomber
▼ + stars: | 2023-01-04 | by ( Ryan J. Reilly | Ryan J. Reilly Is A Justice Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

WASHINGTON — Federal investigators have increased the reward for information leading to the arrest of the person who left two pipe bombs near the Capitol the day before the Jan. 6, 2021, riot by fivefold, to $500,000, the FBI said Wednesday. The two pipe bombs found in the Capitol Hill neighborhood of Washington. The individual wore black and light grey Nike Air Max Speed Turf shoes with a yellow logo. “We remain grateful to the American people, who have provided invaluable tips that have helped us advance the investigation,” Sundberg added. The unknown individual wore a face mask, glasses, gloves and a grey hooded sweatshirt and Nike Air Max Speed Turf shoes.

☆ US prosecutors have launched an FTX Task Force to track down and recover missing crypto customer funds totalling at least $3 billion
▼ + stars: | 2023-01-04 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

New York prosecutors have set up an FTX Task Force team to probe the collapse of the crypto exchange. The team will work to trace and recover missing FTX customer funds, which total at least $3 billion. More than 1 million customers could be affected by what the US government has described as an epic fraud at FTX. The task force team brings together senior prosecutors with expertise in securities and commodities fraud, public corruption, money laundering and transnational criminal enterprises. The FTX businesses are estimated to owe their biggest creditors up to $3 billion, per the Financial Times, while Reuters reported that Bankman-Fried transferred at least $4 billion in FTX funds, including customers' money, to Alameda.

☆ Feds launch FTX task force to recover victim assets, continue probes as Bankman-Fried pleads not guilty
▼ + stars: | 2023-01-03 | by ( Dan Mangan | ) www.cnbc.com time to read: 1 min

Former FTX chief executive Sam Bankman-Fried (C) arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023. The Manhattan U.S. Attorney's Office said Tuesday it had created an FTX Task Force to trace and recover assets of victims of the cryptocurrency exchange firm's collapse and to handle investigations and prosecutions related to the company and other entities. The announcement came as FTX founder and former CEO Sam Bankman-Fried appeared in U.S. District Court in Manhattan to plead not guilty in his criminal case, where he is charged with multiple counts of financial fraud and campaign finance crimes. "The Southern District of New York is working around the clock to respond to the implosion of FTX," Manhattan U.S. Attorney Damian Williams said in a statement. "It is an all-hands-on-deck moment," Williams added.

☆ Jim Cramer: My worldview for the first half of 2023 and the stocks that will win
▼ + stars: | 2023-01-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +27 min

Our stock market comes out of 2022 better than any other. The profitless companies today — like the dot-com stocks in 2000 — almost all disappointed and will continue to disappoint in 2023. I had thought these people would come back to work when they realized that savings from the stock market and Social Security aren't enough of a safety net. Money will be exiting the stock market all year into the safer and somewhat greener pastures. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Here are the most shocking details of how FTX misused funds and treated customer money as its own private ATM, according to CFTC findings
▼ + stars: | 2022-12-29 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

FTX customer funds were comingled with Alameda since the beginning of the exchange's inception, according to a recent CFTC complaint. When Alameda's external loans were called in, FTX customer funds were used to cover the debts. The complaint also alleges Bankman-Fried, his parents, and some employees used customer funds for personal purchases and loans. Under the direction of Bankman-Fried, FTX customer funds were further used to cover the debt. It has also become clear that the flashy ad and sports campaigns were funded by customer deposits.

☆ HBO documentary filmmaker says cable news 'ramped people up' for Jan. 6th and influencers like Alex Jones deserve jail time
▼ + stars: | 2022-12-28 | by ( Daniel T. Allen | ) www.businessinsider.com time to read: +8 min

He interviewed far-right figures, including Alex Jones, Enrique Tarrio, and supporters of QAnon. Andrew Callaghan interviewing Alex Jones on the set of Info Wars. You interviewed Alex Jones, Enrique Tarrio, and other fringe figures for "This Place Rules." Alex Jones makes millions of dollars selling brain pills, basically. I think the people who should be in jail for it are brainwashed content creators like Sidney Powell, Michael Flynn, Enrique Tarrio, and Alex Jones.

☆ Trials, pardons, prison time: How Trump's legal woes could play out and what it means for 2024
▼ + stars: | 2022-12-26 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +15 min

The warrant also indicated that the Justice Department was investigating whether Trump violated three federal laws, including the Espionage Act, related to the handling of national security information. Here are some possibilities:The investigations conclude with no charges filedIn the US's 250-year history, no ex-commander in chief has ever faced criminal charges. In all, the former president, if convicted, would be facing up to 33 years of incarceration, according to legal experts. That begs the question: If Trump is charged, convicted, and winds up in prison, can he still run for president in 2024? He made headlines during his presidency for wondering why he couldn't have "my guys" at the "Trump Justice Department" do his bidding.

☆ FTX execs hid $8 billion in liabilities in a customer account that Bankman-Fried referred to as 'our Korean friend's account,' CFTC prosecutors allege
▼ + stars: | 2022-12-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Alameda Research borrowed billions of dollars of customer funds from FTX exchange. The firm's liabilities were then masked under a pseudonym account on FTX. Caroline Ellison and Gary Wang have pleaded guilty to numerous counts of fraud. The lawsuit also claimed that Bankman-Fried would later refer to that account as "our Korean friend's account" and/or "the weird Korean account." Wang pleaded guilty to four counts of similar charges.

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