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Sam Bankman- Fried was sentenced to 25 years for fraud
Sam Bankman-Fried, the Co-founder of cryptocurrency exchange FTX, has been sentenced to 25 years in prison and ordered to pay $11 billion forfeiture. Bankman-Fried was found guilty of fraud and witness tampering during his trial last year. He was also accused of lying about not knowing Alameda Research, a trading fund he co-founded, spent FTX’s…
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Sam Bankman-Fried’s testimony in his own trial was not good
Sam Bankman-Fried, the former CFO of failed hedge fund FTX, has testified that his company didn’t “have a chief risk officer”. He added that he never asked where $8 billion worth of client funds went. FTX’s former co-founder Michael Dell is accused of helping Bankman-Fried and others to defraud FTX’s customers of $8 billion.
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Sam Bankman-Fried does not recall
Former FTX CEO Sam Bankman-Fried told the Financial Times in 2001 that he didn’t “run away” with FTX’s money. This comes as the trial of Bankman-Fried over alleged role in the collapse of FTX continues. The trial has heard that Bankman-Fried tried to hide the extent of his role in the company’s demise by using…
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Prosecutors used Sam Bankman-Fried’s own words against him
FTX co-founder Sam Bankman-Fried on Wednesday told a US jury he never “was involved” as a “general principle in day-to-day trading”. Bankman-Fried also said that he believed he wasn’t doing any crimes this time because he wasn’t doing any crimes earlier. Bankman-Fried was charged with lying to the US government about FTX’s trading platform and…
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They have the power to send Bankman-Fried to prison for life
Former employee of cryptocurrency exchange FTX Nishad Singh has testified that he lost his trust in CEO Sam Bankman-Fried on the stand and considered quitting. Singh said he was recruited by Bankman-Fried to be part of the startup’s research centre and that there were many times when he considered quitting. Nishad also said he didn’t…
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Sam Bankman-Fried was a terrible boyfriend
Caroline Ellison, former CFO of FTX Group, which became Alameda Research, has testified in a US court that CEO Sam Bankman-Fried asked her to buy FTT Stock if its price fell below $1. She also said that Bankman-Fried directed her to manipulate spreadsheets to make Alameda’s financial picture look more favorable. Ellison added that Bankman-Fried…
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Everyone is talking about the wrong book
Michael Lewis, who wrote ‘The BlindSide’, has revealed that he lost money through his ex- CFO Sam Bankman-Fried’s now-bankrupt FTX exchange. In his new book, ‘Going Infinite: The Rise and Fall of a New Tycoon’, Lewis revealed that Bankman-Fried had told him he “really doesn’t have a soul”. Lewis claimed Bankman-Fried said to him, “I…
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Sam Bankman-Fried is not a good client
The trial of Sam Bankman-Fried, who founded cryptocurrency exchange FTX, began in US on Wednesday. Bankman-Fried faces charges of securities fraud and conspiracy to commit securities fraud. He’s accused of selling stock in FTX and lying to lenders about its size to raise funds for himself and his companies. Bankman-Fried is facing a maximum sentence…
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SBF is on a trial, about whether or not his empire was built on lies
Sam Bankman-Fried, the former CEO of FTX Group, made a “big mistake” when he lied about his company’s revenue, his lawyer said in the opening statement of his trial on Wednesday. Bankman-Fried “didn’t have the guts to admit that he had lied to investors,” he added. The government has accused Bankman-Fried of defrauding investors of…
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Silicon Valley fell for frauds
US-based FTX Group Founder Sam Bankman-Fried, who is accused of using customers’ funds without their knowledge to plug a multibillion-dollar hole in the firm’s balance sheet, has been sent to jail after violating the terms of his bail. Prosecutors allege Bankman-Fried and other former executives used customers’ money without their knowledge to plug a multibillion-dollar…
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Business partners were angry at Sam Bankman-Fried
Ex-FTX CEO Sam Bankman-Fried, who has been extradited to the US from the Bahamas, has been charged with eight counts of fraud and conspiracy. Bankman-Fried, who founded cryptocurrency exchange FTX, allegedly diverted customer funds to his hedge fund Alameda Research and used them for privateVenture investments and political contributions. He’s accused of orchestrating “one of…
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The FTX saga is filled with so much information that you need to know
Cryptocurrency Exchange Founder Sam Bankman-Fried, who’s facing eight criminal charges for allegedly stealing billions of dollars from customers of his trading platform, said, “Look, I screwed up.” He added that there is a limit to what he can say and he will be as useful as he would like. Bankman-Fried said there was no one…
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Larry David had predicted the implosion of FTX.
FTX’s former CEO Sam Bankman-Fried, who left the firm in November, told a Hong Kong judge that the firm’s trading affiliate Alameda Research was “being charged interest” on over $8 billion in claims. He added that he wanted to shift Alameda’s liability to an account that would not charge interest. FTX moved its headquarters from…
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Sam Bankman- Fried wrote the book ‘House of Cards’.
Former CEO of FTX Sam Bankman-Fried is said to have helped bail out several cryptocurrency companies, including BlockFi and Voyager. “I waspiecing together what…happened at FTX,” he said. Bankman-Fried was arrested on Friday in the Bahamas for allegedly defrauding investors of billions of dollars in the collapse of FTX and its sister trading firm Alameda.
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Bankman-Fried’s fortune fell in less than a week.
US Securities and Exchange Commission (SEC) has charged FTX Founder Sam Bankman-Fried with eight counts of fraud and conspiracy. The SEC alleged that Bankman-Fried and his partners manipulated the price of one of FTX’s security tokens, FTT, to prop up the value of their houses of cards. FTX and its sister hedge fund Alameda filed…
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The case of Sam Bankman-Fried might be a new version of an old story.
US’ Securities and Exchange Commission said FTX’s CEO Sam Bankman-Fried used customers’ money for personal benefit, including private jets, personal loans, and political donations. Federal prosecutors have charged Bankman-Fried with orchestrating “one of the biggest financial frauds in American history”. Bankman-Fried, his parents, and employees allegedly stole billions of dollars from customers of FTX at…
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Business partners are angry with Sam Bankman-Fried.
US cryptocurrency exchange FTX’s Founder Sam Bankman-Fried said he didn’t knowingly commingle funds between FTX and his hedge fund Alameda. Prosecutors alleged that Bankman-Fried stole billions of dollars from FTX customers to cover losses at Alameda and to enrich himself. Bankman-Fried resigned as CEO after FTX filed for bankruptcy, leaving at least a million depositors…
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The IRS took another Silk Road Hacker’s $3.36 billion currency haul.
FTX Co-founder Sam Bankman-Fried and his hedge fund Alameda Research sent over $185 million to cover a shortfall in FTX US, the US government has alleged. Bankman-Fried directed Alameda traders to prioritise meeting FTX US capital requirements and send excess capital to FTX US, it added. Alameda also diverted FTX’s customers’ funds to its funds,…
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The attorney general of the Bahamas says that Sam Bankman-Fried will be extradited to the US tonight.
US prosecutors are reportedly investigating whether FTX Founder Sam Bankman-Fried had a role in the collapse of two interlinked cryptocurrencies, Terra and Luna, The New York Times reported. Prosecutors said billions in customer and investor funds are missing and that Bankman-Fried allegedly stole billions of dollars from customers of his crypto-trading platform at a future…
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Sam Bankman- Fried has many lies.
FTX Founder Sam Bankman-Fried was arrested in the Bahamas for allegedly misusing cryptocurrency exchange company’s money for his personal benefit. The CFTC alleged that Bankman-Fried, his parents, and his employees at FTX used customers’ funds for personal benefit: luxury real estate, private jets, personal loans and political donations. Bankman-Fried had left the US in May…
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Sam Bankman-Fried wrote a novel called House of Cards.
US Securities and Exchange Commission (SEC) has accused FTX’s CEO Sam Bankman-Fried of deceiving investors by claiming that FTX was one of the safest crypto-currencies. It further said Bankman-Fried misled investors about the risks involved in investing in Crypto. The SEC also accused Bankman-Fried of misusing customer deposits held in FTX to cover the expenses…
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Sam Bankman-Fried is the founder of FTX.
Sam Bankman-Fried, who backed FTX and Binance, has been arrested by the US Securities and Exchange Commission (SEC) for allegedly running a Ponzi scheme. According to the SEC, Bankman-Fried duped investors who backed FTX by promoting it as a “safe, responsible” crypto trading firm. He allegedly used his FTX exchange and his sister hedge fund…
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There are eerie similarities between the FTX crash and the Madoff Ponzi scheme, says ex-regulator Bair.
US prosecutors have filed criminal charges against Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, after he was arrested in the Bahamas on Monday. The SEC said it has authorised separate charges relating to Bankman-Fried’s “violations of securities laws”, which will be filed publically on Tuesday. Bankman-Fried allegedly ran a Ponzi scheme worth over…
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Sam Bankman-Fried’s fortune dropped in less than a week.
US-based FTX Founder Sam Bankman-Fried, who was arrested in connection with FTX’s bankruptcy, allegedly left $1 billion to $2 billion in customers’ funds un accounted for, The New York Times reported. The report also said that Bankman-Fried had added a “backsdoor” to FTX’s accounting system that reportedly allowed him to change the company’s financial records…
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Lawmakers want answers from FTX founder.
US hedge fund FTX CEO Sam Bankman-Fried implemented a “backdoor” in the firm’s book-keeping system that allowed him to execute commands that could alter the company’s financial records, reports said. This comes as FTX filed for bankruptcy protection in the US. Bankman-Fried bought $1.4 billion of bankrupt crypto firm Voyager Digital’s assets this summer.